How To Get Started
The first step is to find a good fit for your home financing options and then search for property. In other words, “find the money and then find the home”. A pre-approval letter for a mortgage from a lender is required to make an offer on a home for sale. If paying cash, a letter from your savings institution stating your funds are ready to go will be needed.
Selecting A Recommended Lender
Here are my recommendations for a great lender to work with. These folks have demonstrated to my clients and myself that the customer comes first. Fitting them with the best mortgage product for their budget is key. When you are ready to get into this incredible market, please give these folks a chance to show you what they can do.
Click here for => Amy Morrill of Regency Mortgage
Click here for => Sean Starkey of Wells Fargo
Click here for => Jim Collins of Blue Water Mortgage
No Money Down USDA
Have you heard you can’t buy a home without a down payment? It’s not true. The United States Department Of Agriculture guarantees loans and the program does not require a down payment. It is limited to less densely populated areas and most of New Hampshire qualifies for USDA funding.
3.5% Down Payments
The Federal Housing Adminitration guarantees loans for folks in certain income brackets with certain limits on purchase price and varies depending on the county in New Hampshire. Call for information on your county. The minimum down payment for an FHA loan is 3.5%.
Sometimes buyers will find a less than perfect home where the sellers are unwilling or unable to make repairs or updates before selling the home. This is a common situation in distressed sales, estate sales, and foreclosures. Our Federal Housing Administration puts forth a program called the FHA 203k Rehab Loan whereby a buyer may get money added to the purchase price for repairs, updates, and additions . The minimum down payment remains 3.5% and is calculated on the purchase price plus the cost of updates, repairs, etc. The beauty of this program is being able to make updates at a fraction of the cost (3.5%) in out of pocket expense.
New Hampshire Government Assistance?
New Hampshire Housing Finance Authority is a self-supporting public benefit corporation. Although established by statute as a public instrument, the Authority is not a state agency and receives no operating funds from the state government. The Authority administers a broad range of programs designed to assist low- and moderate-income persons and families with obtaining decent, safe and affordable housing.
Department of Veteran Affairs
VA loans are guaranteed by the government similar to FHA loans but only veterans are elligible. Qualifications and down payments could be lower than FHA requirements. If you are a veteran, it is worth asking your lender to go through the Dept. of VA for your loan.
Conventional mortgages are mortgages that do not involve any government assistance or guarantees. Most banks and credit unions will provide conventional loans which usually will require a larger down payment. These loans are geared to situations where buyers or the property do not qualify for the government assisted programs.
Owners may choose to finance the purchase of their property and can be an option for those buyers with less than perfect credit. Owners are still afforded the same safeties that regular lenders have with respect to non-payment of the mortgage. The terms of the financing should be in writing to make sure both parties to the contract know what their responsibilities and duties include.
Imagine, a senior living in a new home with no monthly payments. If you are 62 years young or more, you may be eligible for a reverse mortgage.
Seniors Purchase Homes No Monthly Payments
Seniors can purchase a first home, a new home, or a second home with a reverse mortgage. Seniors can get into a new home without ever making a monthly payment.
Seniors’ primary care giver is the equity in the home they own or the one they will own. Seniors can get money for living expenses or down payments on new homes with the equity in their current home. If they have a sizable down payment, they can get into a new home and have no monthly payments.