Grant money from organizations, like down payment assistance, works similarly. Either way, you’ll need documentation (like a gift letter) to show where the money is coming from and prove that ...

If you don't have the down payment money, loved ones are allowed to help. But you'll need what's known as a "gift letter." A mortgage gift letter is a notice from your donor declaring that the ...

The down payment is part of cash to close ... For conventional loans, the following rules apply: Your lender might have a gift letter template it requires borrowers to use, so be sure to ask ...