My friend is originally from South Africa and is on a student visa in Texas. She’s a senior and her parents want to buy her a house there after graduation. They will give her $50k for downpayment and whatever else she needs, but we just wanted to confirm if that’s even possible? We know she will need a job and steady income. What else is required?

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She'll need to have the money in her account and her parents will probably have to sign a note to show it's a gift, not a loan.

They also may need to consider tax implications because $50k exceeds non-taxable gift.

likehelpful

Thank you for your response. Her parents want her to buy a house and stop paying for rent since her siblings will be moving to Texas within 2 years as well. I guess I will just tell her to look more into it.

Happy to help facilitate the transaction for a low $50k fee. Please DM me for more detail.

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Thanks AD for your help with my purchase, and for facilitating a wealth transfer for your Nigerian prince friend, highly recommend your services.

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As far as I’m aware the “gift” just gets applied against the estate tax threshold so I don’t think it’s a tax issue other than paperwork

likehelpful

That’s noted ty!

That’s probably it, 2 years of income proof is needed for the mortgage company to sell off the loan. Unless her parents are signing

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Thank you for your response. For the past two years though she has been working PT since she’s a FT student. Her parents make a lot of money but they live in South Africa.

Good credit scores and lender who is willing to process mortgage for people on student/OPT visa.

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Got it. So her parents should just give her the full amount to buy the house vs giving her the downpayment and sending $2k a month for the mortgage?

something similar happened to a friend of mine - his parents moved ~$45k to his account and legally considered it a “gift”, not sure what the tax implications are. Since it was a gift and then considered his money, I think he was the only name on the mortgage / his parents did not co-sign

helpful

This is helpful thanks! She still has a year left of school but I’m assuming that she’ll definitely need a job right to prove proof of income. Her parents will help her out in case she does get a job right after school.

Where in TX

Houston

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