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Reply to "Did you get parental help to buy any houses you own? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]When I was 26, I moved back to DC and wanted to buy a house. I had recently graduated from law school, I had school debt, and I didn't have enough money for a down payment. My parents had a fully paid-off house. They agreed to put a HELOC on their house, and to lend me the money for my down payment. I paid every cent of closing costs, interest, and principal on the HELOC, and paid it back in full within 3 or 4 years. So, it was a wash from my parents' perspective, but gave me the capital needed to buy my first house. I have since bought more properties, and have done quite well. But that was definitely "parental help" that allowed me to buy my first house. [/quote] When you applied to get your mortgage, did you lie and say the money in your account that you put towards a down payment was a gift? Or did you admit that it was a loan?[/quote] Neither. They bought the whole thing in cash and we took out a mortgage six months later. [/quote] So they bought the whole thing in cash, in their name? Or in your name? And if it was in your name, how did you suddenly come up with the 20 percent? A bank isn't going to give you a loan for 100 percent of the value of your house, and the house couldn't have been worth much more six months after your parents bought it. So I'm thinking you might be full of shit.[/quote]
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