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do i need a letter of reference for gifted monies im using to add to my assets for my mortgage application?

by jmgomez724 from West Greenwich, Rhode Island. Jan 10th 2020 Reply


George DeVine (gdevine)
#7 ranked lender in Rhode Island - 46 contributions

You are required to provide a "gift letter" (not letter of reference), which states the donor's name, relationship, and source of their funds. You will also be required to document receipt of the gift and evidence it came from the donor before closing. Your mortgage lender will provide you with the "gift form letter".

Jan 10th 2020
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Steven Karp (stevek81)
#9 ranked lender in Rhode Island - 147 contributions

Yes, you would need a gift letter and papertrail of the monies...you also could put the money in the bank, wait a few months and then apply for a mortgage...the banks will only ask for 2 months bank statements, so as long as no large unuausal deposits, you could be fine going that route too....any one of us will be glad to help you with your mortgage needs.

Jan 10th 2020
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Dan Paladin (dpaladin)
#1 ranked lender in California - 653 contributions

Your lender should provide you a gift form letter for you to complete with your qualified gift donor.

Jan 10th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,078 contributions

You need a signed "Gift Letter", which your Loan Officer should supply you with. Then depending on the loan type you are getting, there will be various additional rules and requirements to document the gift. Typically this involves getting a copy of the bank statement from the gifting person to prove they had the money to give you, and proof of the transfer of money into your personal account. Your Loan Officer should guide you... I lend in IA, WI, MN, ND, SD. Visit me at iMortgageJoe.com. NMLS274132

Jan 19th 2020
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