Gift letter to be use with loans under UWM.

Documentation Requirements

Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:

• specify the dollar amount of the gift;
• specify the date the funds were transferred;
• include the donor’s statement that no repayment is expected; and
• indicate the donor’s name, address, telephone number, and relationship to the borrower.

When a gift from a relative or domestic partner is being pooled with the borrower’s funds to make up the required minimum cash down payment, the following items must also be included:

• A certification from the donor stating that he or she has lived with the borrower for the past 12 months and will continue to do so in the new residence.
• Documents that demonstrate a history of borrower and donor shared residency. The donor’s address must be the same as the borrower’s address. Examples include but are not limited to a copy of a driver’s license, a bill, or a bank statement.

Verifying Donor Availability of Funds and Transfer of Gift Funds

The lender must verify that sufficient funds to cover the gift are either in the donor’s account or have been transferred to the borrower’s account. Acceptable documentation includes the following:

• a copy of the donor’s check and the borrower’s deposit slip,
• a copy of the donor’s withdrawal slip and the borrower’s deposit slip,
• a copy of the donor’s check to the closing agent, or
• a settlement statement showing receipt of the donor’s check.

       Mankell Hayes

                Broker

      1026 Concord Rd SE

        Smyrna, Ga 30080

www.superiormortgagelending.com

678.858.4623 Direct   678.668.8039 Fax

NMLS #2025202             NMLS #198762