Attention Concerned Parents
As a parent, I worry about my children's future. When our daughters were young, George and I started saving for college. I am very concerned by how my kids are ever going to be able to afford a home. I am worried that we are heading the way of the Europeans where homes get handed down to our children. Problem is many of us have more than one child. And the others will become a nation of renters. So what can concerned parents do?
If you have adult children who aspire to be homeowners, have them pull their credit, they can do so for free: Free Annual Credit Report Lenders make loans for borrowers with FICO scores in the low sixes, but to obtain the best interest rates, borrowers need to have FICOS 740 and above.
Some parents are in a position to help their kids with a down payment; others may be able to help them qualify by co-signing for a loan, or helping with the monthly payment. But first things first, pull their credit If it needs fixing there are ways to boost your FICO score
My regular blog readers are aware that I believe we have a minimum of at least one year (perhaps two) of ridiculously low interest rates. So there is no mad rush to buy, but if your kids don’t buy in the next year or two, they may permanently miss the housing boat and that would be really, really unfortunate.
Click here to get a list of every home on the market, including short sales and foreclosures, or better yet, just give me a call.
If you have adult children who aspire to be homeowners, have them pull their credit, they can do so for free: Free Annual Credit Report Lenders make loans for borrowers with FICO scores in the low sixes, but to obtain the best interest rates, borrowers need to have FICOS 740 and above.
Some parents are in a position to help their kids with a down payment; others may be able to help them qualify by co-signing for a loan, or helping with the monthly payment. But first things first, pull their credit If it needs fixing there are ways to boost your FICO score
My regular blog readers are aware that I believe we have a minimum of at least one year (perhaps two) of ridiculously low interest rates. So there is no mad rush to buy, but if your kids don’t buy in the next year or two, they may permanently miss the housing boat and that would be really, really unfortunate.
Click here to get a list of every home on the market, including short sales and foreclosures, or better yet, just give me a call.
Posted by Phyllis Harb at 11/29/2011 2:52 AM 
Categories: All about Money, A Buyer's Perspective
Tags: how parents can help children buy a home
Categories: All about Money, A Buyer's Perspective
Tags: how parents can help children buy a home
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