Reply to Buying a first home - did you get the downpayment from your family?

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[quote=Anonymous][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]

Has it occurred to you that the prices around here are what they are because so many people have parents with that kind of money to offer?  With escalation clauses and everything else, it most certainly puts people who work hard but don't have access to wealth they didn't earn themselves at a severe disadvantage.

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