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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?


Apr. 18th, 2009 10:12 pm (UTC)
We are getting "gifts" (for the purposes of FHA) to help with our downpayment. We will immediately pay them back once our tax credit comes in.

I would have felt comfortable taking a loan from my parents regardless since they have put less than $10,000 toward my education/wedding since I left high school compared to the $20,000 minimum they've put into my sister. That may seem petty, but I feel like it's the least they can do since they are quite secure financially and I have never given them a reason to think I wouldn't pay them back.
Apr. 18th, 2009 10:17 pm (UTC)
In my family, that's flipped, or at least my brother is c.o.v.i.n.c.e.d that it is and I don't have enough facts to really know. The problem is that I am eldest, so I just assumed they would offer him the same things, now I wonder. I would feel awful adding fuel to that fire.
Apr. 18th, 2009 10:20 pm (UTC)
I can understand that. I'm the oldest, and my parents have always been more accommodating and generous with my sister than with me because she plays her role as the baby of the family very well. Although our relationship is good, I know it can be a source of tension that is hard to resolve. In your case, I would probably avoid taking it unless it was the only solution I had, since your relationship with your brother doesn't have a price tag.
Apr. 19th, 2009 02:56 pm (UTC)
your relationship with your brother doesn't have a price tag

Nods. I never bothered to run a tot-board WRT my brother (he's 6 years younger than I am). My parents paid for both our college educations, but I had more scholarships so he technically got "more." They bought us both shitty used cars, but his was twice as expensive because I got a compact and he got a pickup (he's a mechanic and needs it). When my gramma passed before she could give him a down payment for a house like she did for me, I just wrote him a check. Why not; he works hard & deserves it.

It's family; it shouldn't be transactional.


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