HowTo- Cooperative Home Financing with Friends and Family

I am an Air Force veteran turned mortgage professional who has a passion to bring home financing knowledge to military personnel in active duty, reserves, guard, or veterans. I believe the military can set you up for financial success if you know how to take advantage of what is offered.

As a first-time homebuyer, are you short on funds? Don't go back to your scummy landlord. The answer is a donation. Not organ donations, although... Thankfully, mortgage banks and the government not only allow, but encourage family members to help chip in for these down payments. Now don't roll your eyes just because you don't have that rich aunt who promised you 3 million dollars. Many families have saved up sizable chunks of money to help their kids with college or a first house! Remember how you needed 15,000 dollars for that downpayment? A gift from a parent, grandparent, or aunt of even 5 or 10 thousand dollars can drastically shrink the timeline when you are saving up for 15 thousand. This can be the boost that you need if you are a cash strapped first time homebuyer. Close family and relatives who may be hesitant to toss money around tend to more generous when it is for such a life-changing gift as helping an aspiring home owner get into their own place. So next time you are wondering where you are going to come up with 15 or 20 thousand, you might want to pay special attention at the family reunion.