|
All agents are NOT alike! Find out why I am a top real estate expert. Call me: 718-646-3600.
|

Sign Up For My eNewsletter, FREE! There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU. Find Out More > View All Offers >
|
Compare three mortgages at one time.
Download TripleCalc now. It's free.
|
Catherine Favara is one of The
Top Selling Real Estate Experts Find Out More > |
|
|
 |
Special Offers From Me To You! Just for you, I've assembled some Special Offers. Choose one or all! 

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 |
Who is the world's richest living person?
|
| A |
William H. Gates, III, Chairman of Microsoft Corporation, whose wealth was estimated at $46.6 billion in 2004.
|
See More Real Estate Trivia > |
|
|
|
|