Can I get a sample gift of equity letter?

jc2a2 · Joined: 05 Apr 2007 Posts: 1 1.39 Dollars($)

Can someone send me a sample gift of equity letter? Thank you.

Guest

JC, this format should work:

miller_st · Joined: 17 Jan 2007 Posts: 917 168.95 Dollars($)

Letter Lichtenberg has given is of the short format and some lenders may not accept it.

You can use this detalied format also. Take out a print of the letter and show it to your lender he will tell you if it can be used or not.

Guest

We recently had a death in the family and the heirs want to sell house of deceased to my Daughter the deceased grand daughter. question if all parties are in agreement can we reduce the sale of the house from 80000.00 to 60000.00 and consider the difference a gift of equity with out money changing hands, or should we just reduce the price?

jameshogg · Posted: Wed Aug 27, 2008 1:26 am Post subject: RE: gift of equity

Hi Omer,

Welcome to forums.

You can reduce the price if that makes it easy for you to buy the home. But if you consider the remaining as gift of equity, your daughter need not pay gift taxes on what she recives. Rather, the individuals offering the gift will have tax considerations provided they don't qualify for gift tax exemptions .

Thanks

Guest

In the sample of your gift letter it states the amount that is given. However, it says "towards the purchase of the property located" what if we recieve 100,000 however only use 70,000 towards the purchase of the new home and the rest we use to help us move and cover breaking our current rental lease?

jameshogg · Posted: Thu Dec 11, 2008 12:48 am Post subject:

Hi Chitiris,

As you are using 70,000 towards the purchase of the property, you should write that in the gift letter which you will be showing to the lender. You will not have to write 100,000. However, the person gifting you the money will be paying gift taxes. if any, on the 100,000 and not on the 70,000.

Thanks

Guest

I need to write a letter to my sibling concern renowning their share in my mother home who die 20 years. Six have given their share Two have not.
I have paid the foreclosure, taxes and remolding house.

Help!!!!

Guest

Hi,

I need to write a letter to my sibling concern renowning their share in my mother homw who died 20 years ago. Six of my sibling have given their shares; two have not. I've paid the foreclosures, taxes and remolding the house. I need sample letter so I can put the propert in my name.

Guest

How many family member can gift you money to be use for a down payment of a house that we are buying. We need 60,000 and I dont know how to get this done. Please help.... thanks

jenkin7 · Posted: Mon Dec 21, 2009 12:39 am Post subject:

Hi Wajo,

There is no limit to the maximum number of family members who can gift you money to make the down payments. If there are, say, 10 of your family members who want to assist you with the down payment, they can go ahead and do so. As long as you are not borrowing the money to make the down payment and you can show the lender the source of the gift money, there should not be any problem for you.

gmakerley · Posted: Mon Dec 21, 2009 10:43 am Post subject:

wajo, the fewer the better, though - just think of all the paperwork and the potential for confusion when this arrives in your lender's office. i agree with what jenkin7 told you, but caution you to keep it down to a dull roar, if possible.

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