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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Kathy Justice
ResortQuest Real Estate
14620 Perdido Key Drive
Perdido Key, FL 32507
Direct Line: 850-712-4631
Fax: 866-561-1936
kathyjustice@NUMBER1EXPERT.com
kjustice@resortquest.com

Kathy is a leading real estate expert in Perdido Key, Florida whose exceptional market knowledge and genuine care for customer service catapolted her to #1 Volume Agent in Perdido Key in 2007 & 2008. "I don't view myself as a salesperson; I'm more of a teacher. I enjoy the process of educating people and providing them with the information they need to make the best decisions for themselves and their families." Kathy is more than an accomplished Realtor, she is also a Mechanical Engineer whose name appears on an international patent, a competitive athelete, and a spiritual woman whose faith is at the center of her achievements. Top-notch customer service is at the foundation of Kathy's business and she tailors her work to each client's specific needs. "I appreciate the opportunity to serve my customers and look forward to sharing the many wonderful opportunities in Perdido Key!"

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