FHA Gift Letter Template: Everything You Need To Know

What Is a FHA Gift Letter Template?

A FHA gift letter template is an official document that you can use to document the gift of money that you are giving to someone. This letter allows you to prove to your lender that the money is not a loan but a true gift from a family member or friend. It is important to note that the gift must be from someone who is not a part of the loan transaction. This letter must include the donor’s name, address, phone number, and relationship to the borrower.

What Is Included in a FHA Gift Letter Template?

A FHA gift letter template typically includes the donor’s name, address, and relationship to the borrower, the amount of the gift, and the date that the gift was given. It should also include a statement from the donor that the money is not a loan and does not need to be repaid. The donor should also sign and date the letter.

When Should You Use a FHA Gift Letter Template?

A FHA gift letter template should be used when you are applying for a loan backed by the Federal Housing Administration (FHA). This type of loan allows you to use a gift from a family member or friend in order to cover part or all of your down payment. The gift must be from someone who is not a part of the loan transaction, such as a parent, grandparent, sibling, or relative.

What Are the Benefits of Using a FHA Gift Letter Template?

Using a FHA gift letter template can help you prove to your lender that the money is a true gift and not a loan. It also helps you show that the donor is not a part of the loan transaction. This can help make it easier for you to qualify for the loan, as well as make it easier for your lender to approve the loan.

Where Can You Find a FHA Gift Letter Template?

You can find a FHA gift letter template online, from your lender, or from the Federal Housing Administration. When looking for a template, make sure to find one that is specific to the FHA loan program, as other loan programs may have different requirements for gift letters. Once you have the template, make sure to fill it out completely and accurately.