Your chances of buying your own home and becoming a homeowner jump 23 percent among adult children who get a loan from Mom and Dad, according to a new report based on data from the Health and Retirement Survey.

Getting money from one’s parents, defined as a gift of $5,000 or more over the last two years, help many young adults get over the biggest hurdle of making a down payment, according to the survey. Extra money from family helped young adults between the ages of 20 and 49 according to half of those surveyed who were renters.

Those seeking their first mortgage to finance a home must have a job and a FICO credit score that proves they are financially responsible and pay their bills on time. It also helps if they have saved money in their home buying account to prove they are serious. However, if you come up a little short on funds one of the best places to get extra down payment money has always been from your parents, grandparents or even an aunt or uncle.

Contact a local mortgage lender who can help you get prequalified to buy your first home in Visalia, Tulare or Porterville. The Southern San Joaquin Valley is still one of the most affordable places in California to buy a home.

There is more good news on mortgages here in the Valley. The Federal Reserve Board has again declined to increase mortgage interest rates, so rates continue to be at record lows. This makes it easier to get a loan and make your house payments.

Mortgage applications decreased 4.1 percent from one week earlier for the week ending April 22, according to the latest figures from the Mortgage Bankers Association.

And refinance share of mortgage activity is also backing away from its once increasing trend and instead decreased to 54.4 percent the previous week. In addition, the adjustable-rate mortgage share of activity increased to 5.2 percent of total applications.

The average contract interest rate for 30-year-fixed rate mortgages with conforming loan balances increased slightly to 3.85 percent from 3.83 percent for 80 percent loan-to-value ratio loans.

As we enter into the busiest buying season of the year, this is the time to contact a lender and check your financial ability to buy a home. It’s springtime, time to line up all your ducks in a row; they may want you to buy a country home with a pond to paddle around in.


Jeremy Engle is a Senior Loan Officer with Country Club Mortgage, a locally owned Mortgage Firm with offices in Visalia, Tulare, Porterville and the Central Coast. He can be reached at his email site,


Jeremy Engle
Country Club Mortgage 
559.734.5000 Central Valley Phone 
805.544.2775 Central Coast
888.330.2272 fax
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400 E. Main St. Suite 120 Visalia, CA 93291  
6795 N. Palm, Suite 101 Fresno CA 93711  
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