What do you think about asking family (Grandma) to help buy a house?

Question

My parents can't help, but my Grandma can (financially) without it affecting her standard of living. I don't think I'll need much help, but if I don't get help I won't be able to afford any type of housing. Sometimes my Grandma is in a mood to help, other times she's not. Should I even ask? A friend suggested I should bring up the topic and try to get her to suggest that she help. I don't know if I want to manipulate like that.

I do plan on paying her back.
Actually, it's a condo, and most of the reason I need help is for the home owner association dues which covers insurance, maintenance, and everything except closing costs, principle & interest.
I don't need a lot of help, I can afford most of it on my own, I just don't think I'll qualify for enough. I'll probably only need about $13,000 but maybe as much as $15,000. Hope this gives more details.

Oh, and I'm not the reason my parents are financially strapped. I feel I'm a responsible person, and will definatly pay her back. I plan on taking full responsibility for the mortgage from the get go. In speaking with my RE Broker, I will be able to afford the payment, but may need her help in case I don't qualify for the full amount.
Yes, I know getting involved with family in money matters is not the wisest thing to do, my thought is that interest rates will just go up, the area is good, the price is reasonable now but will only go up in the future. Also, in another year I won't be able to afford where I live now and any apartment with lower rent will be in the scary part of town.

Answer 1

You should ask her,you should always turn to family most of all,she should help if she is a good person and loves you.

Answer 2

Pardon me but I'm an old guy whose been around the bend and over the hills a lot of times. What jumps to mind when you talk about asking Grandma to "help" is "Grandma, lend me some money and it'll never get paid back" but that's not what you say. If you're professional about it, execute a note with a payment schedule--and follow it to the letter, you may have a shot at keeping good feelings in the family. Almost NEVER happens that way though.
Why do I say that? You are being disingenuous when you say "I don't think I'll need much (just a little to get me a house) but if I don't get help I won't be able to afford any type of housing." That doesn't stand up to examination.

Answer 3

You know your grandmother best. It's a big request, but she may be generous enough to do it. It all depends on your relationship with her and the type of person she is. The fact is, if you really can't afford the house on your own, even if she were to help you, down the road what makes you think you are not going to be struggling still? Is this house going to be a finacial struggle? It may not even be worth it to deal with all the fiscal stress. Can you just wait and save more first? Consider all of the pros and cons and maybe postpone buying a house right now. I know you really want it now, but I personally would want to feel more independent in being able to purchase the house on my own. Good luck whatever you decide to do.

Answer 4

If your grandma wishes to comply and you are a mature human who will not default on the loan and make poor grandma pay it back.. it can be done. but you need to be responsible and ask don't be sneaky and expect her to offer.
Just don't be surprised if grandma says no.. It is usually bad financial mojo to get involved with family over money issues.

Answer 5

Don't do it. Borrowing money from family is never a good idea.

Answer 6

BUY IT YOURSELF! QUIT SPONGING OFF GRANDMA, ARE YOU THE REASON YOUR PARENTS ARE FINANCIALLY STRAPPED. LOWER YOUR STANDARD OF LIVING AND SAVE THE MONEY YOURSELF. QUIT BEING A BRAT.

Answer 7

make her pay for it
she gonna croak soon n most likely didnt put u in the will

Answer 8

No, don't do it. Live where you can afford to.