Question Details

Zmk, Both Buyer and Seller in Milwaukee County, WI

We are planning on selling our house (essentially at loss after improvements), and purchasing a more

Asked by Zmk, Milwaukee County, WI Mon May 4, 2009

expensive house. The driving force behind this is to move to a better school district for our son who has high functioning autism. Our proceeds after selling our house will not be enough for a 20% down payment, so my in-laws are very willing to assist us in making the move. They have agreed to lend us the amount necessary to provide a 20% down payment through a semi-formal agreement. By semi-formal, I mean that re-payment of the loan will be losely structured, with their loan taking second priority over costs associated with our son. We have been qualified for a mortgage well beyond what we expect to use. I am self-employed and as such receive a little more scrutiny in my mortgage processing. So my question is - how will the mortgage companies view this loan from my in-laws? If this will be a problem in their eyes, is there a proper (or creative) way to handle it?

Help the community by answering this question:

Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer