ktgrok Posted July 1, 2012 Share Posted July 1, 2012 I got a call from my sister today that my Aunt, who has quite a bit of money, lost her husband a few years ago to cancer, and no children of her own, wanted to help her out financially. My sister rents, and recently had to move very quickly as her rental was sold out from under her. She can't buy a house for various reasons, including probably the short sale or foreclosure on their last house (not sure of the details on that). My aunt offered to buy a house cash for her, and have her repay it at 3 percent interest. No down payment or closing costs. My sister wanted a 200,000 house and my aunt decided that was too much, she wasn't willing to loan more than 150,000. My sister said that wasn't enough for the kind of house/neighborhood she wanted (mind you, all the houses in her current area are under 200,000), so turned it down. This led to family drama, but in the end my Aunt decided to gift her with 12,000 cash, no strings, as a gift and....is going to be doing the same for me!!!!:party: We have our remodel mostly finished, (from a flood we had) but still need to tile the kitchen, put laminate in the family room, and hire a roofer to fix an issue in the corner of the house of that room. DH is doing all the work himself, but we've done some upgrades to increase the housing value (better quality cabinets, granite counters), so we are really out of money, and buying what we can each paycheck because we won't finance it or put it on a credit card. Did I mention I'm 30 weeks pregnant and dont' have flooring!?!?!? And planning a homebirth! That money will go to finish the remodel, paint the outside of the house (really really needs it) fix the AC on dh's truck, pay the midwife, buy curriculum, and probably pay closing costs to refinance our house at 3% instead of the current 6.5% we have. We've wanted to do this, it will lower our payment by 300 a month, but didn't have the closing costs yet. My husband is so relieved! And I'm thrilled too, and honestly a bit mystified that my sister was offered a 150,000 loan and decided it wasn't good enough. Of course, my house is currently valued at less than 90,000, so what do I know. She actually said that there was nothing under 200,000 that was good enough for her kids:001_huh: Guess my poor kids are in trouble, cause we aren't moving, and our house wasn't worth that much when we bought it, before the market crashed. (sis and I live in the same metro area, I'm not comparing apples to oranges). Quote Link to comment Share on other sites More sharing options...
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