Delayed Financing and paying back parent

In California.

So if my mom wants to help me purchase a property using cash (she provides 80% and i provide 20%) and then used delayed financing to get some of the cash back out to pay her back what is the best way to do this?

According to rocket mortgage:

If you were provided with gift funds for the cash purchase of your new property, you can’t reimburse the donor with the proceeds you’ll get from delayed financing.

So gift funds are out.

Should we have joint title on the property and the refinance together? Can i then assume paying back the mortgage and use the cash proceeds to pay her back?

Or do i take a ultra short term personal loan from her to get the cash, buy the property with sole title, then take out a refinance, pay back her loan then pay the mortgage?

Any loan officers/processors/mortgage brokers able to help? thanks

submitted by /u/mmmonkeys
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In California. So if my mom wants to help me purchase a property using cash (she provides 80% and i provide 20%) and then used delayed financing to get some of the cash back out to pay her back what is the best way to do this? According to rocket mortgage: If you were provided with gift funds for the cash purchase of your new property, you can’t reimburse the donor with the proceeds you’ll get from delayed financing. So gift funds are out. Should we have joint title on the property and the refinance together? Can i then assume paying back the mortgage and use the cash proceeds to pay her back? Or do i take a ultra short term personal loan from her to get the cash, buy the property with sole title, then take out a refinance, pay back her loan then pay the mortgage? ​ Any loan officers/processors/mortgage brokers able to help? thanks submitted by /u/mmmonkeys [link] [comments]

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