Purchase Contract With Gift Of Equity
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FAQ
A gift of equity letter must be included in the loan file, and it should clearly state the monies are not a loan so there is no repayment involved (hence the phrase ?gifted money?). The letter should be signed by the buyer and the seller. Funds must also be properly documented through financial records.
In the case of a family gift, the amount is disclosed as an ?other credit? in the cost to close section of the Loan Estimate (LE) and the Closing Disclosure (CD). In the case of a sale for less than market value there are various opinions on the proper method of disclosure.
Sign A Gift of Equity Letter A gift letter is a document that summarizes all of the information about the gift, including the appraisal price and the sale price. Both the buyer and seller must sign the letter. A second letter will accompany other official documents at the home's closing.
Fannie also says the gift of equity can be used to pay the borrower's upfront closing costs as well as their down payment. Freddie Mac says, " ... a gift of equity is an eligible source of funds for a Mortgage secured by a Primary Residence or second home provided ... the funds are from a Related Person.?
Use the gift of equity to cover closing costs and/or the down payment and lower the overall size of your mortgage loan. Your lender will have you fill out a gift of equity form which will need to be signed by both the seller and the borrower. With the gift of equity, the seller doesn't expect to ever receive repayment.