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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Live2Sail who wrote (83941)	8/8/2007 12:04:25 PM
From: Tradelite	Read Replies (2) \| Respond to of 306849

If the parents are willing to supply the money, sign a sworn statement that it's a gift and not a loan to be paid back (and hopefully know about IRS gift-tax rules), it should be OK with a lender. I've sold many homes where parents contributed hugely to the down payment.

To: Live2Sail who wrote (83941)	8/8/2007 12:46:03 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

As long as the money didn't come from "Uncle" Vito. They make buyers show the history of where that money came from (it had to be sitting in somebody's bank account somewhere, it can't be borrowed) and sign a gift letter. I've lost track of the number of people who asked me if it was legal to park money in their kid's account so the kid could show a paper trail on money they were using to fund a down payment on a house when the kid was borrowing from some other source. Shenanigans in buying that first house have been going on forever, it just usually didn't involve the banks until recently.