I’m thinking of buying a house, but a lot of my down payment will be gifted to me via my brother. However, he needs to sell off some property before he can gift me that money.
However, I’d like to buy a house first before that money comes in (I can afford the monthly payments without the gift downpayment) since I found a really good home that suits my needs.
The loan amount – excluding the gift down payment – I’m expecting to be around 550K.
My question is — how screwed will I be if I do this? I am assuming that I will end up paying up front points on a mortgage that technically could’ve been lower if I waited for that gift to come by.
Also – is there anyway to structure this so I have best of both worlds? Get a big loan to buy the house first, then refinance or recast after I get the gift money?