I receive property we should pick (You.S.). It was another day in the market so there was indeed currently several other now offers for this, therefore we made a decision to create a funds promote ($230K) given that dad offered to shell out the dough once we figure out the funding.

Our promote try approved so we is actually closing during the 3 1/two weeks, and thus now i’m racking your brains on an educated route to the financing.

A great deal more background: I own our very own first house, worth $120K-$140K, downright. but intend to rent it unlike sell. I have nothing profit dollars to possess a straight down-fee.

Choice step 1: Indication our home over in his title. Build money to help you your up until we can decide the loan, of which date we are going to promote him the remainder of the amount and buy the house from him. Using this solution, I am concerned with the new double charges we will pay money for the two different sales, but never understand what those individuals might be.

I checked with a local bank, and the policy was no house security financing up until 6 months after you find the possessions*, plus another 1/8% on the interest rate. I’m not sure if this is common or just their policy, but I’d rather not make my dad wait that long before paying him back.

Improve (8/): Just after taking a look at the selection and you may enjoying the complexities and you may prospective extra will set you back you to with my father pay with bucks provides, we decided to follow a normal home loan in time with the closing. My father have a tendency to provide me this new 20% down-payment and we’ll shell out him straight back to the a normal payment agenda. Sigue leyendo →