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Financing Your Home >Financial Help
Escalating home prices often cause many first-time buyers to seek help from their families for the down payment on a new home. If your parents are providing financial assistance for the purchase of a home, it is important that you have very clear agreements with them about the conditions under which their help will be provided.
Sit down with your parents to discuss the details of the arrangement. Is the money they are providing a gift or a loan? If it is a gift, be sure to check with your tax expert to minimize the tax implications. If your parents are loaning the money for the down payment, how will it be paid back? Will there be joint ownership with an equity-sharing agreement? Will your parents be named on the ownership papers with you? Are special documents needed?
Whatever form it takes, parents who help their children buy a home give them an incredible gift!
The Tim Burroughs Group Keller Williams Realty-Boise 1065 S. Allante Place Boise, ID. 83709 Office: 208-938-8800 Cellular: 208-409-7653 Toll Free : 800-330-4237 Fax-Long distance: 800-330-1376 Fax-Local: 208-938-8731 Email: tim@timburroughsgroup.com
Your best interest is our #1 priority. My team and I put our clients first by delivering the highest quality, client-based services available, including great communication, expert negotiations and outstanding follow-up. When you want it done right, you need to call The Tim Burroughs Group of Keller Williams Realty-Boise. With our extensive background in lending, real estate appraisal, and over ten years of real estate sales and service experience, we are thoroughly prepared to give you what you expect and deserve - exceptional care and superior service.
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