Hi, I’m looking at buying my first house. I will be using a VA loan in VA state.
My mother is selling her house and will be moving in with me into the new house when I buy it. She wants to give my share of her house inheritance and since I’ve been paying a part of her bills for the past few years. I want to put that as a down payment even though VA loans don’t need a down payment to keep the payments lower.
The thing is, I don’t know the process for all this. I know you can to some kind of contingency for a buying a house when you sell a house, but with the way the market is around here, the only houses that last more than a few days have significant issues or overpriced. Is there some other kind of option?
Also, since I’m technically will just be getting my inheritance on the house early, I’m assuming there will be some tax implications?