About 19669247

Using Wedding Gifts for Downpayment

      

In times past, newly wed home buyers would be dismayed to learn that they could not use wedding gift money for their cash down payment.  I mean, after all, it was their money!  But mortgage loan underwriters didn’t quite see it that way.  But, alas, it appears that common sense may be creeping into the mortgage process.

 

Caliber Home Loan’s Mike Wickham tells me that Fannie Mae and Freddie Mac will now buy mortgages where wedding gift money was used for the down payment, provided that some basic documentation is included in the loan file.  The docs would take the form of a copy of the wedding certificate or license, and a letter from the borrowers certifying the funds were wedding gifts and that no repayment was Kexpected from the giver.

I’m guessing this might give creative wedding planning a whole new meaning!  If you’d like to learn more about how to best prepare to buy a new home, give me a call!

 

 

Sales Continue Strong

 

             

Central Indiana real estate sales continued on an uptick, increasing 8% in August over a year ago.  Prices were up as well, with the median average price pushing $154,900 (up 3% from a year ago).  New listings continued to lag the pace of sales, resulting in a tight inventory situation.  There are currently 11,334 homes for sale in the KCentral Indiana MIBOR multiple listing service. 

If you’d like to take advantage of those numbers just let me know!

To catch other helpful blog posts, simply go to www.indyschoicerealestate.com.  And please keep in mind…  “I work harder to make good things happen!”  -Bob 

Multi-Generational Households on Rise

 

Something that got a kickstart about a decade ago with the onslaught of the Financial Crisis, has continued to trend ever highward.  The number of U.S. households with multiple generations living under one roof now surpasses numbers from anytime dating back to the Great Depression.

Pew Research Center reports that 19% (or nearly one in five households) are multi-generational with more than one generation of adult family members taking up residence.  Over 60 million of us now live in a multi-generational household.

28% of Asians live in such households as compared to about half that number of whites.  Blacks and Hispanics fall in between.  The really big change has come from younger people.  In 1940 63% of seniors lived with younger family members.  Now that number is 24%.  On the other hand, 31% of those aged 25-29 live with another generation.

Those numbers are adding value to houses that can effectively accommodate multiple generations.  If you’d like to explore maximizing your own personal value buying or selling oneK of these homes, just give me a call or text.

To catch other timely blog posts, simply go to www.indyschoicerealestate.com.  And be sure to keep in mind…  “I work harder to make good things happen!”  -Bob

P.S.  If you hear of friends or co-workers talking about buying or selling a house, please put them in touch with me.  Thanks!