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geniphurb | Does this sound okay? |
My husband and I are looking at houses because we are expecting our first child and our little 2 bedroom house is too small! However, we do not have enough money for a down payment. So we were looking into getting 2 loans, one for 80% and one for 20%. We told my Dad this and he said that he would be the lender for the 20% (or however much it has to be to avoid PMI). Will this cause us problems in getting approved for the 80% loan? I would appreciate any advice from professionals. Thanks!
Additional Details
Trust me, we don't have room! We are pack rats for one thing and for another we are collectors (especially of Beatles memorabilia!). We have been renting this house from my parents for the past 2 years and my husband and I have had a few spats over it, but otherwise it has not put any strain on any relationships. On that note, my husband is completely on board with this plan. |
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Atlanta Realtor
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Yes. This happens all the time. For the record, though, you would not have to pay PMI on an 80-20; that is why people do it instead of a straight 100%.
If your dad is willing to give you more favorable terms for a loan, I'd go with it. If the loan terms are the same, you may be better off getting your 2nd through a standard lender, as you will be able to deduct the interest and the payments will reflect positively in your credit report. |
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HEATHER
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I don't suggest doing this. When family members loan money to other family members it changes the relationship a lot. If he wants to give you a GIFT in the amount of the down payment, with the understanding that the amount does not have to be repaid, that is one thing. But having him finance 20% of it is going to cause problems. Save up for the down payment. You have a 2-bedroom house, and this is your first baby. You have room for a while. Get used to what your expenses are going to be with a baby before jumping into buying a new house! |
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jebfowler
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As far as the bank is concerned the personal loan doesn't exist, or at least they can't prove it does. |
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ronidl76
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I had an 80-20 conventional, and of course, the 20% loan is always much higher interest rate. Your dad basically said he'd lend you the 20% down payment. If you can pay him back without interest, that's great for you, but like the second answerer said, not a good idea to borrow money from family. BUT, if your dad is like my dad, he's doing it to help you out, and if you're like me, you'd try your best to make sure to pay him back every month.
The thing about coming up with 20% down payment, is the mortgage company will want to know where it came from, cause they know how much money you do or don't have. They may consider that debt as part of your monthly debt, and it may affect your interest rate on the 80%. Check it out. |
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proactiveindy
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Sounds like you have been given every angle of advice from marriage counseling to family counseling. Right now, mortgages are hard to get even with 20% down payment. You need to contact a loan officer, whether with a bank or a broker, and discuss the situation with him/her. Sometimes, a gift from a relative is looked at better than a loan, sometimes not. An experienced loan officer can guide you through the process and make things easier. If he/she says that a gift is easier, that does not mean that you can't pay back your dad. Yes, unfortunately you may have to fudge a little on the loan from your dad, if necessary. If the loan from a relative works for the lender, then go that route. Trust the experts in the field, just make sure you have an expert. My knowledge is a few years old since I stopped being a mortgage broker in 2003. At that time, a gift from a relative would have been the easiest. |
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Sal SR
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If yr dad sincerely wants to lend you the initial down payment for the house, thats a great help.
When i bought my property, i didnt hv enough down payment n my mum gave me a personal loan. She happily helped me acquired the property & never mentioned abt her helping me til this day. My MIL gave a personal loan to help my husband when his ex caused their hse to go for a foreclosure. It was an arrangement that she wld get the money after the hse was sold. After e'thing was agreed, in black & white, some time later she was very unhappy started to distrust her son and bad-mouthed him. She even complained to me abt it, when we were not even married yet ... thinking that i wld change my mind marrying him. She valued the money more than the relationship. |
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godged
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No, it doesn't sound OK.
Most lenders will want to see that you have been saving and gifting you 20% to avoid PMI will not help you get the 80% loan.
Typically, family and loans don't mix well.
And my husband's grandparents had 6 people in a 2 bedroom, 750 square foot home. If there is love, that is what matters.
Can you scrape together 3% and get an FHA loan? If you cannot, you probably shouldn't be buying right now. |
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kj3044
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All you would need to do is have your Dad write up a letter stating that he's giving or loaning you the %20 and have all parties sign it. All lenders would want to see where the money is coming from.
abrock@fcmdirect.com
First Capital Mortgage
www.fcmdirect.com |
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james
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You want a new house you don't need a new house. 2 bedrooms is fine for now. Put all of your packrat stuff in storage. You cannot afford the house you are talking about. Do not borrow money from your father, there will be gift ramifications and taxes involved, not to mention the inevitable wierdness that comes from borrowing money from family. You will have to disclose where this down payment is coming from. Determine your expenses once the baby is here. Identify the payment you can afford on 25% of your monthly income and save and apply your own down payment in the future. There is time to do these things, do not jump into a house purchase until you have built your financial foundation. That is THE SOLE REASON I am doing so many foreclosures right now. Exotic loans! |
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