My husband and I have been living in his cousins house. We just pay his mortgage note and we were planning to put it in our name after. Well, there is only about $60,000 left to pay on the house and that is all his cousin would require us to buy it from him for. However, the house is appraised at about $110,000. Could his cousin give us $50,000 gift of equity and us put that as a down payment on the $60,000 loan leaving us only $10,000 to pay?
