Cash gifts from others can be used toward a down payment or home purchase. In order for a cash gift to be eligible, mortgage lenders require a gift letter that specifies the amount of the gift, its ...

Matt Webber is an experienced personal finance writer, researcher, and editor. He has published widely on personal finance, marketing, and the impact of technology on contemporary arts and culture.

For some fortunate homebuyers, a friend, family member or employer may decide to give them a substantial sum to help with the downpayment on a home. Parents, grandparents, aunts and uncles, your ...

When you buy a home with a mortgage and use a gift of cash or equity toward that purchase, you need to get a gift letter from the donor. A gift letter documents where the gift comes from and confirms ...

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See ...

A gift letter for a mortgage confirms that some or all of the borrower’s down payment money is a gift that doesn’t need to be repaid and that the giver isn’t involved in the purchase or ownership of ...