10 Tips for Helping Your Child Buy a First Home


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Borrower's Rights

Before your child starts home shopping, make sure he knows his rights as a borrower. Things like disclosure of how much money the lender stands to make, the reason your child's loan was not approved and which fees are refundable if the loan does not go through are all important to know. Spend some time with your kid in front of a computer -- the government's Housing and Urban Development (HUD) Web site can walk you through all of the rights that a first-time buyer should expect.

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Sources

  • "7 tips for first-time home buyers." msn.com, 2011.http://realestate.msn.com/article.aspx?cp-documentid=13107818
  • "First-Time Homebuyer's Basics." realtor.com, 2011.http://www.realtor.com/home-finance/buyers-basics/home-buyers-basics.aspx?source=web
  • Hawkins, Asher. "Ten Tips For First-Time Home Buyers." forbes.com, January 29, 2010. http://www.forbes.com/2010/01/25/tips-first-time-homebuyer-personal-finance-mortgage.html
  • "How Much Can You Afford to Spend on a Home?" freddiemac.com, 2010. http://www.freddiemac.com/corporate/buyown/english/preparing/right_for_you/afford.html
  • "Mortgage Borrowers' Rights." hud.gov, 2011. http://portal.hud.gov:80/hudportal/HUD?src=/program_offices/housing/rmra/res/resborwr
  • "What is a FHA Loan?" fhs-home-loans.com, 2011.http://www.fha-home-loans.com/what_is_a_fha_loans.htm
  • "What is included in typical closing costs?" howstuffworks.com, 2011.https://home.howstuffworks.com/real-estate/what-is-included-in-closing-costs.htm

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