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Reply to "Question for those of you whose parents helped with a home purchase"
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[quote=Anonymous]I got a few thousand to buy my first home 20 years ago. The lender required a notarized letter from my parents confirming that is was a gift with no repayment required or expected. This was done for two reasons: first, the lender wanted a year of bank statements and they wanted an explanation to go with the influx of cash shortly before the purchase. Second, they want assurance that I didn't have to pay back the money since this would be like having another loan (like a car loan) that would affect my ability to pay the mortgage. The closing went just fine and I paid back the money over three years. No strings.[/quote]
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