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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.
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What Hollywood star made the first footprint outside Grauman's Chinese Theater?
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Norma Talmadge accidentally stepped in wet concrete outside the building in 1927. |
 See More Real Estate Trivia > |
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Ryan M. Ney
RE/MAX Fine Properties
21000 N Pima Road
Suite 100
Scottsdale, AZ 85255
Direct: 480-332-5659
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Email: Ryan@RealScottsdaleHomes.com
Ryan was born and raised here in the Valley of the Sun and, as a result, has a unique perspective on the valley and what it has to offer. He has a business management degree from Arizona State as well as the ability to think outside the box when a situation requires a unique and innovative solution. Whether you are new to the market, thinking of moving up, or even an experienced investor, Ryan has the expertise, the energy, the enthusiasm and the access to resources to help you achieve your goals.    
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