NH Housing will now provide a cash assistance grant equal to a maximum of 4% of the base loan amount to help borrowers defray the cost of down payment, closing costs, and prepaid escrow expenses associated with purchasing a home.  Borrowers must contribute a minimum of 1% (based on purchase price) using their own funds (excluding gifts).  No cash back is allowed at closing.  Income, purchase price and all other NH Housing guidelines apply.  There is no monthly payment on the cash assistance grant portion.  If the mortgage is paid off within the first 48 months, the full amount of the grant is due. After 48 months, the full amount of the grant is forgiven.  For more information, go to www.NHmortgages.com

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Sherwood Glen is an awesome 55+ condominium that is now approved for FHA & VA financing thanks to the Amazing Loan Lady, Renee Duval. FHA loans have a low down payment of only 3.5% ! FHA is not limited to first time buyers and there is no income limit for this program. VA loans are available to Veterans with no down payment!

When a condo is FHA approved, it also qualifies for RD (Rural Development) financing.  RD loans require no down payment!

Now that Sherwood Glen is FHA & VA approved, a first time buyer could purchase a home here using NH Housing which offers low, low interest rates! Currently they offer a 2.99% fixed rate (2 points paid at closing). APR =3.732% – rates & terms subject to change.  NH Housing does have income limits and borrowers need to be credit approved. 

If you are over 55 and would the convenience of condominium living in an excellent location, Sherwood Glen may be the place for you!

If you live in a condominium neighborhood that is not currently approved by FHA (Federal Housing Administration) or if you are a REALTOR who has a listing in a condo that is not FHA approved, contact Renee Duval to get approval process started.

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Merrimack Mortgage Company will be offering, through NH Housing Finance Authority, an FHA rehab program.   If you are considering the purchase of a home that is in need of repair, this may be the program for you.   The program will allow you to receive up to $35,000 after the closing to complete repairs.   With nearly 25% of all home sales being properties that are considered distressed, this is an awesome opportunity!

The FHA 203K streamline rehab loan is available for all owner occupied borrowers and The Amazing Loan Ladies are experienced and skilled in helping borrowers with this option.   Now, for the first time, we are able to combine this program with NH Housing.   

The benefit of this combination is that a borrower can now purchase a home and receive rehab funds with an initial investment of as little as 1.5% of the acquisition cost of the property (acquisition cost is the sales price + the requested rehab funds).   In order for this to occur, the borrower will take advantage of a 2% grant available through the state and use that money for down payment (the required down payment for FHA is 3.5% but the 2% grant can be used for down payment leaving the borrower to need only 1.5%) and the borrower needs to negotiate for the seller to pay all of his/her/their closing costs.    Another benefit is that NH Housing offers a lower interest rate than the regular FHA program.  Please contact us at AmazingLoans@NHmortgages.com for more details.   We would be happy to forward full program specifications. 

NH Housing does have income and sales price limits and is restricted to first time buyers in most communities (but not all).   These limits are posted on our website for your review (look under programs and then under NH Housing).   

For buyers who are not eligible for NH Housing, FHA does not have income limits nor is it limited to first time buyers.

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Yesterday NH Housing announced their 30-yr fixed rate with 1 point is now 3.5%!  (4.064 APR)

Wow!  These are low rates.    Check out my website for more info on NH Housing (hit the link then scroll down a little).    This is a great program for many people who fall within the income limits.   Merrimack Mortgage Company is the #1 lender in New Hampshire for NH Housing loans.

Rates are low; prices are down; this is a great time to buy a home.   It may be more affordable than you think.   Let us help you to see the possibilities.

Renee

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If you are considering purchasing a home that has a private septic system, you need not be afraid.  A properly functioning septic system will take waste water and recyle it into clean water.    Never the less, it’s good to be cautious and have a septic evaluation to make sure the system is operating properly.

Unless there is obvious evidence that the septic system is failing, most lenders do not require a septic evaluation.  Some mortgage programs do have requirements that a septic system and well be 100′ apart from one another.

I have a business associate,Geoffrey Fossett, who is a GSDIA Certified Evaluator of septic systems and a NH DES permitted installer.  He owns Downeast Construction Systems in New Hampshire and services the greater Concord area and the Lakes Region.   Geoff’s materials and workmanship are guaranteed unconditionally.  His phone # is (603) 319-4533.

Buying a house with a septic system?   Read about some of the things you should consider.  Check out this link from the State of NH…  http://des.nh.gov/organization/commissioner/pip/factsheets/ssb/documents/ssb-6.pdf

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