Naturally, you’d love to see your grown kids purchase their first home sooner rather than later!
Let’s talk about financing options, including innovative New Home Buyer Programs, and how you can help make it happen.
Maybe your adult children are among the 16 percent of those aged 25 to 34 still living at home.
Or maybe yours are among nearly 50 percent of the renters who spend than 30 percent of their income on housing, according to the Joint Center for Housing at Harvard University.
Instead of stashing money in their landlord’s pocket, wouldn’t it be great to help them start building their own wealth, while watching your estate grow, by lending them a helping hand!
Why It’s Hard for Millennials to Buy…
Saving for a down payment on your first home was probably hard, but today’s first-time buyers may face even bigger obstacles.
Home prices have risen considerably faster than wages for years, which makes it tough for them to catch up and build cash reserves.
At the same time, rents and student loan debts have skyrocketed!
There May Be Something You Can Do…Right now!
There are several options to consider:
*Become a non-occupant, co-borrower. “Joint Borrowing” is when two or more people use their combined income and credit history to qualify for a loan.
*Provide down payment funds.
Check with your tax professional for limits on tax free gifts.
*Loan them money as a second mortgage. Combined Loan-to-Value limits apply.
*Utilize our 401K, or theirs. Check with your tax professional for details.
For mortgage strategies that can maximize your family’s wealth building potential.
Give us a call!
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