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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.
What is considered one of the key elements of the American dream?
Home ownership is considered to a key to the American dream; more than 2 million first-time buyers bought property last year.
Keith RitterKeller Williams Realty7025 W. Bell Rd., Suite 10Glendale, AZ. 85308602-908-5020Fax: 602-908-5020Email: keith@KeithRitter.comKeith Ritter is the NUMBER ONE SERVICE PROVIDER in Glendale, Peoria, Scottsdale and the Greater Phoenix Metropolitan area. He has a proven track record that few agents can match! His experienced team works exclusively for Keith to provide SUPERIOR SERVICE. They free Keith up to spend more time with YOU! State of the art computers and other technologies allow Keith to provide fast, efficient service to his clients!
Keith RitterKeller Williams Realty7025 W. Bell Rd., Suite 10Glendale, AZ. 85308602-908-5020Fax: 602-908-5020Email: keith@KeithRitter.com
Keith Ritter is the NUMBER ONE SERVICE PROVIDER in Glendale, Peoria, Scottsdale and the Greater Phoenix Metropolitan area. He has a proven track record that few agents can match! His experienced team works exclusively for Keith to provide SUPERIOR SERVICE. They free Keith up to spend more time with YOU! State of the art computers and other technologies allow Keith to provide fast, efficient service to his clients!
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