I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.I was pre-approved for a mortgage loan. I set the purchase rate at $350k - the absolute most I want to spend - with a 20% down payment. The goal is to pay at least $100k down. My mom has offered to give me $100k, but I think it's best that I not take the money. I would rather her keep her money to make life easier for her & my dad.
I'm looking at home purchase about a year from now when my current lease ends, but at least I know what I have qualified for while I'm searching. Interest rates have really kicked up. My current rate would be 6.50% for 30 years. I hope that the rates fall before I'm ready to buy.
August 4th, 2023 at 12:03 am 1691107409
How long is the approval good for?
August 4th, 2023 at 12:14 am 1691108052
Please keep that in mind before accepting money from your parents.
On the flip side, depending on their situation, future nursing home care could cause them to spend down their assets before becoming eligible for Medicaid.
Them beginning to give you cash each year up to the gift limit that you put into something safe like CDs or treasury bills can protect a portion of what might be an inheritance. You can always decide later to use it for their care if they need it.
August 4th, 2023 at 04:36 am 1691123790