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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The Roberta Carlton Team
RE/MAX Pinnacle Group
1241 W Green Oaks Blvd
Arlington, TX. 76013
Phone: 817-299-1060
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Roberta Carlton has been an agent for the past 28 years and is ranked in the top 1% of agents for production. She has developed a team of professionals that work with her and her motto is "Fullfilling Dreams One Home At A Time" She has obtained the Platinum Award each year she has been with Re/Max and is an elite member of Re/Max Hall of Fame. Remember, Roberta is "A House SOLD Name" in real estate.

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