The summer home buying season is just getting under way. Purchasers who have struggled to buy a home should not over look one of the best ways to buy a home with creative financing. If they now an immediate family member who is selling their home they can buy that property through a seller concession. Normally, when a borrower is trying to purchase a home and qualify for conventional financing they must be able to provide at least 5% of their own money for a down payment. If they are purchasing a home from a family member who is willing to provide them with a gift of equity of twenty percent they could conceivably purchase the home with zero dollars out of pocket and finance their closing fees with a seller concession. Gifts of equity are a great way to help first time home buyers qualify for their first home and keep their home payment lower than average as they avoid having to pay for private mortgage insurance as well.

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