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"I Wish You Were Here" "Thank you for all of your help selling our home. You really went out of your way for us. We wish you were here to find our next dream home." Rob and Kris Engle, San Antonio, TX Read Quote > View All Quotes >
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 Request our Free Rowlett, Rockwall, Richardson and Garland Relocation Package. It's packed full of useful and important information about the Rowlett, Rockwall, Richardson and Garland, Texas area. Don't move here without it! Remember: we'll send it to you for free and without obligation. Just fill out the form and we will send it right out... 
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 70-room East Coast mansion was built as a summer home and is known as a "Gilded Age cottage"?
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| A |
Cornelius Vanderbilt's "Breakers" Mansion in Newport, Rhode Island, named for the waves crashing along the cliff that separates the property from the ocean. |
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