3 things to consider if you are getting a gift or a loan from family when you’re buying your first home.
1. Have that discussion about what the amount is going to look like and if it’s going to be a gift or if it’s going to be a loan repaid to them.
2. Talk to an estate attorney and an accountant. Talk about the gift door’s lifetime gift exemption and if there’s going to be any tax implications for you as the one receiving the gift.
3. Talk to a real estate lender to make sure that you understand where the gift should be held if you intend to get a loan on top of the gift.