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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

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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