Home Buying in Coos County>Question Details

Maryk, Home Buyer in Coos County, NH

I need advice on where to try to get a mortgage for a home in coos county, NH. I currently own my own home, no mortgage. I found a home I'd love

Asked by Maryk, Coos County, NH Sat Sep 12, 2009

to purchase but do not have 20% to put down. I plan to put my current home on the market but not until we have a new home since I'd like to be moved out of it so I can paint, put down new carpet etc. My home is assessed for about $50,000 and I'm looking at a home priced at $95,000. Any ideas how I can use my current home as a down payment or find a low downpayment loan?

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Hi Mark- If you're interested, you can contact me directly and I can walk you thru things and some options. I have 2 offices in NH. I used to own up in Coos County as well!
You can get an FHA loan for 3.5% down payment, and there are also USDA mortgages for 0% down available. Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Wed Sep 23, 2009
Your best bet will be to check with a local mortgage broker, stay away from internet lenders, Your other option is to utilize teh knowledge and referrals of the agent that will be selling your home for a person in the mortgage industry that may be able to help you. Your assessed value does not have a bearing on current value. If you have good credit there are lenders who can assist you with either a first mortgage on your current property that will allow you to take the money to purchase the second property, when you sell the first property you pay off the mortgage. If you do not have an agent and need a referral of someone i use in that area let me know. Good luck with your planned purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Sep 16, 2009
Hi Maryk,

Here at Century 21 in Coos Bay we have a loan specialist who can sit down with you for about 20 minutes or chat with you over the phone and tell you all about the best loan products for you. Currently all homes in Coos County qualify for USDA loans which require no downpayment. You can also ask the seller to pay for your closing costs. FHA loans are also available which only require a 3.5% loan. As far as selling your current home I would suggest you get a Real Estate agent to do a pricing strategy work up on it. The assessed value has no bearing on the current market value. Depending on when the home was first assessed and it's condition and also what similar homes in Coos County are selling for will set the market price. Please contact me if you would like a free pricing quote. I would suggest that you also put it on the market soon as the number of buyers really goes down from Nov - Feb here. Please contact me with any other questions and for the number of our loan consultant. He will head you in the right direction for the best loan for you.

Warmly yours,
Debby Roth
0 votes Thank Flag Link Sat Sep 12, 2009
It is my opinion that brokers have an advantage because they have dozens of lenders that they represent and can tailor the right mortgage for your situation. Look for a Mortgage Broker that is HUD approved to offer FHA, VA and other government loans, even if you are looking for a conventional loan. These Brokers have far more rigorous requirements and are generally better trained and have more to offer. Finally, you want to deal with a company that is reputable. Dedicated Mortgage Associates, my company, is accredited by the Better Business Bureau and carries an A+ Rating. We have offices throughout Maine, New Hampshire, Massachusetts and Vermont and I would be happy to help you with your mortgage needs. Feel free to visit our website to learn more, get contact information and even submit a secure application. Good Luck!!
Web Reference: http://www.dedicatedmtg.com
0 votes Thank Flag Link Sat Sep 12, 2009
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