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Best way to buy a house for another person? [USA] (lemmy.world)

submitted 4 months ago by DinoAstronaut@lemmy.world to c/personalfinance@lemmy.ml

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I'm in an extremely fortunate position where my Mom, upon learning about current mortgage rates and why I haven't bought a house yet, wants to essentially be my bank to buy a house. As in, she wants to fund the house, put it in my name, and I pay her a reasonable down payment and pay a "mortgage" to her at 2-3%. So what would be the best way to do this?She buys the house then transfers the deed? Should she just transfer the cash and I purchase it?

Side note: I know people are usually against doing big purchases with family, but I don't really see a downside since the house will be in my name, and with that 2-3% rate, the payments will be similar to my rent even considering maintenance and property tax.

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[–] DinoAstronaut@lemmy.world 4 points 4 months ago (1 children)

Interesting. Looks like a land contract would have the deed be in my Moms name, but we want the deed to be in my name from the start. I know I should consult a lawyer, but do you know if this land contract can be set up this way?

[–] jubilationtcornpone@sh.itjust.works 3 points 4 months ago

I don't know.