gift letter

gift letter

A letter provided to a lender or government agency stating that money to be used as the down payment for a home loan was a gift and not a loan from the donor.

References in periodicals archive ?
There are also walking holidays, usually split into Striders for the more energetic and Strollers for those less able or ambitious, and a gift letter service allowing people to treat a loved one to lunch, dinner, afternoon tea or a weekend away.
All donations are considered charitable under IRS code and are eligible to receive a gift letter from Camps Helping Camps for submission to the IRS for tax deduction purposes.
If you have a particular charity for this and if that charity will give you a gift letter suitable for including in your income tax returns, then you benefit again.
To be in with a chance of winning a pounds 500 gift letter to spend at Cavern Walks, and lunch at Alma de Cuba, simply answer the following question:
Feldman's special Valentine for the city she loves a gift letter which entitles the bearer to redeem two box tickets to a 2008 Padres baseball game.
It's obvious the agency would want to know about big schemes, but you can't call the FBI every time a borrower forges a gift letter, can you?
Then, using one of several exclusive, professionally-created designs--or even a design created specifically for the merchant--Birthday Connections sends the retailer's choice of a birthday card or customized gift letter to each person on the list.
For example, if the borrower was told by the loan originator to ignore a debt, sign a blank application or fake a gift letter, it's going to surface.
Loan officers are charged with creating false gift letters to obscure the source of the borrowers' down payments and disguise borrowers' liabilities as assets.
Anchor Mortgage Corporation, Chicago, was found liable under the False Claims Act because one of its employees "knew" that certain home buyers had submitted false gift letters stating that funds used for the down payment on FHA-insured mortgages had come from relatives.
The review board discovered t3 violations that involved poor underwriting practices, including approving loans to borrowers who were not eligible; approving loans based on overstated or incorrect income; failing to include all of the borrower's debts; failing to properly verify sources of funds; and failing to ensure that gift letters met HUD requirements, HUD documents say.