Quote:
Originally Posted by Hack&Lube
I took a $100,000 line of credit and put it toward the down-payment of the mortgage. Inspired or madness?
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Isn't that illegal? I thought you could not use borrowed money for a down-payment.
My parents gave me $10k to help with the down-payment when we bought our home. The bank required them to sign forms clearly identifying this as a gift and not a loan that had to be re-paid.