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First Time Buyers
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, and the borrower will be asked to reveal the origin of any large deposits. If the money comes from the parents, the lender may not consider those funds when qualifying the buyers. If you are planning to help your children finance a home, you should transfer any funds several months before they begin their house-hunting. If it is a loan, you should draw up a formal re-payment agreement with your children to eliminate potential misunderstandings between you, your children, and any siblings.

 
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