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Lights flicker from the opposite loft

I'm thinking of buying a house.  Yes, this is in part because of my enormous frustration with the cable situation.  But also because I'm paying a lot of money for what is ultimately a fairly small and inconveniently-arranged space. 

My parents have tentatively agreed to help out with the down payment.  I have enough income, but I have only about half the cash I'd need for a sizable down payment.  I've offered to pay it back, pay interest, etc. 

I still have lots to learn.  I can't even remember the name of the insurance you have to pay for if you don't have a 20% down payment.  I'm not even sure I have that factoid right, that 20% is the magic percentage.  

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np_complete
Feb. 23rd, 2011 10:30 pm (UTC)
Be very very careful with accepting gifts for your down payment - it makes the financing much more complicated.

Ooh, thank you for the warning. I hadn't heard that before. How does it become more complicated? Do the giftors become parties to the loan in some way?

On borrowing against my 401(k): the problem there is that I just changed jobs, so my last, well-funded 401(k) is no longer available as a source of loans, and my new one has only about $5000 in it. *sigh* I could also tap my Roth IRA, which is funded with after-tax money, or cash out some other non-retirement investments, but I'd rather not.
kalleah
Feb. 24th, 2011 12:51 am (UTC)
Well, you have a lot of income documentation and proof of gift involved. Not sure of the exact details but I've had enough friends run into it to know it's a headache.

Is there a way to roll over your old 401(k) into an IRA or some other account so you have more control?