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About the Rehoboth Beach, Lewes and Milton, Delaware Area Request my Free Rehoboth Beach, Lewes and Milton Relocation Package. It's packed full of useful and important information about the Rehoboth Beach, Lewes and Milton, Delaware area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out... It's my job to know EVERYTHING about Rehoboth Beach, Lewes and Milton! Ask me any question. Or request a FREE information package. There's no obligation, and I promise to get back to you quickly...
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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