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FHA-HUD GIFT LETTER AFFIDAVIT FHA CASE This is to certify that I have given / will give borrower or co-borrower the amount of my relationship to help purchase a home located at property address. city state and zip This money is being given as a gift. There are no conditions placed upon this gift. Funds will be/were transferred on Date I hereby certify under penalty of U*S* Criminal Code Section 1010 Title 10 U*S*C. that the above statement submitted for the purpose of aiding the above named...

How to fill out gift letter fha form

How to fill out FHA-HUD Gift Letter Affidavit

1. Download the FHA-HUD Gift Letter Affidavit form from a reliable source.
2. Fill in the names and addresses of both the donor (the person giving the gift) and the recipient (the person receiving the gift).
3. Specify the connection between the donor and the recipient (for example, family member, friend, etc.).
4. Include the exact amount of the gift in the appropriate section.
5. Indicate the purpose of the gift, which is typically to be used for purchasing a home.
6. Confirm that the donor is not expecting repayment for the gift by signing and dating the affidavit.
7. Submit the completed form along with your mortgage application.

Who needs FHA-HUD Gift Letter Affidavit?

1. Individuals applying for an FHA loan who will be using gifted funds toward a home purchase.

Video instructions and help with filling out and completing fha hud gift letter affidavit

Instructions and Help about fha gift affidavit

This is And Cruz and this video is to describe the gift letter first of all who can give you a gift if you're purchasing a home any family member that is related to you can give you a gift as part of your down payment or towards your closing costs if they choose to do so there are a couple of things we need to do number one we need to complete this gift letter number two we need to show that the money successfully left the donors account without causing it to go negative, and then we also need to show the gift successfully entering into your account so let's go through the gifts letter as you see at the top it says gifts letter, and then it has the name the word applicants and loan number next to it the applicants is where the borrower's put their name the purchaser of the home puts their name there if you don't know the loan number that's okay we can fill it in after the fact the donor will put their name on the first line where it says I don't do hereby certify the following I have made a gift of dollar amount to the recipient whose relationship is daughter son brother nephew cousin niece you into the relationship there the gift is to be applied towards the purchase of the property located at and this is where you enter the property address for the home you're purchasing no repayment of the gift is expected or implied in the form of cash or by future services of the recipient the funds given to the by the homebuyer were not made available to the donor from any person or entity with an interest in the sale of the property including the seller real estate agent or broker builder loan officer or any entity associated with them the source of the gift is and this is where you put it is a gift from my checking account it is a gift from my savings account it is cash on hand somehow we need to describe where the source of the gift is coming from towards the bottom at the left-hand side the donor will sign their name also date the form they'll print their name legibly please the donor needs to list their address and also their phone number on the right-hand side the borrower needs to sign and if there are two borrowers both of them need to sign at the very bottom you see once again where it says attachments evidence of the withdrawal of funds from the donors account is required and evidence of the receipt of the transfer of funds into the borrower's account is also required please be sure to complete this form in its entirety and also write legibly this is submitted to underwriting for their review and if you have any questions just give us a call thank you

People Also Ask about gift letter affidavit pdf

Is a gift letter required for mortgage?

When you apply for a mortgage, lenders need to know the money you use for your down payment is yours, and not an undisclosed loan. You'll need to get a gift letter from the person who gives you money. A gift letter assures your lender that the sudden influx of cash in your account is a gift and not a loan.

What is the purpose of a gift letter for mortgage?

A gift letter for a mortgage is a written statement confirming that funds given to a borrower for a down payment are a gift rather than a loan that has to be repaid. The letter must explain who is gifting the money, where the donor's funds are coming from and the relationship between the donor and the recipient.

Does a mortgage gift letter get reported to the IRS?

Does a Mortgage Gift Letter Get Reported to the IRS? ing to the IRS gift tax exclusions in 2022, any down payment gift below $16,000 does not have to be reported. Beyond that amount, the funds must be reported on the donor's gift tax return.

How do I document gift funds for a mortgage?

Documentation Requirements The gift letter must: specify the actual or the maximum dollar amount of the gift; include the donor's statement that no repayment is expected; and. indicate the donor's name, address, telephone number, and relationship to the borrower.

How do you write a mortgage gift letter?

A mortgage gift letter must include: Donor's name and contact information. Address of property being purchased. Donor and buyer's relationship. Gift amount. Date of gift transfer. A statement that repayment isn't expected by the donor. Donor's bank, account number, and type of account. Donor's signature.

How do I prove my gift money for my mortgage?

When you use gift funds, you have to provide a gift letter that proves the funds are not a loan to be repaid. You may also be asked to provide documentation to prove the transfer of the gift into your bank account. This may include asking the donor for a copy of their check or bank account statement.

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What is FHA-HUD Gift Letter Affidavit?

The FHA-HUD Gift Letter Affidavit is a document used in mortgage applications to verify that a gift of funds received by a borrower is indeed a gift and not a loan. It serves to ensure compliance with FHA guidelines regarding down payment assistance.

Who is required to file FHA-HUD Gift Letter Affidavit?

Typically, borrowers who are receiving a monetary gift from a relative or close friend to assist with their home purchase down payment are required to file the FHA-HUD Gift Letter Affidavit.

How to fill out FHA-HUD Gift Letter Affidavit?

To fill out the FHA-HUD Gift Letter Affidavit, the donor must provide their name, address, relationship to the borrower, the amount of the gift, and a statement indicating that the funds are a gift and do not need to be repaid. The borrower should also sign the affidavit.

What is the purpose of FHA-HUD Gift Letter Affidavit?

The purpose of the FHA-HUD Gift Letter Affidavit is to document the source of funds for the down payment and ensure that the borrower is not taking on additional debt that could impact their ability to repay the mortgage loan.

What information must be reported on FHA-HUD Gift Letter Affidavit?

The FHA-HUD Gift Letter Affidavit must report the donor's name, address, relationship to the borrower, the amount of the gift, a statement affirming it is a gift, and must include signatures from both the donor and borrower.