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What are your long term salary goals?
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Parents gave us the 27K down payment "on paper" (so that it wouldn't affect our mortgage qualification) but it was agreed in advance that we would pay it back within a reasonable time frame at 0% interest. We make periodic lump sum payments when we can and expect to have paid back everything within 6 years (from purchase date). We technically didn't need it, but it helped tremendously by giving us more flexibility. You should take it as there are always unexpected expenses, but you could set it up as some type of loan to make you feel better
Love how the same person who calls out mortgage fraud immediately admits his in-laws not reporting $250k on a gift tax return. Selective fraud apparently SA1 hahahah
You can take it but agree that when/if you sell the house you will pay them back their down payment plus what ever percentage you made on the house. This way it was more like an investment for them.
Yeah, I’m thinking about doing this
If they want to and you have a good relationship with them, take it
Take it rich guy/girl lol
Take it cause you will need it. Make sure you only used for the down payment.
Yes, it’s a tradition of my country.
I saved $60,000 during my first 3 years at EY. When I decided to buy my own house, they wire transferred me another $500,000.
What else can I say? I am so lucky to have my parents. I love them
I guess we both come from Asia lol
Boomers got so much from the federal government (1.0x) and millennials are paying it back (-0.2x) - imagine your parents giving you a down payment for a house is the equivalent to the government giving them 0.6x and you 0.2x
Don’t you know that 75% of all statistics are made up on the spot? It’s just generally speaking. For instance, how could I reasonably calculate that without knowing the amount offered by the parents? Consider the first payments made for social security. There were aged 60+ recipients of the social security program that never made payments into the program through taxed wages in the prior 40-50 years of working. Fast forward to today and you have 22 year olds entering the workforce that could potentially pay into the system for the next 40-50 years but never receive a single payment before reaching retirement age if the system is no longer in place. Boomers were vocal when voting and politicians on average have them many social programs funded through borrowing from overseas. Younger generations don’t see as many of the same programs that boomers received, and we’re overburdened by debt. Politicians of the 70s and 80s borrowed wealth from the future to fund programs back then (hence, why I assumed the -0.2x).
I didn't take any money from my parents, didn't feel right considering I was 26 years old and had a good job. Instead they helped me with the smaller things. Dad hired the movers, mom helped me with the cleaning and setup. Feels better knowing I did the house thing on my own even though I only had enough cash to put down 3%.
Just closed on a house in houston TX. 3.5% down - no sweat and went smoothly
As long as there aren’t any strings attached... which I know family dynamics can be weird sometimes... I can say I definitely would take it. Pride is a stupid thing (as a general observation, not you specifically) in my opinion. Who gives a shit whether somebody does it on their own? Trust fund babies sure as hell don’t! If you have to convince yourself, just tell yourself that you’re being fiscally responsible by saving your own money and not overextending. You’re finding external funding to enhance your position after all. I guess I just have no pride, but if I can bring in some money to help better my position, I’m most likely going to do it - there’s no point in struggling for the sake of struggling I think. It doesn’t mean you aren’t working hard or anything like that, you’re just experiencing some additional benefit, which is a good thing
If it won’t put them in a bad financial position and they’ve offered of their own accord, take it. Your pride isn’t worth a better interest rate, no PMI, and better financial footing for your family.
I got 0 help from my parents and while I likely would of accepted any assistance they would offer it felt really good knowing I bought it myself
My parents gave me $30k. Gave my brother $150k 🤦♂️
We got $1000 from my parents, totally took it and used it to buy some furniture lol
I’m buying a house now and I’m gladly accepting all the help my parents are able to provide. If you feel guilty just say you’d like to pay them back at some point and work out a payment plan with them. Interest is insane with standard mortgages so no interest from your parents is still a tremendous help
I took the help from my parents. However, agreed that when I sell the house, I will repay them. 0 interest. We agreed that their gift is the no interest. 😊
Would your parents be leaving you an inheritance when they die? Helping you with the down payment is them giving you piece of that inheritance at an opportune moment.
My wife and I were fed up with apartment living and my parents offered to front the down payment for our home. I was very hesitant as I’ve never willingly asked them for assistance but they said it would be an advance on my inheritance, which sold me. Very fortunate to have a family that can do such a thing for their kids.
Take it! Estate taxes (when they die) are outrageous !!
That’s just for federal tax dumbass. There’s still state
I may be the only one not raised in a middle or upper class family on this thread, but for me that would be a big hell no. My parents don’t have an extra $2 to rub together and I’m saving my money to help them survive once they’re too old to work. Guess that’s what I get being first generation to go to college.
Nah, my parents were dirt poor when I was younger (military and SAHM). Dad makes decent money now, but wouldn’t say they’re upper middle
I will hopefully be able to afford a house in NYC in a 2 years. Hopefully the market doesn't skyrocket.