Gifts in the home buying process This Christmas season, you may have plans to help your children buy a home in the coming year by giving them some assistance with their down payment. Mark Wells of Preferred Financial Services discusses the various rules involving gifts, and answers questions about how this can be done to meet lending guidelines. Do all mortgage programs...
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In this second of a two-part series, Mark Wells of Preferred Financial Services answers customers’ questions regarding down payment funding: The house I am buying is worth more than I am paying for it. Can I use the equity as down payment? The answer is “no” for all programs, except in a “non-arms length” transaction—when you are buying the home from a near...
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Having the funds for a down payment can make the difference between obtaining a loan or not being able to purchase a home at all. This week and next, Mark Wells of Preferred Financial Services answers some of the many questions customers have regarding down payment: Are there any programs that do not require a down payment? Yes, VA loans (for military veterans) and RDA...
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