Finance (alternative)
Maryland buyers who receive gifts for down payments typically must provide the lender with a:
APromissory note to repay the gift
BGift letter from the donor stating the funds are a gift and not a loan✓ Correct
CTax return showing the donor's income
DNotarized affidavit from MREC
Explanation
Lenders require gift letters confirming that down payment funds are indeed a gift (not a loan) that does not need to be repaid, as repayment obligations affect the buyer's ability to qualify.
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