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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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Bill and Debbie Nelson, CRS ,GRI, REALTORS
Marsha Dorris, GRI, REALTOR
Weichert, Realtors - Lake Realty
6268 S. Kings Ranch Rd., Suite #12
Gold Canyon, AZ 85118
602-300-2777
602-686-6989
480-213-7275
Fax: 480-452-0938
Email: movetogoldcanyon@NUMBER1EXPERT.com

THE NELSON & DORRIS TEAM - a Priceless Combination in Gold Canyon, Apache Junction and East Valley real estate. Bill & Debbie Nelson and Marsha Dorris find few things more rewarding than helping people connect with their dreams. Whether you are looking to buy or sell a permanent residence or a vacation home, your move is sure to be a rewarding experience with these seasoned professionals by your side.