Can my father give me the money for a down payment on a home?

Question

I have income, but not proven. And have plans already towards a job once I am able to move to my desired town. I will pay my father back and pay my own mortage once I am working, but my problem now is having the down payment so I can move in to this townhome.

Answer 1

He can if he wants to but unless he is willing to co-sign no bank will give you a loan unless you can prove income

Answer 2

if u are under18 no older yes

Answer 3

No,  it is illegal in all states but Alaska. Punishment ranges from 1 month in jail in New Mexico to 24 years in state prison in California.

Answer 4

Yes,  but be careful he does not trigger gift taxes.

$11,000.00 or so is the limit he can give with no taxes.

Answer 5

If it is a gift, then anything over $12,000 will require that your father file a gift tax return.  If it is a bona fide loan, I suggest you put the terms in writing.  Good luck.

Answer 6

His gift will restrict the type and number of loans you have to choose from.   Do your homework when you choose the lender and the loan.

Answer 7

you can have him co-sign it, but thats about it.

Answer 8

Your not working now?  

Your going to get a place of your own, without any money to pay your bills?

If your dad is willing to take care of your bills for the rest of his life, then so be it!

The smart thing to do it get a job, save money and go from there.

Answer 9

give me your pa's phone number and i'll call him and ask

Answer 10

yes but what r u a crack dealer?

Answer 11

You have two problems.

No proven income = no mortgage.

Some loans will allow a gift, some won't.  You'll have to check.

So you are going to need to move, get a job, then get a mortgage.

Answer 12

Sure, you can do this.  You might want to tell the lender it was a gift, and you may need to provide a letter from your dad saying this as well.  If you make this a formal loan (with a written agreement that you will pay it back) it will count against you in the calculation of what you can afford, but the lender will not care about a gift from your father.  

Of course you can just pay him back later as you are able, anyhow, once you have the loan (just because it was a gift doesn't mean you can't pay it back).  I'm not really suggesting you lie, just think of it as a gift that you nonetheless want to pay back when you can (though honestly so long as there is no written agreement between you and your dad that you will pay it back, the lender may not care anyhow).

Answer 13

Yes, he can give you the money.  Get a gift letter from him saying he is GIVING you the money (if you plan on paying him back, don't tell them that).  The real problem you may have is the unproven income.  The lender will want to verify income through paychecks, etc.  Usually, income comes before mortgage, although if you have a job offer with a good salary at a stable company, some lender may take a flier on you (less likely in the current mortgage atmosphere).

Answer 14

If your dad is willing to give you the down payment there is nothing to stop him from doing so. They won't know its not your money unless you tell them.

Answer 15

Yes.. as a gift, or as a second mortgage....you will need proven income to get a regular mortgage....