JasonNeal
04-27-2006, 02:49 PM
* I've moved this thread from the General Forum*
Date of Purchase: 11/04/2005
Price: $104,300
Money used for rebuild: $6,500
Present value: $140,000
Here's the situation:
Although I paid for everything in this property (mortgage, closing costs, rebuild, etc.) I had to get the mortgage in my Dad's name because I couldn't qualify. I'm now ready to buy the house from him but I want to avoid mortgage insurance. If I put the house under contract for $125,200, could I :
- Have my Dad give me a gift of equity of $11,000 and my wife a GOE of $9,900 to make up the 20% down? ( then I would have a mortgage of roughly $104,000 with 80% LTV / no mortgage insurance)?????
- If this would work would he have to pay short term capital gains on the GOE?
-What paperwork would we need to get signed?
Thanks
Date of Purchase: 11/04/2005
Price: $104,300
Money used for rebuild: $6,500
Present value: $140,000
Here's the situation:
Although I paid for everything in this property (mortgage, closing costs, rebuild, etc.) I had to get the mortgage in my Dad's name because I couldn't qualify. I'm now ready to buy the house from him but I want to avoid mortgage insurance. If I put the house under contract for $125,200, could I :
- Have my Dad give me a gift of equity of $11,000 and my wife a GOE of $9,900 to make up the 20% down? ( then I would have a mortgage of roughly $104,000 with 80% LTV / no mortgage insurance)?????
- If this would work would he have to pay short term capital gains on the GOE?
-What paperwork would we need to get signed?
Thanks