Thomas Beauchemin | Manchester NH Listings Real Estate, Bedford NH Listings Real Estate



5 Timberwood Drive, Goffstown, NH 03045

Condo

$149,900
Price

2
Bedrooms
5
Rooms
1
Baths
Beautiful 2 bedroom first floor unit in sought after Timberwood Condominium with laundry hookups, covered porch, wall AC, and access to the pool, tennis courts, and club house!
Open House
No scheduled Open Houses




Buying a home is a beautiful feeling, but dealing with the financial aspect of it can be tiring. Well, thanks to mortgages, the financing is no longer a headache. From conventional to Government-insured mortgages, homeownership is now a dream that can be turned into reality once you have done your homework, arrived at a budget, reviewed your credit and nailed down your down payment amount.


The America government is not a mortgage lender but has been helping many Americans become homeowners. How? Through government agency loans, namely:

- Federal Housing Administration, also known as FHA, loans

- The U.S. Department of Agriculture, also known as USDA, loans

- U.S. Department of Veteran Affairs, also known as VA, loans

This article will cover FHA loans: how they work, who is eligible, and everything you need to know about it. 


What Is an FHA Loan?

FHA loans give borrowers who do not have a significant down payment saved up and don't have good credit the opportunity to own a home. Since its inception in 1934, the FHA has insured over 40 million home loans.


Types of FHA Loans

FHA mortgagee loans come in different forms. Each form is dependent on your assets, income, age, and current home equity, should any be present. There are seven types of FHA loans:

- Fixed-Rate Purchase Loan

- Adjustable-Rate Purchase Loan

- Condominium Loans

- Secure Refinance Loan

- Home Equity Conversion Mortgages

- Graduated Payment Loan

- Growing Equity Loan


Closing Costs

Like other kinds of mortgage loans, FHA loans come with closing costs. However, expenses may be different depending on lenders, market conditions, geographic location, and down payments.

If you wish to lower your closing cost, you can do so by increasing your credit score, shop through multiple lenders, check for settlement and title companies, or negotiate with the lender you've selected.


FHA Loan Pros and Cons

FHA loans have many benefits such as low down payment, better interest rate, and credit score flexibility. The only downside of FHA loan is that you have to get mortgage insurance that stays with you throughout the life of your FHA loan.


What You need to qualify for an FHA Loan

You will need some form of identification to begin qualifying for an FHA loan. Driver licenses, military IDs, passports, or any other kind of government-issued ID is an acceptable form of identification. You'll also need your bank statements from the last two months and investment statements from the last two years. Be sure to have at least one month of pay stubs available, as well.

If you run a business or you are self-employed, you will be asked to provide:

- Your current tax year profit and loss statement 

- At least two of your recent tax returns

Talk to a mortgage and loan specialist to get the process started.



5 Palomino Court, Goffstown, NH 03045

Condo

$205,000
Price

2
Bedrooms
6
Rooms
1/1
Full/Half Baths
Beautiful Townhouse Condominium in sought after Morgan Estates with central AC, hardwood in dining room, patio, deck, and laundry hookups in unit!
Open House
No scheduled Open Houses





16 Scotch Pine Lane, Merrimack, NH 03054

Single-Family

$384,900
Price

4
Bedrooms
9
Rooms
2/1
Full/Half Baths
Fantastic and Rare Merrimack Location!! Cul-De-Sac Neighborhood, Pride of Ownership, Gas Fireplace, 2 Car Garage, Mud Room, Lower Level Bonus Room, Low Maintenance Deck, Pool, Washer/Dryer hookups first floor, 2.5 Baths, Cathedral Family Room, Well Cared for Merrimack Home $384,900
Open House
No scheduled Open Houses





15 Vanden Road, Merrimack, NH 03054

Condo

$222,500
Price

2
Bedrooms
5
Rooms
1/1
Full/Half Baths
Beautiful Townhouse in The Birches....large living room with fireplace, master suite with cathedral ceiling and loft, central AC, deck, first floor laundry, garage, and don't forget about the fantastic amenities including the in-ground pool, tennis court, and clubhouse!!
Open House
No scheduled Open Houses






Loading