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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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Q	What group of settlers introduced the log cabin to the New World?
A	The Swedish settlers of Delaware brought their own timber for building log cabins, a style that originated in Finland.
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The Halley Team, REALTORŽ, real estate agents and broker for Novi, Northville and Farmington Hills Michigan home listings, property and land for sale - NUMBER1EXPERT(tm)

The Halley Team
RE/MAX Classic
26870 Beck Rd.
Novi MI. 48374
Phone: 248-348-3000 ext. 209
Cell: 248-568-0038
800-29-REMAX
Email: HalleyTeam@NUMBER1EXPERT.com
There are many fine individual Real Estate agents, and I believe Im one of them. Having been a top agent in this business since 1978, no single person can possibly give you what a great team of top producing agents can offer. I am very proud to say that the Halley Team is one of the very best such teams working in Real Estate today. Our office is number one in this area because we have won the trust of hundreds of families who, year after year, refer their friends and relations to us. What makes this so enjoyable for us is the pleasure of working closely with our clients while also working closely with each other. We will take the time necessary to understand your personal interests and needs, and then we will pool our knowledge, our experience and our diverse talents to produce precisely the outcome that you want and deserve.

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