Appreciate any advice.
Son wants to buy a different house,has one to sell. Seems better to us to buy first then sell the old house,tight market. As opposed to selling first then perhaps cannot find a new one,and have no where to go with family.
Anyhow my problem is. Short term gift him the money for a down payment,or do I have to go through IRS requirements for a bridge type loan. Or gift then IRS form 709. We know mortgage companies may have a 2-3 month look back in his bank account to see if money is there,and not a loan which would effect loan/value ratio. Son would pay back as soon s he sells his house.
He has talked to mortgage guy he says sure no problem, I say possible BS he is not the underwriter. Loan would be for 20% down and closing costs.
I see possible pitfalls,IRS and lifetime gifting which is not really a gift 150K or so,or son can gift me back the 150K. Don't have to worry about the 12.6M lifetime gifting,not even close.
Any expert help appreciated.
Oldmike
Son wants to buy a different house,has one to sell. Seems better to us to buy first then sell the old house,tight market. As opposed to selling first then perhaps cannot find a new one,and have no where to go with family.
Anyhow my problem is. Short term gift him the money for a down payment,or do I have to go through IRS requirements for a bridge type loan. Or gift then IRS form 709. We know mortgage companies may have a 2-3 month look back in his bank account to see if money is there,and not a loan which would effect loan/value ratio. Son would pay back as soon s he sells his house.
He has talked to mortgage guy he says sure no problem, I say possible BS he is not the underwriter. Loan would be for 20% down and closing costs.
I see possible pitfalls,IRS and lifetime gifting which is not really a gift 150K or so,or son can gift me back the 150K. Don't have to worry about the 12.6M lifetime gifting,not even close.
Any expert help appreciated.
Oldmike