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Mortgage glossary
Gift Funds
Money given by an eligible donor for permitted loan expenses, such as a down payment or closing costs. The lender may require a gift letter and proof of where the money came from and how it was transferred. Donor and documentation rules vary by program.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.