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Reply to "Family wants to give $ for house down payment- WWYD?"
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[quote=Anonymous] It makes financial sense to lend money within a family for house purchases or other big investments. We borrowed 80K from my ILs and 50K from my parents for our downpayment, and wrote up a lending agreement at 0% interest with a deadline for paying it back (5 years). Now they don't want their money back, and are basically saying it was a gift all along, which I suspected they would do! The money will be there if they ever need it, and more. The impact it will have on your relationship with your parents depends on what kind of people they are. Are they controlling and will they hold it over your head? Then perhaps it's worth asking someone else, or managing by yourselves. If they are level-headed, reasonable people, then by all means take advantage of the offer. [/quote]
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