I recently read about a gift equity loan on yahoo answers and am a little confused on how it can work best for me.
My parents bought a home for 350K and put 20K into the home and have rented it for 3 years. With the rent they have received, they have been breaking even with the bank and only owe 310,000. They want to sell me the home for the 310K so in this situation what is the best way to go about this, would using a gift equity loan be the best option and could you explain why?
Info:
Annual salary: 380,000 (before taxes)
Im willing to put a downpayment of around 60,000
Good credit
No debts, car payments, or student loans
Also, I have heard that banks will give around 3x your annual salary as a loan which in my case would be close to 250K and with my 60K down payment that works out perfectly but if I can save my down payment to put towards fixing up the home or other things that would be amazing so any ideas?
Ive used a few mortgage calculators and without the gift of equity loan I will pay around 1600 a month including taxes and hazard insurance so can someone tell me how much I might pay with the gift of equity loan?
Wow another great answer tax lady, if you read this again, could you edit your response and let me know what YOU think the best way to go is for my parents and I?
Orignal From: Can someone explain a gift equity loan to me?
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