Zillow Advice: Mortgage Types - I want to buy my parents house but... http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ Zillow Advice | Zillow Real Estate Thanks so much for the advice-Could ... http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ Thanks so much for the advice-Could you direct me to a national lender you believe would be a good choice? Wed, 12 Sep 2012 14:35:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ 2012-09-12T14:35:00Z This sounds like a no brainer.&nbsp; ... http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ <p class="MsoNormal">This sounds like a no brainer.&nbsp; Congratulations.&nbsp; Please keep in mind this is what is classified and a "Non-Arm's length" transaction.&nbsp; What that means to you is that your lender will have additional items that will need to be satisfied. i.e. additional Appraisal Review, thorough income review, 4506 (tax transcript review). Etc.</p> Tue, 11 Sep 2012 22:00:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ 2012-09-11T22:00:00Z Your question is?&nbsp;&nbsp; ... http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ Your question is?&nbsp;&nbsp; <br/><br/>Please be aware that your parents will likely be liable for gift taxes for the difference between fair market value and your purchase price.&nbsp;&nbsp; They will need to meet with an account/tax attorney to make sure they do this properly.<br/><br/> Tue, 11 Sep 2012 21:47:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-my-parents-house-but/459532/ 2012-09-11T21:47:00Z