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

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[quote=Anonymous]Yes, my parents loaned us $100k for a down payment.  The loan is interest-free and paid back monthly on a 10 year plan. We've lived in our house for 5 years and are halfway through with repayments.  We have never been late or missed a payment.

I didn't ask my parents for this loan- they offered, and I was completely surprised.  They did the same to my sister when she bought her home.  Apparently my maternal grandparents outright gifted a down payment to my parents when they first got married.

The loan came with no strings attached whatsoever.  Unfortunately, my husband came into our marriage with a lot of student loan and consumer debt.  We worked our butts off for 2 years to pay off close to $60k in credit card debt (clearly before we had kids or the house).  The good news is that we bought a house that is well within our means and once we have my dad paid off, we'll have a nice cushion of money each month to save more for the kids' college.

I am very grateful for their help.[/quote]

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