Comments on: How can father gift money to son to help buy house from him? http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him We Buy Houses News and Help... Sun, 20 May 2012 04:57:48 +0000 http://wordpress.org/?v=2.5.1 By: dog ma http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him#comment-16616 dog ma Sat, 24 Oct 2009 19:31:19 +0000 http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him#comment-16616 We'll assume that the price of the house exceeds the "gift" amount. There are a couple of ways to do this. Dad can sell you the house at a substantial discount from the market value. He can give you funds for a down payment, however - A lender is going to have an issue with him gifting you that much, seeing as he is the seller in this case. I would go and talk to a loan officer, explain the situation and see what they recommend. There may be ways to structure the deal so that you both get what you want. I did a deal one time, for example, where mom put the son on title and took herself off, essentially giving him the entire house. We then did a cash-out refinance for the son, since he now owned the house free and clear. This would not have been possible in a case where mom owed money on the house. Lenders have tightened up on things like this, so you need to speak with someone who knows the loan programs but is also not afraid to get a little creative. Good luck -<br><b>References : </b><br>Former mortgage broker We’ll assume that the price of the house exceeds the "gift" amount. There are a couple of ways to do this. Dad can sell you the house at a substantial discount from the market value. He can give you funds for a down payment, however -

A lender is going to have an issue with him gifting you that much, seeing as he is the seller in this case. I would go and talk to a loan officer, explain the situation and see what they recommend. There may be ways to structure the deal so that you both get what you want.

I did a deal one time, for example, where mom put the son on title and took herself off, essentially giving him the entire house. We then did a cash-out refinance for the son, since he now owned the house free and clear. This would not have been possible in a case where mom owed money on the house.

Lenders have tightened up on things like this, so you need to speak with someone who knows the loan programs but is also not afraid to get a little creative. Good luck -
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Former mortgage broker

]]> By: the tax lady http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him#comment-16615 the tax lady Sat, 24 Oct 2009 19:08:00 +0000 http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him#comment-16615 And just in case you were wondering, buying a house from dad is NOT eligible for the first time homebuyer credit.<br><b>References : </b><br> And just in case you were wondering, buying a house from dad is NOT eligible for the first time homebuyer credit.
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]]> By: knowitall http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him#comment-16614 knowitall Sat, 24 Oct 2009 18:35:58 +0000 http://www.webuyhousesvideos.com/buy-my-house/how-can-father-gift-money-to-son-to-help-buy-house-from-him#comment-16614 He carries the note for the amount you do not finance, then each year he forgives $13,000 of the note which is not taxable. In 2 to 3 years, he will not be owed anything and you get that much tax free.<br><b>References : </b><br> He carries the note for the amount you do not finance, then each year he forgives $13,000 of the note which is not taxable. In 2 to 3 years, he will not be owed anything and you get that much tax free.
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