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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 02:35 am (UTC)
Thankfully this wasn't even a though that crossed our minds when we were buying our home. I think that, if it had, we'd have waited to buy until we could afford to on our own without parental assistance.

The thought never occurred to me either until my mom made the offer. : ) I think we are going to decline but I was curious what everyone else's experiences were.

ETA: We've saved up 10% downpayement (and will keep saving as we are looking). My mom is apparently concerned that without a full 20% down that we will not be able to get a house we like at a rate we afford.

Edited at 2009-04-19 02:37 am (UTC)
(Deleted comment)
mrs_dragon
Apr. 19th, 2009 02:56 am (UTC)
Yes?

The odd part is that it's my mother who is having the hard time with this. Not my husband or I, who are actually the ones doing the purchasing. : )
(Deleted comment)

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