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Reply to "Question for those of you whose parents helped with a home purchase"
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[quote=Anonymous][quote=Anonymous]The gift limit this year is $14,000. So your FIL could give you and your spouse each $14,000 and your MIL could do the same for a total of $56,000. That is if you want to consider the money a gift and not a loan. If it is a true loan, instead of a gift, with a repayment schedule, [b]then the rules change and your lender might not consider it as true down payment[/b]. Actually they will consider it a loan and take that into account when calculating your LTV and whether you can afford to pay back the mortgage. If you in-laws can afford it and have no issues with gift taxes then an outright gift is the best way to go - no complications in the mortgage process. [/quote][/quote]
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