|
Quote from Tim and Tiffany Dudek
Vicki Whipple Partners worked very hard. We appreciate everything. We love our new home! We're glad to be back in the neighborhood!
Tell us how we're doing!
You have a story to tell about us. You've
worked with us, and we've helped you buy or sell a home. We need your feedback.
Others need your feedback, too! Please take a moment to fill out this form and
tell us how we did...
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.
|
 |
| Q |
What is the world's most valuable piece of furniture?
|
| A |
The 18th century Italian Badmiton Cabinet owned by the Duke of Beaufort sold in 1990 at Christie's, London for $15.1 million dollars. |
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERTS™ 
