Yes, But You May Only Obain a gift of equity from Family Members may provide equity credit as a gift on property being sold to other Family Members. The Lender must obtain a gift letter signed and dated by the donor and Borrower that includes the following:
• the donor’s name, address, telephone number;
• the donor’s relationship to the Borrower;
• the dollar amount of the gift; and
• a statement that no repayment is required.