Toby Leal
(361) 765-0990
[email protected]
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If you have family members willing to lend you money for a mortgage or down payment, you can take out a loan from them with an applicable federal tax rate. This option lets you pay less interest and keeps the money from being considered a gift by the IRS. This way, the loan is legal for everyone, and the lending family members get a stake in the mortgage by getting the interest paid back to them. It’s an excellent option for older family members willing to help first-time homebuyers invest in the market without just gifting them the money.