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All agents are NOT alike! Find out why I am a Number1 Expert in the Bethany Beach and Ocean City resort area! Call Mearl Layton, GRI @ 888-529-8667!
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Bethany Beach, Fenwick Island and Ocean City, Md Information:
About Bethany Beach, Fenwick Island and Ocean City, Md - Moving to Bethany Beach, Fenwick Island and Ocean City, Md, Delaware? Get info here... School Reports - Reports for Bethany Beach, Fenwick Island and Ocean City, Md schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Bethany Beach, Fenwick Island and Ocean City, Md, in Worchester Md, Sussex De County DE. Go to Main Sitemap - Main sitemap sections include Find Bethany Beach, Fenwick Island and Ocean City, Md Homes, For Home Buyers, For Home Sellers, Bethany Beach, Fenwick Island and Ocean City, Md Information, Real Estate Resources, and About Mearl Layton, GRI.
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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 does "contingency" mean in real estate?
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| A |
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence." |
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