Coming up with a down payment for a house is often a worry for want-to-be homeowners. Depending on the type of home loan you intend on applying for, you would need either 3.5 to 5 percent of the purchase price, or the standard 20 percent of the purchase price. So where does that money come from? For most people, it comes from years of savings and hard work, and if you are fortunate enough, a portion might come from gift funds. Perhaps the money was given to you as a wedding gift, or maybe from your parents to help you get started as you head out on your own. Regardless of where the gift funds came from, there are guidelines and procedures that must be followed if you’re using gift funds for a down payment.
Change can be difficult for anyone, but this is especially true for children. Starting a new school is a change that can be particularly stressful and intimidating for kids. Whether the change is due to moving to a new town or graduating on to a higher lever school, this can be a time filled with confusion and anxiety. Moving is also a busy and stressful time for the entire family, so it’s important to keep in mind that kids moving to a new town now have to adjust to new surroundings, a new home, and a new school, which can compound their fear and anxiety and make it that much more difficult.
You’ve decided you want to take the plunge into homeownership, but there are multiple decisions you need to make before you can really even begin your home search.