Share: 

First Time Loans

September 7, 2021

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.

To Learn More, Contact Bill Cullin Today.

Call or text Bill Cullin at 302-841-7147 today!

Bill Cullin
Your Real Estate Source at the Delaware Beaches
Websites:
www.DelawareBeachRE.com
www.TheHenlopen.com
Cell: 302-841-7147
Office: 302-227-2541
Toll Free: 1-800-GO-BEACH, ext. 117
Fax: 302-227-8165
Long and Foster | Christies International Real Estate
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971

• Top Individual Agent Long & Foster Rehoboth Office for 13 consecutive years
• Long & Foster’s Top Selling Individual Agent in the entire State of Delaware for 2 consecutive years
• Long & Foster’s Top Selling Individual Agent in the Coastal Region for 3 consecutive years
• Five Star Professional Award Winning Sales Agent (based on client surveys) for 6 consecutive years
• Member of Long & Foster’s Gold Team. Founders Club Level, with sales volume of 10 to 20 million dollars per year. For 6 consecutive years.
• Zillow.com and Trulia.com 5 Star Professional 10 Consecutive years with Best of Zillow designation be awarded last year. Click Here for see client reviews online
• Top Selling Agent at The Henlopen Condominiums over the past 13 years

Subscribe to the CapeGazette.com Daily Newsletter