For Primary Residence Purchase transactions only, the use of gift funds is acceptable provided the borrower contributes,

from their own funds, a minimum of 5% of the value of the property towards the down payment. How ever on Standard

Conforming loans with an LTV of 80% or less, the entire down payment may be gifted. Gift funds must come from an

immediate family member and be documented as follows:

Gift letter must include the donor’s name, address, telephone number, relationship to Borrow er, amount, date of

funds transfer, and state that the gift is for the purchase of the subject property and that no repayment is required.

Immediate family is defined as parents, siblings, children, spouse, grandparents, aunts and uncles.

Verification of the transfer and receipt of gift funds.