Hi redditors, I am looking for your advice on what options I have or what I can do. I am based in California. I also posted this in real estate too.
I sold my mother’s house and am now in the process of searching for another property for her. Our sale from the house will be approx 440K, I am looking for homes ideally 420-450K with 475K being the max.
I would like to put down 415K as a down payment and have the 25K as an emergency fund for my mother. My agent told me the minimum amount for a mortgage loan is 100K and they may go a little bit under that but not much more.
If that’s the case..... can I get around that by buying let’s say a 450K property but put down 350K and ask for a 100K loan and then pay down 65K the next time the mortgage is due? That way I will only have 35K left for the mortgage. Is that legal? I tried asking the lenders assistant but I felt like she was giving me the run around.
Another question, I was the sole owner of the previous house and do not plan on living with my mother for this house. Will this affect me for taxes such as capital gain? Do I need to make that my primary home to avoid the capital gain taxes?
Thanks guys.
Submitted August 24, 2019 at 01:01AM by hangry-monster https://ift.tt/30vnnpj
