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 ...

What Is a Gift Letter? A gift letter is a piece of legal, written correspondence explicitly stating that money received from a friend or relative is a gift. The most common use of gift letters is when ...

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 ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She ...

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 ...

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 ...

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.

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 ...