first home purchase, with fiancee

[nickaluch]

Doesn't mean it was done right.

I grew up where earlyre is. Here's some examples of other homes (I'll stick to nice parts of town too) in that ballpark:

$199k - https://www.realtor.com/realestatea...e-St_Lima_OH_45805_M47964-03907?from=srp_next
$147k - https://www.realtor.com/realestatea...-Ave_Lima_OH_45805_M36191-76454?from=srp_next
$180k - https://www.realtor.com/realestatea...d-Rd_Lima_OH_45805_M30580-22222?from=srp_next

The first house the elementary, middle and high School are rated 2 out of 10. If that's the school rating in the nice parts of town I hate to see the bad

 

[Hall]

The first house the elementary, middle and high School are rated 2 out of 10. If that's the school rating in the nice parts of town I hate to see the bad

Coincidentally, I went to all (3) of those (well, the elementary I went to was demo'd and moved to the junior high building next door and the junior high moved but is still the same name). I assure you, those ratings are probably bogus. The city (proper) itself only has one school district, so yeah, there's a mix of kids, but academically, the opportunities are there (Advanced Placement courses in variety of subjects, etc).

 

[Rand]

You might want to look into gifting rules.
AFAIK: your Dad will have to file a separate tax form irs form 709 (but pay no tax)
and you will need paperwork "a gift letter" that the money is a gift and not a loan for your home mortgage lender
etc.

 

[earlyre]

$170k for a home is this located in fantasy land?

not every part of the country is as expensive as the Coasts...
My parents house is currently valued a little north of $300k, they paid $123k in '96. for 2k Sqft, on 1.5 acres in the country.
our long time neighbors moved a little over a year ago, new folks came from Cali. they couldn't believe how much house you could get around here for $300k.
my parents place would likely be well over a mill, if not closer to 2 if we were near either coast.

when my brother moved back here from DFW in 2016, he paid $114k cash for his house. over the last 10 years, it's "gained" another $100k in value...according to the internet...

 

[earlyre]

You might want to look into gifting rules.
AFAIK: your Dad will have to file a separate tax form irs form 709 (but pay no tax)
and you will need paperwork "a gift letter" that the money is a gift and not a loan for your home mortgage lender
etc.

mortgage people mentioned that.

 

[Hall]

mortgage people mentioned that.

Get ahead of this - the mortgage company should have a form letter or template that your father can complete. I believe he also needs to provide account statements showing a balance pre-gift, then the withdrawal. You may have to do the same with your bank account.

 

[earlyre]

They said it's better if after filling out the form, the money goes straight from his account to them. Bypassing me completely