Gift Funds For Investment Property
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Gift Funds For Investment Property
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Although we strive to provide a broad range of offerings, Bankrate does not include information on all financial or credit products or services. Home ownership is still the American dream, but at a time when home prices have risen far faster than incomes, saving for a down payment is a daunting challenge.
Key Principles
To accumulate enough savings, many homebuyers turn to family and friends for financial help. According to the National Association of Realtors, 25% of homebuyers between the ages of 23 and 31 and 17% of those between the ages of 32 and 41 have received gifts from family or friends to help pay for their down payment.
These advance gifts, although common, must be accurately documented in what is called a gift letter. A gift letter is a document that helps satisfy the requirement that a borrower's down payment funds come from legitimate sources. The mortgage lender needs to know that the funds are coming from someone related to the buyer and that the money is not coming from an illegal location.
Through a gift deed, the donor verifies in writing not only that he actually gave the gift, but also that he had the financial means to give it, providing bank statements as proof. This is especially important for FHA loans. The donor also verifies that the funds will never have to be repaid by the recipient.
If the recipient were to pay off the gift, the lender would have to calculate it against the repayment to see if the buyer would still qualify for the loan. For the protection of both parties, it is also wise to include that there is no expectation of repayment, either by the return of funds given or the performance of a service, and that the donor will not lien or claim the property, even though
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