Personal Finance

3856 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 2 years ago

MODERATORS

[email protected]

Best way to buy a house for another person? [USA] (lemmy.world)

submitted 5 months ago by [email protected] to c/[email protected]

9 comments fedilink hide all child comments

I'm in an extremely fortunate position where my Mom, upon learning about current mortgage rates and why I haven't bought a house yet, wants to essentially be my bank to buy a house. As in, she wants to fund the house, put it in my name, and I pay her a reasonable down payment and pay a "mortgage" to her at 2-3%. So what would be the best way to do this?She buys the house then transfers the deed? Should she just transfer the cash and I purchase it?

Side note: I know people are usually against doing big purchases with family, but I don't really see a downside since the house will be in my name, and with that 2-3% rate, the payments will be similar to my rent even considering maintenance and property tax.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 4 points 5 months ago

Thanks for sharing your experience! I didn't even think about a mortgage being possible with someone instead of a bank. I'll have to look into if that's possible in Texas.