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Money and Finances
Reply to "Buying a first home - did you get the downpayment from your family?"
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[quote=Anonymous]I think the % of parenting helping with the first house payment has increased as the relative wealth of the country has increased. DH owned a house before we met. He saved for his down payment by living in a group house for several years. I was saving for a down payment when we married, so that was used later when we moved and did a renovation. Due to a confluence of circumstances, we had bought the "new to us" house before we were able to sell the old one; at the same time my parents had sold thier house in MA and boughtone in NC and had extra cash on hand prior to investing it. They gave us a "bridge loan" until we sold the first house. We paid them back after three months with interest. It was a win win, they earned more than they would have and we paid less than we would have. If the timing had not been right, we would have either gone to the credit union for a bridge or liquidated some investments. [/quote]
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