Health & Fitness
Keeping it Real (Estate) With Deanna - Some Down Payment Know How
Did you know you can give your child or grandchild a gift to help with their downpayment?
Yes, a down payment for a home can take some work to acquire.
With interest rates so low and so many great housing deals available many first-time homebuyers want to take advantage of the market, but aren’t sure they can as they just don’t have quite enough of a down payment or they don’t want to deplete all of their savings.
Luckily, gifts are allowed. While there is no tax deduction for a parent or grandparent to give a gift to a loved one to make their home ownership dream a reality, up to $13,000 can be given tax-free.
Find out what's happening in Marionfor free with the latest updates from Patch.
As to how much of a down payment is needed it depends upon which lender you use and whether it is guaranteed by Fannie Mae, Freddie Mac, or FHA. The best thing to do is talk to a lender and see where you stand.
Deanna
Find out what's happening in Marionfor free with the latest updates from Patch.
Deanna Howard, Realtor, SFR, CREN
Iowa Realty
752 10th Street
Marion, Iowa 52302
(319) 929-3836
Licensed in the State of Iowa