Is it Ok for my parents to give us a down payment on a second home? My present home is not selling and am thinking about renting it and purchasing another in a better school district.
Answer
As long as your parents agree to "give" you the money and you do not lie about it to the lender, it appears that you would not be violating any criminal laws by using such a gift to make down payment on a house or condo. If you decieve the lender or any governmental agency involved with the loan, you may have civil liability and possibly criminal culpability.
Good luck
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