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Wednesday, April 19, 2006


A sum of money given to a home buyer as a present

If relatives or a friend give you a helping hand towards your down payment, a lender will require that you complete and sign a form, called a gift letter, proving that the money doesn’t have to be repaid.

A lender will then request a copy of the gift-giver’s bank statements to prove that he/she actually has the sum of money stated in the gift letter. When the funds are transferred into your banking account, you also need to give the lender a receipt of the transaction.
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