Getting a Down Payment
May 2nd, 2009 by admin
Financial Help
Home prices often cause many first-time buyers to seek help from their families for the down payment on a new home. If your parents are providing financial assistance for the purchase of a home, it is important that you have very clear agreements with them about the conditions under which their help will be provided.
Sit down with your parents to discuss the details of the arrangement. Is the money they are providing a gift or a loan? If it is a gift, be sure to check with your tax expert to minimize the tax implications. If your parents are loaning the money for the down payment, how will it be paid back? Will there be joint ownership with an equity-sharing agreement? Will your parents be named on the ownership papers with you? Are special documents needed?
Check with your mortgage lender to find out any stipulations that they may require.
Whatever form it takes, parents who help their children buy a home give them an incredible gift!
Troy Deierling, RDCPro, ABRM, Realtor
EXIT Realty Deierling & Assoc.
Williamsburg, VA
|email| troy@ExitRealtyDA.com
|mobile| (757) 715-4793
|web| www.RealEstateWilliamsburg.com
|web| www.WilliamsburgBroker.com
“Bringing you Home to Williamsburg”
Licensed in the Commonwealth of Virginia
©2009 Troy Deierling
