Gift Letter

Form in PDF Version: Gift Letter

FHA Gift Letter requirements:

  1. Complete gift letter attached to this email and fax back to Donna Calkins at MegaStar at 303-362-6705.
  2. Provide copy of Donor’s most current bank statement showing sufficient funds to provide gift.
  3. Evidence transfer of funds by one of the following options below:

    1. Preferred method

      1. Do not transfer the funds to the borrower in advance of the closing date.
      2. A few days before closing, have the donor obtain a cashier’s check for the exact amount of the gift.
      3. The cashier’s check must show the donor as the remitter and the borrower as the payee.
      4. The borrower will fax a copy of the cashier’s check to Donna Calkins at MegaStar at 303-362-6705.
      5. The borrower will take the original cashier’s check to closing. At closing the title closer will instruct the borrower to endorse the check over to the title company.
    2. Alternative option:

      1. Donor transfers funds to borrower in advance of the closing date via a wire or personal check.
      2. Donor provides a copy of the cancelled check (cashed check) payable to the borrower. This will evidence that the check was written from the donor’s account and that it has cleared the donor’s account. Or, Donor provides a copy of the wire transfer receipt.
      3. Borrower provides a copy of their deposit slip showing deposit of the gift funds to their personal account.
      4. Borrower provides a current bank statement showing gift funds on deposit or an internet statement showing gift funds on deposit. If an internet statement is used, it must contain the following information:

        1. Bank’s name.
        2. Borrower’s name and account number.
        3. 30 day transaction history.
        4. Current balance.
      5. If borrower is unable to provide a bank statement or an acceptable internet statement as detailed above, the borrower must obtain a 30 day transaction history from the directly from their bank with a “teller’s” stamp to show authenticity.

Conventional Gift Letter requirements:

  1. Complete gift letter attached to this email and fax back to Donna Calkins at MegaStar at 303-362-6705.
  2. Evidence transfer of funds by one of the following options below:

    1. Preferred method

      1. Do not transfer the funds to the borrower in advance of the closing date.
      2. A few days before closing, have the donor obtain a cashier’s check for the exact amount of the gift.
      3. The cashier’s check must show the donor as the remitter and the borrower as the payee.
      4. The borrower will fax a copy of the cashier’s check to Donna Calkins at MegaStar at 303-362-6705.
      5. The borrower will take the original cashier’s check to closing. At closing the title closer will instruct the borrower to endorse the check over to the title company.
    2. Alternative option:

      1. Donor transfers funds to borrower in advance of the closing date via a wire or personal check.
      2. Donor provides a copy of the cancelled check (cashed check) payable to the borrower. This will evidence that the check was written from the donor’s account and that it has cleared the donor’s account. Or, Donor provides a copy of the wire transfer receipt.
      3. Borrower provides a copy of their deposit slip showing deposit of the gift funds to their personal account.
      4. Borrower provides a current bank statement showing gift funds on deposit or an internet statement showing gift funds on deposit. If an internet statement is used, it must contain the following information:

        1. Bank’s name.
        2. Borrower’s name and account number.
        3. 30 day transaction history.
        4. Current balance.
      5. If borrower is unable to provide a bank statement or an acceptable internet statement as detailed above, the borrower must obtain a 30 day transaction history from the directly from their bank with a “teller’s” stamp to show authenticity.