Lorraine j Smith Realtor

I think this covers it!

If you provide a down payment for a home purchase that is considered a gift from a relative, then you'll need to supply proof that the money you are putting down has been given to you and is not a loan. In most loan transactions, you are not allowed to borrow the down payment so you have to provide proof to a lender that the money is not coming from the proceeds of a loan. Therefore, you'll need to produce a letter that states that the money is a gift that you won't have to p...ay back. In addition, you may have to verify that the down payment was secured from the giver's bank or stock account and that it is not from a loan that he has to pay back as well. Documentation, such as an account statement, generally must be furnished as supporting evidence. Are you ready to look for your next real estate purchase? I can connect you with a great lender. This information has been brought to you by Darin Marquardt Mortgage Consultant American Financial Network 916 716 7115

The Real Estate Market is currently very active. Low Inventory - Many Buyers. Home offers are multiple on properties. Before you begin your real estate search, It's helpful to talk to a lender before you begin a house search as you have a variety of financing options available to you. By obtaining further information about the loan packages that are offered, you can make a more informed decision when you finally must make a choice for financing. Common mortgages offered by ...lenders include: * Federal Housing Administration (FHA) Loans * VA Loans * Fixed-rate Mortgages or FRMs and * Adjustable Rate Mortgages or ARMs. Generally, government-backed mortgages, as those issued by the FHA and VA, make it possible for people who make lower incomes or possess poorer credit scores to buy to a home. Lower or no down payments and more flexible terms makes FHA and VA loans highly popular loan choices for buying a property. Fixed-rate mortgages are generally designed for people who want to stay within their home for a long time. Loans are available for periods of 15, 20, or 30 years. The interest on the loan does not change over the loan term. When securing this type of financing, it's usually a good idea to do so when interest rates are low and you can lock in a good rate. Adjustable rate mortgages feature interest rates that fluxuate over the term of the loan. Naturally, if the interest rate rises, so will the payment. Therefore, ARMs are generally recommended for homeowners who are planning to move after about five years or for people who plan to refinance the loan. ARMs offer an initial fixed interest rate for a specific period, with the rate adjusted from time to time after the initial term. *The above information comes to you from Darin Marquardt Mortgage Consultant American Financial Network. 916-716-5115 I have had several clients work with Darin and be prepared to go forward with their real estate interests. 2nd step, reach out to me, your realtor. Together we can find your home or investment. Have a great day!

Sending out prayers to California! These wildfires are ravaging this great state and resources stretched thin. Take care everyone and stay as safe as you can.