Gift Funds Information

A gift can be provided by:

• A relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or
• A non-relative that shares a familial relationship with the borrower defined as a domestic partner (or relative of the domestic partner), individual engaged to marry the borrower, former relative, or godparent.

The gift letter must:

• Specify the actual or the maximum dollar amount of the gift;
• Include the donor’s statement that no repayment is expected; and
• Indicate the donor’s name, address, telephone number, and relationship to the borrower
• Be signed and dated by all parties

Documentation needed:

• A copy of the donor’s check
• The borrower’s deposit slip