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what document must be signed to reliquish repayment of money gift

By joan.s.england618 from MD Nov 13th 2014
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Hi Joan,Gift money does not get repaid, otherwise it would be considered a loan and lending guidelines do not allow for this. If you have a donor that will be giving you a gift, then all that is needed is an executed gift letter along with documentation to support the donors ability to give the gift along with verification that the gift was deposited into your account. I am happy to provide you with a gift letter. Just sent me an email requesting the gift letter and I will forward to you. Take care.Robert GaragusiNMLS #170077BancStar Mortgage, LLC8120 Woodmont Ave. Suite 830Bethesda, MD 20814240-644-6243 Direct301-656-1005 Faxrgaragusi@bancstarmortgage.com

Nov 13th 2014

Hi Joan! The only documents you will need for "gift monies" is a fully executed gift letter, the copy of the cancelled check showing the funds have left the donors account, most lenders will want a bank statement ( 30days) from the donor's account to prove that they had the funds to give you a gift. The Underwriter will also request a bank statement from you showing the funds going into your account.

Nov 13th 2014

None.. a money gift is exactly that.. a "GIFT".. and is not subject to repayment.. If your borrowing from someone for the down payment, then that not allowed, and trying to deceive the lender is considered loan fraud, and subject to investigation by the FBI. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 13th 2014

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