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.

	See All Tips In The "Buyers Remorse" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

First Coast Home Hunters Team of
All Real Estate Options, Inc
1857 Wells Rd, Suite #215
Orange Park, Florida 32073
Direct: 904-207-2124
Fax: 904-458-8975
Contact: Info@FirstCoastHomeHunters.com

My wife and I work together as Buyer Agents in the Jacksonville, St Augustine & Orange Park Real Estate Markets... We have been truly blessed to be joined by a wonderful team of Buyer Specialists who spend 99% of their work days assisting buyers.

To be successful Jacksonville Realtors we all know we must be available when our clients need help so we ALL personally sacrifice to wrap our lives around our client's needs...and this dedication has allowed us to help hundreds of families to find the right place to call "HOME." Click here to see what others have had to say about our team's heart & dedication.

We are experienced in most loan programs & can help make sure you understand the pros/cons of each option so YOU can make informed decisions. For all of you 1st Timers we understand 1st Time Buyer Programs too and they still exist!!. They generally come with FREE $$ to assist with the down payment & closing costs. There are still a couple of 100% Financing options available such as VA Loans or USDA Loans in parts of St Johns County or Southern Clay County. Military Members may even qualify for a one year extension of the Home Buyer Tax Credit. We are only a text, email or phone call away and would enjoy joining in your home hunting if you would allow us to. :-)

www.FirstCoastHomeHunters.com is brought to you by First Coast Home Hunters
NUMBER1EXPERT™ in real estate for Jacksonville, St. Augustine and Orange Park, Florida, New Construction, Luxury Properties

Read First Coast Home Hunters' Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge