Followed by 6
Ignored by 0
In United States
Registered Nov 09, 2009
E-man's most recent comments:
- On 20 Oct 2014
Personal loan for down payment questions,
This is silly, get the bank account # and send your old man 20K.
I second SF ace. This is silly. Just give your dad $20k and sign a gift letter so he can obtain a mortgage. You don't have to file anything with the IRS. They don't have to know. Keep it simple.
- On 17 Oct 2014
They are dying because they are poor,
And we are dying because we are obese.
- On 7 Oct 2014
Take Father In Law's Offer?,
On The Fence,
You over-think this. It's not about you. Your FIL is just being respectful by asking you. The reason he is willing to foot the mortgage payments because he wants a better place for his daughter and grand daughter. Eventually, the money will belong to his daughter and grand daughter anyways.
Since he's footing the bill, he still has total control of the property. However, I would ask him to add your wife's name on the Grant Deed so she can write off the MID and property tax. That should save you guys thousands each year.
Saving $1,500/month won't get you anywhere in the Bay Area. If you're going to borrow his money for the down payment, how are you going to afford a $1M home with your salary and your savings? There is no way you can pay him back with those numbers.