What is a gift letter and what does it need to say?

A gift letter is a signed statement from the person giving you money toward your purchase, confirming the amount, the relationship between you, the source account, and that the money is a gift with no expectation of repayment. Lenders require it to satisfy underwriting rules against undisclosed debt disguised as a down payment. Brian's lender partners can supply the exact template your loan program requires before the funds are transferred.