by Peter
(Washington DC)
Private mortgage financing questions: Dear Kate, My partner and I are looking into purchasing a home in nearby Maryland, with private financing from her brother who is offering to lend us the money for the house at a rate of only 3% interest for a 15 year mortgage. We will pay 20% downpayment and closing costs.
What should we be aware of as we draw up a contract with our title agent? Will a title agent and our real estate agent be the only professionals we will need in this transaction? We want to make sure that we are able to deduct the mortgage interest and property taxes that we will be paying from our income taxes. And that we can claim a first time home buyer credit as well. Do you have any advice?


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