It names the giver, their relationship to you, the amount and the property, and states that nothing has to be paid back. Lenders usually also want to see the money move from their account to yours.
Why it matters
Gift funds can cover all or part of a down payment on many loans, but only when they are documented. Money that appears in your account without a paper trail can hold up underwriting.
Where you meet it
Whenever family helps with the purchase. Tell your loan officer early, before the money is moved.
Planning to buy?
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