USDA loans are loans backed by the U.S. Department of Agriculture. USDA loans are similar to VA loans in that the program doesn’t require a down payment.
As a home buyer, though, you’re welcome to make a down payment if you want to; and, that down payment can come from a cash gift.
The USDA doesn’t require home buyers to have their own money in a home-buying transaction. Buyers using the USDA mortgage program can use their down payment gift for the entirety of what they put down.
When you need a cash gift down payment letter, whether you’re the gift giver or gift receiver, you have a few options:
- Write your own letter and give it to the lender
- Hire an attorney to write your letter for the lender
- Download a pre-written mortgage gift letter and fill-in-the-blanks
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