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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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| Q |
Which metropolitan area in America currently offers the most affordable market in which to buy new homes?
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| A |
The housing market in Youngstown, Warren and Boardman, Ohio is currently the most affordable metro area in the U.S. |
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Allen and Jeanne Deal
The Deal Team
Keller Williams Realty
243 Beauvoir Road Suite A
Biloxi, MS 39531
Cell: 228-424-6521
Fax : 228-275-7501
EMAIL: TheDealTeam@gmail.com
The Deal Team with Keller Williams Realty, Mississippi Gulf Coast provides expert Real Estate services and strategies to help you get great deals in the competitive market. With over 14 years combined of real estate experience, Allen and Jeanne Deal are experts in many parts of real estate industry, including Residential, Land, Condos and Commercial Sales and Leases. Casino, Cooperate Cmployees, and Military Personal Relocation, and also in real estate consulting, negotiation, and marketing strategies for sellers and buyers. The Deal Team has over 70 Keller Williams’ Realtors® in the office that can assisted you at any time. Call 228-424-6521 or 228-861-4165 TODAY!       
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