When funds are being gifted from a family member or relative there is going to be a gift letter that needs to be signed the lender is going to require it and essentially what it's going to say is that the family member or relative is gifting the funds to the recipient and not expecting repayment so that's the first thing the second thing is is depending on the loan program the relative may have to provide a bank statement to document that they had the funds to be able to gift to the client or our borrower.
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About Calyx Gift Letter
The Calyx Gift Letter is a document that is typically used in real estate transactions. It serves as a confirmation and proof that a financial gift has been given by one party to another, specifically for the purpose of assisting the recipient in purchasing a home or property. The gift letter contains important details such as the name of the donor (individual or entity providing the gift), their relationship to the recipient (usually a family member), the amount of the gift, and a statement confirming that the gift does not need to be repaid. The letter is typically signed by both the donor and the recipient, acknowledging their understanding of the gift and its intended use. The gift letter is required by lenders or mortgage institutions when the recipient is utilizing the gifted funds as part of their down payment or for closing costs. Lenders often request this letter as part of their documentation process to ensure that the funds used for the purchase meet their eligibility criteria. It helps prove that the recipient has not borrowed the funds but rather received them as a gift from a legitimate source. In summary, anyone who is receiving a financial gift from a family member or close acquaintance to assist with the purchase of a home or property will likely need a Calyx Gift Letter. This letter is typically required by lenders or mortgage institutions to verify the legitimacy of the funds and their intended use.
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