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Money and Finances
Reply to "Buying a first home - did you get the downpayment from your family?"
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[quote=Anonymous]My parents loaned me 100K with market rate interest (about 7% at the time) in 2001 to buy my first home. And the loan came with a legit promissory note. I paid them back monthly until my equity got high enough that I could refinance and pay them back in full (about three years after I bought). It worked out great because they had a safe investment that earned good interest and I got into a home just as I turned 27. Given the prices around here and that it can take many years to save enough for a down payment, I don't see anything wrong with getting family help. I think the "mommy and daddy doing everything for me" judgment is sometimes unwarranted. You don't know all the arrangements behind the scenes -- loan vs. gift, etc. [/quote]
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