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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.
THE DANIELS TEAM RE/MAX Advantage Realty, Inc. 5590 N. Academy Blvd. Colorado Springs CO, 80918 Brian's Office : 719-268-8095 Brian's Cell: 719-330-2535 Alan's Office : 719-268-8096 Alan's Cell: 719-321-0929 Fax: 719-548-5040 Email: Homes@DanielsTeam.com
The Daniels Team welcomes you to Colorado’s marketplace. Brian and Alan are a top producing real estate team based in Colorado Springs. Whether you need to buy, sell, or just want hassle free information at your fingertips, then our team is here to provide you with top notch professional real estate services with HONESTY, INTEGRITY, and RESULTS. As real estate professionals our personal commitment extends well beyond the close of the business transaction, with first class service and support. As an added bonus we provide a free moving truck to our clients for all local moves.
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