Quote:
Originally posted by photon@Aug 26 2004, 12:13 PM
I would simply give the down payment to my parents but I don't think they'd accept it, and even just asking for the down payment back when the house is sold they don't find fair, since I'm not making anything. So I'm trying to find something that's fair to them and fair to me. It's hard to be impartial in this case though.
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Ask they what they think is fair, and if they can't come up with anything then just make the terms. They can always adjust it if they want in a counter proposal.
This seems to be the reverse of what usually happens in these cases. You're both looking out for the other person instead of yourself. That's awesome. Sounds like you have a great relationship with your parents.
My parents helped out when I bought my house by providing a larger down payment. I already had it figured out how I was going to do it but with their support it allowed for a larger downpayment and lower payments during the term of the mortgage. All they asked was for support if they needed it when they get older, which is something I'd have done regardless.
There are occasions where money drives family apart, and there are occasions where it brings family together. IMO, it all depends on what you make of it.