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With student debt looming and career paths constantly changing, the financial situation for a lot of young adults is tough. If your kids are in their 20s or 30s and still haven’t purchased a home, maybe you would like to help them. For those who can’t afford to give their adult children the entire cost of a home, there are options available to assist them financially in the home-buying process.  

Let The Live With You…Temporarily
If your children are trying to save up their paychecks for a down payment on a home, but the cost of rent and utilities are too high for any legitimate savings, invite them back home temporarily. This can relieve their financial burdens and significantly help them boost their savings quickly. 

Loan Them Money
If you’re financially able, you can loan your child money for a down payment, closing costs and other home-buying fees. Be sure to establish terms and conditions, as well as expectations for repayment and interest. The IRS requires that you charge at least the applicable federal rate, or AFR, if this is not a gift. Have legal documents drawn up as needed. 

Gift a Down Payment
If instead of a loan, you choose to give them the money with no repayment expectations, you can give the gift of a down payment. To do so, write a mortgage gift letter for them to submit with their application stating that they do not have to pay you back. This will increase their chances of being approved for a mortgage.

Co-Sign or Co-Borrow a Loan
If your child has questionable credit history or is overrun with debt, you can apply for the mortgage with them as a co-borrower or co-signer. This can increase their chances for being approved for a mortgage, just remember that you will share mortgage payment responsibilities. You will have to repay the loan if your child defaults on a payment.

If you are unable to assist your children in the home-buying process financially, you can always teach and guide them. If you have purchased a home in your life, share your experience and any helpful tips you may have. Also, get them in touch with a trustworthy and experienced real estate agent to help them better understand what they need to take this important financial step.

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