AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question My wife and I want to build a new home and my step daughter wants to loan us part of the money we will need to build this home. This is going to be a build it our selves home with the help of family and friends.Our daughter is not a US citizen and lives in the Netherlands. We are planning to make up a simple loan agreement with 25 years of monthly payments with no interest and no collateral and have our signatures notarized and then she will transfer the money from her account in the Netherlands to our account here at home in the US and we build our home and pay monthly payments to her on the loan until it is repaid. Question: Are we doing this the correct way? I do not think we are breaking any laws or anything but We wanted to ask your opinion. Thank you very much for your time and advice.
Answer Hello,
To answer your question; I do not see a problem, or see you breaking the law. As long as you have documentation that proves a big deposit to the bank. But, I am not a Lawyer, so you might want to check with one of them first.
Sorry I couldn't be of more assistance than this! Good luck, and have fun building your new home..... :)
