We Recommend Paul and His Team to All Our Friends!
We would recommend Paul's team services to all our friends, and plan to ask Paul for his assistance again when we sell our home.
Gordon and Carol McBeanMcHenry, IL.
You have a story to tell about us. You've worked with us, and we've helped you buy or sell a home. We need your feedback. Others need your feedback, too! Please take a moment to fill out this form and tell us how we did... 
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.
|
| Q |
What island in the St. Lawrence River was given away on a television game show in 1964?
|
| A |
Price is Right Island was given away by Bill Cullen on "The Price is Right." |
 See More Real Estate Trivia > |
|
|
The Paul Paterakis Power Team
RE/MAX Showcase
25884 East Route 83
Long Grove, IL 60060
847-388-7525
Fax: 847-566-1861
Info@PowerTeamHomes.com
|
 |
NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT™ 
