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How to use gift funds in mortgage transactions

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1. How gift funds work when buying a home

* Home buyers who will need to use the gift funds for their first deposit will need the donor the funds to write, sign and date a gift letter to the mortgage lender. The letter form is provided by the lender.

- The gift letter states and explains that the gift funds are only a gift, not a loan, and will not be returned to the donor upon closing the mortgage
- The donation letter should contain the donor's first and last name, donor's address and donor's phone number.
- The donation letter should specify the relationship between the donor and the recipient of the gift and the date on which the funds will be transferred from the donor's bank account to the recipient's bank account
30 days from the donor account, indicating that the donation funds have been spiced up there and showing that it is leaving the donor account in the recipient account must be included in FHA loans
- For regular loans, only a copy of canceled checks is required, unless the funds were provided as a gift
- Conventional loans do not require a 30-month donor bank statement, unless the donor has donated funds

* The recipient of the gift must show a copy of the gift check and proof of payment, and the balance of the bank statements after depositing funds as a gift.

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