Finance
Vermont's 'gift letter' for mortgage down payments certifies that:
AThe gift is a loan that must be repaid
BThe funds are a genuine gift with no repayment expected, which lenders require to verify the donor's intent✓ Correct
CThe gift has been approved by the IRS
DThe gift requires equal shares to all family members
Explanation
Lenders require a gift letter from the donor confirming that the funds given to the borrower for a down payment are a true gift with no expectation of repayment, ensuring the borrower's debt obligations are accurately represented.
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