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Using equity as a down payment?

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Anonymous
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Using equity as a down payment?

Hi Everyone,

 

     It's been as while, been busy rebuiling my creditSmiley Happy

 

My question is this:

        Is it wise to use the equity available in a home as a down payment towards purchasing a home?

 

My Grandpa is willing to to gift me the home I am currently renting.  He still owes on the home and we were told that we still need to get our own loan, which we did.

 

 

Thanks for the help

 

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