will this work?

[mdog91]

What is the name of your state? Fl

My wife and I are buying a house, her father wanted to give us the 20% down payment. Her parents already give her the max allowable "gift" per year without paying taxes. He now wants to loan us the entire amount for the house and basically become our morgage broker. He wants to structure it at 0% interest (so he doesn't have to mess with income tax on his end, and to give us a break) for 15 years. How would this work?

Thanks

 

[MortgageGuru]

Write out the terms of the Note and get with a local title company to get everything recorded properly.