How to Give a First-Time Home Buyer a Hand

With home prices soaring, newbies may need financial help from their family. Here’s how to do it right.

Illustration of a family in a house under a roof made of dollar bills
(Image credit: Illustration by Iker Ayestaran)

The housing market is a tough nut to crack these days. Prices are hitting the stratosphere thanks to low inventory, which is sparking bidding wars among buyers. Landing a home can seem impossible for younger buyers, who may need help with the down payment or qualifying for a mortgage. One-third of millennials report that coming up with the money for a down payment is the biggest obstacle to buying a home, according to the American Bankers Association. In fact, it takes 10 years, on average, for most home buyers to save a 5% down payment.

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Rivan V. Stinson
Ex-staff writer, Kiplinger's Personal Finance

Rivan joined Kiplinger on Leap Day 2016 as a reporter for Kiplinger's Personal Finance magazine. A Michigan native, she graduated from the University of Michigan in 2014 and from there freelanced as a local copy editor and proofreader, and served as a research assistant to a local Detroit journalist. Her work has been featured in the Ann Arbor Observer and Sage Business Researcher. She is currently assistant editor, personal finance at The Washington Post.