[westernbrynmawr]

...mortgage, what is the lowest legal interest rate? I'm looking to buy a home from a family member, and they are willing to finance my mortgage as well. We are having trouble finding the lowest possible interest rate they can charge me and have it not be considered a gift. Since its a larger loan amount we want to use the lowest possible rate allowed, but still a rate that the IRS would find acceptable and not consider it a gift or too low for what ever reason. We are going to have our lawyer write up a mortgage contract so payments and everything will be documented. We live in Illinois.