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Loans from Family

Have any of you been offered loans from family members to help buy a home?

Would you accept such an offer? What factors would impact your decision?

If you have ever accepted such an offer in the past, how did it work out? Would you recommend it?

Comments

belleweather
Apr. 18th, 2009 11:43 pm (UTC)
My mother has offered to gift us with a downpayment, but I think we're going to decline unless we absolutely need it, for a couple of reasons. First, because the stock market has lost half it's value and since my mom is retired that really, really affects her income. If we don't NEED the money I feel like we shouldn't take it.

Secondly, my mom's perspective on us buying a house is totally different from ours -- she really wants us to buy something in a "good" neighborhood for the purposes of resale and isn't on the same page as us as far as what we should spend -- Basically, we want to buy a shabby house in a reasonable neighborhood, make some repairs and spend way less money on housing. Because we'd be saving SO MUCH MONEY on our monthly bills and because we're buying a house that fits us long-term, we're not real concerned about resale value. She wants us to buy a more expensive house in a better neighborhood where she thinks housing with appreciate. Things are tense already, I can't imagine how much MORE tense they'd be if her money were involved.
mrs_dragon
Apr. 19th, 2009 02:33 am (UTC)
Secondly, my mom's perspective on us buying a house is totally different from ours

*nods* When my parents bought their house they were a few thousand dollars short of the downpayment for the house they *really* wanted. So they settled and then, because my dad is Mr "I hate change for any reason", they stayed there for 17 years until an EARTHQUAKE caused enough structural damage that in the end moving was easier than fighting any more with the insurance company.

So now, I think my mom is afraid that we will face the same situation...except we *have* what I think is a totally fine downpayment and even if we had to *settle* it would be for a house we could upgrade over time...

I also agree with you about worrying that my parents need the money more than we do (we both work and are just starting out with few bills, they are close to retirement).

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