Posted on: 17th Jun, 2013 01:55 am
I am planning to buy a home. My father says he will gift me the down payment amount. But I don’t think he will be able to give the money to me as a gift as he is cashing in the equity in his home. Will this be a problem for me?
Hi Alberta,
You will have to make sure that you won't be liable for paying the down payment amount back to your father. Moreover, you should also have a gift letter from your father. If you can do these two things, then you may not face any issues.
Thanks,
Jerry
You will have to make sure that you won't be liable for paying the down payment amount back to your father. Moreover, you should also have a gift letter from your father. If you can do these two things, then you may not face any issues.
Thanks,
Jerry
HI Alberta!
Welcome to the forums!
You should discuss the whole matter with your lender and check out his opinion in this regard. If the lender does not have any problem with the cashing out of home equity to gift you the money, then you can continue with the deal.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You should discuss the whole matter with your lender and check out his opinion in this regard. If the lender does not have any problem with the cashing out of home equity to gift you the money, then you can continue with the deal.
Feel free to ask if you've further queries.
Sussane
Hi Alberta,
First of all talk with your father frankly and tell him what all is going in your mind. He is your father so he will probably help you understand this. Still if you are not satisfied with what your father says then you should contact your lender and if possible contact an attorney to remove all your doubts.
First of all talk with your father frankly and tell him what all is going in your mind. He is your father so he will probably help you understand this. Still if you are not satisfied with what your father says then you should contact your lender and if possible contact an attorney to remove all your doubts.
