Most first-time buyers can qualify for a mortgage loan, but they may need help from parents to make the down payment or closing costs on their home. There are loan programs that minimize the down payment and closing costs for first-time buyers. These programs usually require that 3 to 5 percent of the purchase price come from the buyers' funds, not from a loan or gift. Most lenders ask for the last three months' bank records. The borrower will be asked to reveal the origin of any large deposits. If the money comes from the homebuyer's parents, the lender may not consider those funds when qualifying the buyers.
Parents who are planning to help their children finance a home should transfer any funds several months before the house-hunting process begins. If it is a loan rather than a gift, a formal re-payment agreement should be drawn up between parents and children to eliminate potential misunderstandings or future complications with either estate.
The Hotel Ryokan in the village of Awazu, Japan dates back to AD 717, when an inn was built near a hot spring reported to have miraculous healing properties.
Nancy Yearout RE/MAX Properties of the Summit 220 South Main St., P.O. Box 4600 Breckenridge, CO 80424 Cell: 970-485-0293 Office: 970-453-7000 Toll-Free: 800-289-7005 Fax: 970-453-2922 E-Fax: 888-663-0127 Email: nancy@realestate-breckenridge.net
I have over 20 years experience in Breckenridge and Summit County real estate. Investment property is my specialty. I take care of the details - providing you with a trouble-free and enjoyable real estate transaction.
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