​(February 2018)​
Your loan could be denied if the money is without the right paper trail.
Communicate RIGHT UP FRONT with your Lender that a gift may be part of your down payment.   These Gifts are limited . Some loan programs require the borrower to contribute at least 3% to 5% of the down payment, while others allow the entire down payment to be supplied by a gift.
To avoid questions, provide a certified down-payment gift letter or sign an affidavit to explain:
*The documented amount of the gift,  including  photocopies of the check
*Name and address of gift-giver and relationship the gift-giver has to the homebuyer
*Purpose of the gift – to be used only as a down payment on the subject property, complete with the property’s address
*Statement confirming that the gift is not a loan, and does not need to be repaid
Signatures of the borrower and the gift-giver

Your lender can explain your loan's  particular requirements AND  provide the right form.  If you're planning to use a gift to help with Down Payment, share this up front with your personal Realtor and Lender.  Have more questions?  Give me a call, I'm happy to help! Melissa Hart -- reach out at info@melissahartrealtor.com

READY FOR YOUR FIRST HOME? GREAT RESOLUTIONS TO MAKE IN YOUR 'FIRST HOME. JOURNEY! ...compliments Berkshire Hathaway HomeServices..March 2017

This is the year you become a homeowner! To make the most of this most important step in your life, make these three home buying resolutions now.
RESOLUTION #1: I will check and repair my credit. Before you start shopping for homes, make sure you have no errors or unresolved credit issues that could prevent you from getting a good loan.
The three credit reporting bureaus, Experian, Transunion and Equifax, don’t share data, nor do they correct errors without evidence. Order a full credit report from all three bureaus here. If you find an error, contact the appropriate bureau and mail copies of your payment, release of lien or other proof.
RESOLUTION #2: I will get preapproved for a mortgage loan. Take two to four months of bank statements, pay stubs, and an account of your monthly debts and expenses to your lender. The lender calculates how much money you can safely borrow and at what interest rate.
Preapproval also means a lot to sellers. It show’s that you’re serious about buying a home and that the closing process will be quicker and smoother because you already have a lender.
RESOLUTION #3: I will buy within my means. It’s sensible to buy the most home you can afford, and your lender will help you get there, but it’s not wise to get a risky adjustable rate mortgage so you can buy more house. Being “house poor” means having no money available for other things in life, so stick to conforming loan guidelines to be safer financially.


Always free to call me, Melissa Hart, REALTOR with Berkshire Hathaway HomeServices-Anderson Properties with any questions.  I am never too busy for your home search or your referral!

"Let's turn that 'House for Sale' into 'HOUSE SOLD!'-- Together!




THE MANNERED MUTT   (March 2017)

Expecting a GREAT $$ GIFT from Mom & Dad to help with a New Home?