Need Cash to buy a home? When you use one of NH Housing’s programs you can also get cash assistance which can be used toward either down payment or closing costs. The Cash Assistance comes in the form of an interest-free second mortgage which is forgiven in full after four years unless during the […]
Why Buyers Need a REALTOR…
Why do buyers need a REALTOR? REALTORs are professional real estate agents who adhere to the highest level of conduct and ethics. Many have years of experience, teams to support you and a deep understanding of every facet of the homebuying process. Hiring the right REALTOR makes all the difference! 1.REALTORs know the city and everything […]
Student Loans and Your Mortgage
You may have heard of Fannie Mae and Freddie Mac. These are government-sponsored enterprises (GSE) which securitize your basic conventional mortgages. Despite their many similarities, their guidance on how to qualify a borrower with student loans differ significantly. Now, in addition to conventional GSE’s, there are also Government loan options such as FHA, Rural Housing and […]
When can I refinance my mortgage loan?
Many homebuyers go into their purchase thinking they can refinance into a lower rate in the future. Although this may be true, it’s not something that one should consider as a factor when deciding to buy a home. Who knows what rates will be or what qualifying guideline may prevent a refinance from being a […]
FHA increases loan limits!
FHA is not limited to first time buyers and it is not limited to a sales price and it has no income limit but FHA does have maximum loan amounts. Effective January 1, 2018 for single family homes the loan limits are: New Hampshire Most areas the max loan is $294,515 Manchester/Nashua (Hillsboro County) the […]
Tax Reform may make the Homebuyer Tax Cr...
Tax reform for homeowners. One of the benefits of owning a home as a primary residence is the ability to write off the taxes and interest paid which lowers your net income and the amount of tax you must pay. But if the standard deduction is doubled as proposed in the tax reform we […]
Can the seller pay all my closing costs?
Many first time buyers (and move up buyers too) negotiate for the seller to pay some or all of their closing costs. This is a great strategy to reduce the total amount of cash needed to purchase a home. All loan programs allow the seller to pay some or all of a buyer’s closing costs (and […]
What’s the best program for a first time
Many people wonder what the best program is for a first time buyer? The answer is dependent on the buyer’s credit score and credit profile, the buyer’s income and the amount of cash the buyer has to spend on down payment and closing costs. The combination of these items gives a loan officer clues to […]
Who’s using Rehab Loans?
Many excellent properties are scooped up by cash buyers at below market value. In fact cash sales make up over 25% of all sales. Investors know they can buy a home that would be difficult to finance (due to property condition) and fix it up and sell it for a profit. But with a rehab […]
Can I borrow extra money to fix up a hou...
People who wish to purchase a distressed property and use a rehab loan to fix it up after closing have several options including FHA 203K and FHA 203Ks programs. Rural Housing (also known as RD, USDA or Farmers’ Home Loans) does have provisions for a minor amount of rehab money (under $10K) or ,when combined with […]