Real Estate Corner - Ask Joe
An informative Q & A column focused on members' home loan questions answered by Joe Kleemann, Vice President of Home Loans.

We want to hear from you! Click below to Ask Joe askjoe@patelco.org.

Q: How can I help my daughter buy a house?

A: The financial demands of buying a house are often too
great for young people to take on without the help of a
parent. You can:

• gift your daughter funds for a down payment;
• co-sign the mortgage to extend credit rather than contributing;
• or buy the property and lease it back to her, letting her participate in the appreciation.

Using gift funds for a down payment may be a good option if your daughter is of modest means. Patelco’s Home Loan Payment Relief (HLPR) program makes below-market-rate mortgage loans available to borrowers whose household income is at or below area median income. Plus you can use gifts or grants for down payment assistance.

Q: I no longer live near a branch. Who can I call to ask mortgage questions?

A: One of the many benefits of being a Patelco member is that you have a designated Home Loan Consultant to answer your questions and help you complete the application process in a matter of minutes. Go to www.patelco.org/hlconsultants to contact one today!