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Financing Your Home >Financial Help
Escalating home prices often cause many first-time buyers to seek help from their families for the down payment on a new home. If your parents are providing financial assistance for the purchase of a home, it is important that you have very clear agreements with them about the conditions under which their help will be provided.
Sit down with your parents to discuss the details of the arrangement. Is the money they are providing a gift or a loan? If it is a gift, be sure to check with your tax expert to minimize the tax implications. If your parents are loaning the money for the down payment, how will it be paid back? Will there be joint ownership with an equity-sharing agreement? Will your parents be named on the ownership papers with you? Are special documents needed?
Whatever form it takes, parents who help their children buy a home give them an incredible gift!
What 70-room East Coast mansion was built as a summer home and is known as a "Gilded Age cottage"?
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.
Ernie Houde * WEICHERT, REALTORS® - Ernie Houde Associates * Independently Owned and Operated Number 'ONE' in New England 127 Lakeside Avenue Marlborough, MA 01752 Phone: 1-800-969-1922-ext.29 Phone 2: 508-483-5452 Fax: 508-460-6812 Email: ehoude@weichert.com
WEICHERT, REALTORS® - Ernie Houde Associates specializes in residential and commercial Real Estate in the MetroWest, Middlesex County and Worcester County. We make every effort to see that both buyers and sellers who come to us end up with sales or purchases that are fair and in their best interests. We will never inflate a home value to get a listing, then later beat down the price to finally sell the home. Honest business is good business. We believe that "The American Dream" is to own a home. We help people make that dream come true. Buying or selling, we are with you, not only till the closing, but for a lifetime.
www.TheErnieHoudeTeam.com is brought to you by Ernie
Houde NUMBER1EXPERT™ in real estate for Marlborough, Hudson and Northborough, Massachusetts also known as Northboro and Marlboro real
estate.
- NUMBER1EXPERT™ 
