I’m a new grad, and I have very little context about how mortgages work.
My parents live abroad and want me to invite them for GC once I become a citizen. (I’m not Indian/Chinese, got selected for my h1b, started PERM. So would take 7+ years from now.)
My parents told me they’ll sell one of/all the houses they own and bring $1M(one)~$3M(all) to the US. (May become more than that in 7 years) They said they’ll gift me $1M if the law permits, but only if I live with them before I get married. (They sent me to the US for school from a young age so they want to live together) And I do want to live with them!
Kind of far from now, but I want to know how to make this happen.
Can we co-sign a mortgage, by using their money as down payment, and I pay for the mortgage/tax? Then, once time comes, can they give the full ownership of the house to me?
Or would they have to give me the down payment first and I’ll have to figure out gift taxes/other stuff?
Thanks in advance
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments
So yes, one of your parents can be a cosigner and contribute to the down payment, while the property can be in your name.
It's not a gift if you're not free to do what you want with it. If they want to control everything, they should just pay for it. You can live there and save up your own down payment if you choose to.
If you are financially capable of making the payments, it doesn't matter who paid the down payment.
Why bother with mortgages. If you have ~2-3 million to play with, just pay cash. Interest rates are skyrocketing anyway.
The IRS allows the gift tax free but only from another US citizen which your parents aren’t nor will be for some time
It’ll take them another 5 years for citizenship, so they’d probably figure out the $$$ before that.