Helping A Family Member Buy A Home

Helping a family member buy a home has become a little more involved and some say trickier.  But if you follow th right procedures it needn’t be as big a hassle as it seems.  Due mostly to new lending regulations the key is to document, document and document.  Its important to show where the money is coming from and to have a clear paper trail from the source of the funds to the recipients account.  And, don’t wait until the last minute or when the closing is imminent.  The funds need to be “seasoned” in the recipients account for a period of time.  So, here is a good article to get started with some basics and also check with your lender for any variations and specific lender requirements.  If done properly it doesn’t have to be a hassle to help with a purchase of a new home.

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This entry was posted in Buying A House, Downpayment Assistance, Mortgage/Finance, Pot Luck. Bookmark the permalink.

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