A: Lenders prefer that you do. But relax, you are not penalized in any way for receiving parental help. An estimated one-third of all first-time buyers purchase homes with a loan or a money gift from parents.
Lenders also will approve gifts, with the proper documentation, from relatives, friends, an employer, church, municipality, or nonprofit organization – although stricter restrictions may apply for gifts from friends and relatives other than parents.
Expect the lender to ask you to present a gift letter stating that a repayment of the “gift” is not expected. The amount of the gift and the date it was given should be clearly stated in the letter, along with the donor’s name, address, telephone number and relationship to you.
The lender also can ask to see a few bank statements to ascertain if the money was recently placed into the account.
A gift may be more acceptable than an actual parental loan, particularly if the loan must be paid back immediately, which could contribute to an increase in your monthly debt – something a lender may frown on.
Reprinted with permission from RISMedia. ©2014. All rights reserved.
Debbie Woolard Group
(757) 288-0194
www.DebbieWoolard.com
Excellent Service – Excellent Results
Buyers Agent/Sellers Agent
Our focus is helping people find and exchange dream homes. We are seeking buyers and sellers that desire concierge level service including great communication, extraordinary representation and a continuing relationship for years to come.
You and your referrals will be provided with a great team of professionals to help with each step of the process. We are committed and passionate about negotiating the best possible terms and serving our clients at the highest level. Our goal is to create memorable real estate experiences where our clients become raving fans.
Our clients benefit by having a Certified Negotiation Expert on their side. This provides them with better results, a smoother process and greater satisfaction.
Whether a person is looking to buy or sell a starter home or a multi-million dollar estate, Debbie Woolard produces great results for her clients. She gives clients what they expect and deserve, an experienced realtor skilled in marketing and negotiations.
With Debbie Woolard, you will receive personal service as well as exceptional professionalism. She is well qualified for her work with her strong background of sales and marketing. Having been born here and continuously living in the area, she is familiar with the entire Hampton Roads region.
She has earned the professional designations of Certified Negotiation Expert, Certified Residential Specialist, and e-Pro. In addition she is also a Short Sale and Foreclosure Resource with extensive training in short sales and foreclosures. This uniquely positions her to help those in danger of losing their home to foreclosure. It has also proven to be beneficial to the buyers that are seeking to purchase a short sale or foreclosure.
She is well qualified to help professionals, business owners, military personnel and other clients with their real estate needs. She has been selected to work with both the Military Team and Relocation Team. She is consistently producing outstanding results in real estate.
Her first year in real estate she was awarded Listing Rookie of the Year as well as Sales Rookie of the Year. Her sales and loyal following of satisfied clients have grown each year she has been in business. She is in the top 1% of the agents in the area based on sales volume. Her practice continues to flourish thanks to clients recommending her to friends, family members and business associates.
Her clients state that her actions and attitude are best described with the word “integrity”.
Realtors with the Debbie Woolard Group service Virginia Beach, Chesapeake, Norfolk, Suffolk, Hampton, Newport News & Portsmouth with specialist in seller representation, buyer representation, military relocation, first time home buyers, short sales and real estate investment.