Gift Letter

A gift letter signed by the donor is required. Information provided in the gift letter must:

State the donor’s name and that the funds are given by a Related Person

Include the donor’s mailing address and phone number

State the maximum or actual amount of the gift funds or gift of equity

Establish that the funds are a gift that does not have to be repaid (Section 5501.3(c))

A gift letter signed and dated by the donor and borrower that includes the following:

The donor’s name, address, and telephone number;

The donor’s relationship to the Borrower;

The dollar amount of the gift; AND

A statement that no repayment is required

1. Identification

Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.

2. Proof of Income

Employees – most recent pay stubs

Self-employed – profit and loss statement

Passive income – most recent financial asset statements

3. Financial Asset Statements – At least two months of your most recent statements, including:

Bank checking and savings

Brokerage

Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities

Trust

4. Tax Returns

Employees – W-2 forms and tax returns for the last two years.

Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.

Passive Income – Tax returns for the last two years.