My parents are willing to loan me the down payment. I am waiting for my home to sell to buy our dream house. However, our fear is the tax implications. Will either one of us have to pay taxes?
Why wouldn't he use a down-payment assistance program instead? Every state has at least one down-payment assistance program, some are grants that don't require you to pay anything back if you live in it for 3 years if u plan to house hack & some will be a silent second with no payments due until you sell or refinance so that doesn't have to be factored into the cash flow aspect. That's what I did here in Denver, I used CHFA to cover the down-payment with a FHA that was also had left over $ to apply towards the closing cost. There was a $500 spread between the debt service/ HOA payment & the market rent but with the refinance to a lower rate its now roughly a $740 spread.
Because some folks either don't qualify for traditional SBA/FHA/VA or conventional bank loans or don't want to get the government/state involved in your loan and everything else that's entailed with taking a government benefit such as post-purchase inspections
husband going to the restroom at 5:22 😂
Excellent advice Tony. Blessings AJ
My parents are willing to loan me the down payment. I am waiting for my home to sell to buy our dream house. However, our fear is the tax implications. Will either one of us have to pay taxes?
Great video
Option for them to have a 20% stake in the property?
Why wouldn't he use a down-payment assistance program instead? Every state has at least one down-payment assistance program, some are grants that don't require you to pay anything back if you live in it for 3 years if u plan to house hack & some will be a silent second with no payments due until you sell or refinance so that doesn't have to be factored into the cash flow aspect. That's what I did here in Denver, I used CHFA to cover the down-payment with a FHA that was also had left over $ to apply towards the closing cost. There was a $500 spread between the debt service/ HOA payment & the market rent but with the refinance to a lower rate its now roughly a $740 spread.
Because what if you want to do one house every 3 months vs every 3 years
Because some folks either don't qualify for traditional SBA/FHA/VA or conventional bank loans or don't want to get the government/state involved in your loan and everything else that's entailed with taking a government benefit such as post-purchase inspections
Pray 🙏🏾 the deal get done Tony.
How to I raise money 💰 to fund my projects that will eliminate poverty and improve livelihood in my village