Gift Letter Template (Purchase Of Property) (Page 2 of 2) in pdf

Gift Letter Template (Purchase Of Property) Page 2

GIFT OF FUNDS

NOTICE TO LOAN APPLICANTS

If you anticipate receiving funds for you loan closing in the form of a gift, we must ask that you

complete the two steps below to document receipt and transfer of the funds.

CONVENTIONAL:

Because we are required to verify that your donor had available funds to give you and verify

that you are not obligated to repay the gift, we need one of the three items listed below from

you:

• A copy of your donor’s bank statement (thus indicating that funds were available at the

time the gift was given).

• A letter from their bank stating that funds were available at the time the gift was given in a

sufficient amount to cover the gift. The letter must be signed, dated and on the bank’s

letterhead.

• A Verification of Deposit (form enclosed) to allow us to confirm that sufficient funds are in

your donor’s account to cover the gift. Please have the donor sign in ink at the “X”.

BORROWER PLEASE COMPLETE THE FOLLOWING, INDICATING WHERE GIFT FUNDS

WILL BE DEPOSITED:

NAME OF YOUR BANK

______________________________________________________

MAILING ADDRESS OF THE

______________________________________________________

BANK BRANCH WHERE THIS

ACCOUNT IS MAINTAINED

______________________________________________________

ACCOUNT NUMBER

______________________________________________________

TYPE OF ACCOUNT

Checking

Savings

Money Market Fund

Other ______________

Gift Letter Template (Purchase Of Property) Page 2