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Reply to "Question for those of you whose parents helped with a home purchase"
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[quote=Anonymous][quote=Anonymous]Not only do you need to consider gift tax implications, but talk to your mortgage lender. We had to have my parents sign a letter stating it was a gift, even though we did pay them back. [/quote] Same here. My parents gifted both DH and me the max for two years and signed the letter. There is no loan/contract drawn up. We pay them back $800/month for a period of 10 years. In case anyone is wondering, no, I didn't ask my parents. They offered, as had been done to them by their parents.[/quote]
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