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Real Estate Tips
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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Real Estate Trivia
Q 
Where was the great land boom (1919) in which investors paid up to $25,000 for lots not yet dredged up from the ocean?

A 
The great Florida land boom brought hundreds of investors to the state after Carl Fisher founded Miami Beach in 1919.
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Jay Pitts, REALTOR®, real estate agent and broker for Louisville, St. Matthews and Middletown, Kentucky home listings, property and land for sale - NUMBER1EXPERT

Jay Pitts
RE/MAX Executive Group

101 N 7th St
Louisville, KY 40202
Office: 502-561-3481
Cell: 502-572-0186
Fax: 866-741-0673
JayPitts@NUMBER1EXPERT.com

The highest compliment I can receive is a referral from a client or friend. Business is great and growing steadily, but it is important for you to know that I am never too busy to help your family, friends, neighbors, or coworkers.

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