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Buyers Remorse >First Time Loans
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.
Scott Baker, ABR e-Pro Coldwell Banker West Shell 7311 Tylers Corner Drive West Chester, OH 45069 Phone: 513-403-5323 Toll Free: 1-800-710-9843 Fax: 513-332-9077 E-Mail: Scott.Baker@cbws.com E-Mail: scottbaker@NUMBER1EXPERT.com
You will find that I am knowledgeable in all of the North Cincinnati areas. Not only am I an ABR, (Accredited Buyer’s Representative), I am also an e-Pro. An e-Pro realtor has completed the extensive training program endorsed by the National Association of Realtors. An e-Pro Realtor has the training and expertise needed to assist you, the consumer, in this fast-paced age of technology.
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