Using Gift Money for Your Down Payment

If you’re receiving a down payment gift for the purchase of your next home, you’re not alone; many U.S. home buyers do it. Gifts for down payment can come from parents, grandparents, siblings, children, or even spouses on a variety of loan programs including FHA, VA, USDA, conventional, and jumbo loans. But you need to make sure that ...

How Does an HOA Affect Your Home Purchase?

A homeowners association (HOA) is probably not on your mind when you’re thinking about buying a home. But if you do choose a home that has an HOA it’s important to calculate those fees into your budget. What is an HOA? An HOA is a legal entity that manages a shared housing complex. All condos ...

Why You Should Be Working With a Real Estate Agent

With the number of online tools available to find homes these days many people may wonder “why can’t I navigate the home buying process myself?” The truth is you could do the work yourself, but you could also end up making mistakes that may cost you a whole lot of money. Purchasing a home is ...

Low to No Down Payment Mortgage Options

Traditionally homebuyers were asked to put twenty percent down in order to purchase a home. Nowadays there are many more options for homebuyers that require low down payments, anywhere from 5% down all the way down to $0 down. The drawback of not having a twenty percent down payment is the required mortgage insurance that ...

What You Need to Know about Down Payment Gifts

Many homebuyers use gifts from relatives and friends to help fund the down payment for their home purchase. It is very important to make sure the gifts you are receiving are traceable so lenders know where your money is coming from. Part of the mortgage process involves the lender to verify all your financial accounts ...

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