All Forum Posts by: Account Closed

Hi Upen,

Thanks for the reply. I already made a purchase 2.5 yrs ago, so i won't be a first time home buyer. Yes I was afraid that would be an issue with not being arms length, so it may not work out. Is there a solution since we trust each other, where he could gift me the property, and then I could secure a mortgage on it to pay him back?

Hi,

I'm in a situation and I'm not sure the best way forward:

A family member owns a duplex that they want to sell. They want to gift the down payment to my wife and I to help us out which is very generous. What's the best way to proceed?
Here are the numbers: $125,000 cost, gift of $25,000 to us to make the down payment.

What's the best way to proceed?

1) Get a conventional loan, fill out a gifted money form and purchase for $125,000 with 20% down.

2) Somehow transfer the title, and then get a mortgage on it for $100,000 that I could pay to the family member.

3) Some other way that is a typical solution to this kind of problem.