If you are a first time home buyer who has been out shopping for that dream house, youve probably already heard your real estate agent or property developers first question: How much will you be putting down? If you have excellent credit, several years of consistent income on record and a relatively long history of using credit wisely, you may qualify for 100% financing, often referred to as a No Money Down Mortgage or Zero Down Home Loan. But for the majority of new borrowers, a down payment is a prerequisite to buying a house, and finding 20% to 30% or more of the purchase price of a house can very often entail getting the money from family or friends. Getting that much money together can be tricky enough, however lenders will also require that every dollar used for a down payment be documented back to a specific funding source, and this can be particularly difficult when the money comes from a third party, which is why we have Gift Letters.
Newlyweds and young people generally have neither sufficient credit history nor income consistency to qualify for 100% financing, and are also the least likely to have sufficient savings and acceptable documentable assets to...
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