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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 are the world's most valuable chairs?
A	A pair of Chippendale chairs designed by Robert Adam sold in 1997 at Christie's, London to an anonymous buyer for $2,762,330.
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Donna Sormanti-Saglio, REALTORŽ, real estate agent and broker for South County, Westerly, Narragansett, and Charlestown Rhode Island home listings, property and land for sale - NUMBER1EXPERT(tm)

Donna Sormanti-Saglio
RE/MAX Coast and Country
27 Coogan Boulevard, Bldg. 1-B
Olde Mistick Village
Mystic, CT 06355
Office: 860-536-7600
Toll Free: 1-877-8REMAX9
FAX: 860-536-0606
RI Mobile: 401-559-3314
CT Mobile: 860-961-3381
Donna@rirealestateonline.com
Donna Sormanti-Saglio is Your Online Connection to Rhode Island, Florida and Southeastern Connecticut Real Estate! Donna's southern Rhode Island market area, also known as "South County", is a region of quaint towns and seaside villages rich in both Colonial flavor and Victorian elegance. If your dream is to buy your first home or the land to build it on, a luxury waterfront property or an entire sub-division, Donna will help you make your real estate dream a reality. Donna's "Pledge of Quality Service" has earned her the trust and confidence of many satisfied buyers and sellers. She has helped her clients achieve successful results by implementing the newest advances in technology, and quickly responding to the changing conditions in the marketplace. Donna has been a full-time REALTOR professional since 1986 and a RE/MAX multi-million dollar producer. If you are looking for an innovative and experienced professional to represent you in all your real estate transactions, Donna is the only realtor you will ever need. Call or email Donna today, you will be glad you did!

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