Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:
• Specify the dollar amount of the gift
• Specify the date the funds were transferred
• Include the donor’s statement that no repayment is expected
• Indicate the donor’s name, address, telephone number and relationship to the borrower
• Identification of the property being purchased (Freddie Mac only)
When a gift from a relative or domestic partner is being pooled with the borrower’s funds to make up the required minimum cash down payment, the following items must also be included:
• A certification from the donor stating that he/she has lived with the borrower for the past 12 months and will continue to do so in the new residence.
• Documents that demonstrate a history of borrower and donor shared residency. The donor’s address must be the same as the borrower’s address. Examples include but are not limited to a copy of a driver’s license, a bill or a bank statement.