First Time Homebuyers

 

Federal housing Administration (FHA) programs are availalbe, which have special features for first time homebuyers. These programs are continuously changing and being updated.  Your mortgage lender will be able to assist you with the most up-to-date information regarding FHA loans. You can find more information about FHA loans under Physician Tools.

 

At times a first time homebuyer may not be able to put down the proper funds for a down payment. In this situation a family member might be willing to assist and supply the funds for your down payment. This is a common occurance, but there are some guidelines that you must follow to ensure these funds are eligable to use towards the down payment. When someone deposits this gift/loan in the homebuyer's banking account, the lender must establish the source of these funds to determine whether it is actual funds of the homebuyer or a gift/loan by a third party. When this occurs, your lender may require the past two months bank statements to determine the source of the funds for the down payment. If the bank statement shows unusually large deposits, clarification on each will be required. If the funds are from family members, then the lender will need to know if it is a gift or a loan. A written document from the donor will be required to clarify the purpose. If it is determined that these are loaned funds then it will be considered a mortgage, which may cause a problem with the homebuyer and the lender.