how can i buy a house for someone as a gift

Your best approach will be to talk to a local licensed mortgage professional, and also your tax accountant -- as there are likely to be tax consequences on such a large gift. Should you not be paying cash for the house - and financing it -- then you may want to talk to your insurance agent also, to arrangelife insurance coverage to complete the payments if something should happen to you during the repayment period (which also might be counted in the tax issues).

If you have cash your all set LOL. If you need a loan then you would have to qualify using your assets and income and put down at least 15% down. You can add them to title as well. Or you can go on the loan with them as a non occupying co borrower for as little as 3.5% down. This based on a single family home. More information would be needed to go over all of your options.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Normally, you will need 20% to 25% down, if you will not live in the house.

If they are on the mortgage as well then you could be a non-occupying coborrower, that way it is still considered a primary residence. Though they would need to have decent credit as the credit score will be the lower of the 2 of you. They don't need to be making any money, though every dollar helps.

Have them give you a gift of equity and you can refinance it with no out of pocket costs:Sun National Bank is a Federally Chartered Bank who can lend nationwide. To better help you, I would like to see your financial situation.Please send me the following information for all borrowers:1. 1 Month of current pay stub's2. 2 Year W-2 Income Statements3. 2 Year 1040 Federal Tax Returns4. 2 Year Business Tax Returns5. 3 Months of current Bank Statements (if you own a business)6. Copy of Drivers Licenses Please forward them to:James Mazzola8 Matthew AvenueKendall Park, NJ 08824jmazzola@sunnb.com or cornoil@comcast.netIf you have any questions, please do not hesitate to contact me:(O) 973-805-4107(C) 732-501-4249(F) 732-951-0629Thank you,James Mazzola

This question has 2 needed professional opinions. One from a local loan officer who can guide you on your loan options.... and the other would be your accountant to best understand tax ramifications.

That is a great question. You should definitely contact a licensed Certified Public Accountant to find out about what the potential tax liabilities might be. Given you do not have any potential penalties that fall within what you're trying to arrange. Then you can provide this information to to a licensed mortgage professional that you are comfortable working with that understands your situation and what you're trying to achieve. HMC Mortgage Company is licensed in many states including Tennessee, Connecticut and Colorado. We have many direct affiliations; partners and relationships with lenders and brokers that can help you achieve your financial goals today.

This question has 2 needed professional opinions. One from a local loan officer who can guide you on your loan options.... and the other would be your accountant to best understand tax ramifications.

Sure can.. if your paying cash.. If your looking to finance it, then there are issues.. and unless we know the exact scenario, it's hard to say for sure.. example.. if your purchasing a home, and plan on putting the name of the recipient on title, then that's acceptable, however you would need to purchase the home as a non owner occupied (Investor), and add the lucky person after you close.. keep in mind that you will need to remain on title so long as there is a loan on the property.. once the loan is paid off, you can deed your portion back to the recipient.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You will need to speak to your accountant and attorney as there will be tax implications for a gift this large. Speak to a local lender after you speak with youraccountant and attorney.

You can pay cash... and put the title in their name.

There are several different approaches that you can use to accomplish this. I am a license branch manager/loan officer in your area. Call me at 804-556-0685 or email me at jcherry@loansimple.com, and we can discuss the different scenarios. o

That depends whether you are planning on financing the home or if you will be paying for it in all cash. If it's all cash, you will not need to worry about getting a mortgage on the home, but if you are going to be financing a portion of it you will want to speak to a local mortgage professional that can advise you what kind of loan options will work for you. If the home will be a gift, and not your primary residence, you will likely need to have a substantial down payment of at least 25 percent.