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have questions before buying a house

hi, we are planning to buy a house in the bay area with 100k downpayment. some questions: 1. Does it matter where the downpayment come from. family/relative 2. Does it have to be my own money. (can a family member help pay? do they need to be on the paperworks if so?) 3. Can my family member help with the downpayment ? Is this considered a gift in the us? Is it taxable to me or her? gift tax. money is coming from a foreign country
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December 28 2013 - Union City
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Answers (3)

We deal with gift funds all the time. The family member who gifts the money would only need to be on a limited amount of paperwork. You are doing the right thing by getting the answers to these questions before you go into escrow. And before any money is transferred. Depending on what % down payment the 100k represents the donor may have to prove the ability to gift. In some instances that is not the case. Check out my profile if you would like to talk to a lender in CA to go over your specific scenario. Happy house hunting.
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January 11
I was also thinking to buy a house in Australia. But I was thinking about the granny flats .Does it go same with the granny flats as well , I mean the issues of buying it.
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January 11
In Florida if a borrower is putting 20% down. The entire down payment and closing costs can be a gift.

Family, especially parents and grandparents, will often help with home purchases. As a practical matter, the gift must come from a close family member. Lender may not trust gifts from distant family members or friends they may be perceived as secret loans. In fact, the lender may refuse to approve a loan.
 

Gifts up to $14,000 per year per person can be given without worrying about filing a gift tax return. This means, for example, that every year your mother and father can give you and your spouse a total of $56,000 without having to file a gift tax return. They should also give you a letter stating that the money is indeed a gift with no expectation of repayment. 

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December 28 2013
 
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