What Is a Gift Letter? A gift letter is a legal document that verifies money given to a recipient is a gift, not a loan. It is often required when securing a mortgage, particularly for a down payment.

When purchasing a home, one of the critical pieces of information is the amount of a down payment you’re providing. For some potential homebuyers, the down payment funding comes from the sale of their ...

Receiving gifts from loved ones can make it easier to come up with the cash for a down payment and buy a home. If you want to use gifts alongside a home loan, though, you’ll need to provide your ...