Best Way To Help Family Buy First House - Posted by Rob

Real Estate Investing Real Estate Financing
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Posted by Rob on October 03, 2005 at 10:19:51:

So I should work with his broker for the loan and be responsible for the debt as well as be a owner on the title? Could I not just be added to the title?

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Best Way To Help Family Buy First House - Posted by Rob

Posted by Rob on October 03, 2005 at 08:27:15:

Hi,

I have a brother who is buying his first house but is willing to have me put a down payment on the house and share equity and pay off the down at a later time when they refinance or sell the home. What would be the best way to structure this?

Thanks!

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Re: Best Way To Help Family Buy First House - Posted by RJ Baxter

Posted by RJ Baxter on October 04, 2005 at 09:38:15:

You may be able to do it as a gift- if you gift him 20% for the down payment- and you would stay off title if you prefer to not be on title. If you gift less than 20%, most lenders will require that he has 5% of his own money into the deal (5% of sales price).

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Re: Best Way To Help Family Buy First House - Posted by James Harris

Posted by James Harris on October 03, 2005 at 09:47:44:

Rob, Depending upon your brothers credit scores, he may not need a down payment. However, if you wish to help, whatever money you “lend”; be sure to put a lein on the property so that when he does refi, the closing agency will send you a check. I may be able to help your brother obtan a loan. Drop me a line if interested.

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Re: Best Way To Help Family Buy First House - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on October 03, 2005 at 09:32:28:

Both of you get on the loan together and both of you on title.