CHARLOTTE – As the season of giving is upon us, let’s talk about the greatest gift of all: A home! Now of course, it may be unreasonable to wrap a house up and put it under the tree, but many people do not know that the very small down payment a buyer (especially first-time homebuyer) may need can be gifted, or given, by a family member! In addition, as we have mentioned in the past the closing costs can be paid by the seller.
Therefore, lets provide an example: Let’s say that an individual has good income and credit, but is just lacking the 3% down payment and closing costs on a $300,000 home. On that home, the 3% down payment is $9000 and the closing costs could range from around $5000-$6000 for everything involved. When placing the offer the real estate agent can draft the contract asking the sellers to pay for the $5000-$6000 in closing costs, eliminating that portion needed. That then leads one to only needing the $9000 (3%). Many do not know, that $9000 – down payment – can come from their own funds, of course, but can also come from a family member (or a combination of family members – no limit).
Knowing this could be the difference between giving up on the dream/goal of a new home and making that dream a reality!
As we head into the Holiday season, if the ultimate goal (or new year’s resolution) is to purchase a home, please do not hesitate to call/text/email (email@example.com (704) 430-6138) with any questions. We are always here to help!