What are first time homebuyers using for their down payments when purchasing their first home?

Photo courtesy of Keeping Current Matters

 

Maybe you don’t have enough savings but your parents are pushing for you to purchase and they have offered to help.  Maybe they don’t know they can help? They can gift you cash you may need.  If this is something are thinking of asking for from your parents, or maybe a parent is reading this and you would like to help. The gift needs to be seasoned and documented and most lenders will accept it, but you have to meet specific time restrictions and the potential homebuyer does have to be able to qualify to make the monthly payments, which many times isn’t the problem, it’s the cash to purchase.

If you think you want to purchase and didn’t know how you would come up with the money to put down. Here are a few ideas. Talk to your lender (or one of mine) and let’s get you on the road to be able to purchase your first home!