Our parents offered to help finance our first home if we split the profits 50-50. Here's how we make it work.
found that 77% of millennial and Gen Z homebuyers expected financial assistance from their parents to buy their first home, and 65% of parents 39 and older were willing to provide the help. Typical financial assistance included helping with a down payment, cosigning on a loan, or paying closing costs. Really Good Content
In April 2021, the Rohrers closed on their five-bedroom lakefront home in Orlando, Florida, for a sale price of $386,000. Jared Rohrer said he and his dad are on the mortgage and signed a legal agreement, which was required by their lender to outline the deal's structure. The monthly mortgage payment of about $1,700 is almost the same as what they were paying to rent a much smaller apartment, Rohrer said. While they have no trouble paying the mortgage, he does worry that if something happened and they couldn't, it could cause tension.
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