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Brett's Mortgage Blog

How To Structure A Purchase From A Family Member…

Did you realize that when buying a house from an immediate family member – the buyer doesn’t necessarily have to come out of pocket for a down payment? (As long as it’s an owner occupied residence for seller and buyer.)

…this is because the guidelines allow the seller to “gift” equity to the buyer.

So, the down payment can be a gift from the seller. …in addition to this, the seller can also pay the buyer’s closing costs, and prepaid expenses (taxes and insurance).

Reach out to us if you have any questions on how this works.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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Brett Sampson

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