Your bank needs a written letter to prove that the money gifted is in fact a gift, not a loan.
If a relative or friend will giving you gift money to help make a down payment on or purchase a house, your bank and lender will require some type of written documentation that the money is in fact a gift, not a loan.
Here's a sample gift letter you can use for this purpose. Before finalizing the letter, check with your lender to make sure that it includes all required information, such as evidence of the donor’s ability to provide these gift funds.
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