Need help with loans on home purchase
Ok here is the story. I am purchasing a home for 1.2 mill.
I want to pull out equity from my fathers house for the down payment for this new house. ( 200,000 ) His house is worth over 800,000 and he owes barely anything on it.
For the purchase of the new house I will be doing a 7 year interest only with 20% down. will the lender have a problem with my father putting up the money for the down payment but not being on the title ?
What is the best way to do this tranaction without having my father be on the title of this other property.
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