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Tuesday, July 1, 2014

How Mom and Dad Can Help First-time Home Buyers


Unless they are awash in stock options, many people trying to buy their first home in the Bay Area need help from the Bank of Mom and Dad.

Nationwide, about a third of first-time buyers got help from a relative or friend last year - 27 percent got a gift and 7 percent got a loan, according to a survey by the National Association of Realtors.

But in the Bay Area, "it's definitely more than 50 percent (that get help). A lot of times it's just a little money. Sometimes it's a bigger amount," says Jennifer Rosdail of Paragon Real Estate Group.

Continue reading at SFGate.com »