The amount you pay in advance is what is used to start your escrow account. You should ask your loan officer to explain this to you and they can show you on paper as well. You could also ask your buyer broker who should be guiding you as well. good luck with your closing.... more
Many towns have various ways of defining what MHR2 would be. Derry may be different, but what I've found is that MHR2 would stand for "medium high residential" with the 2 meaning 2 lots.
Here are a few definitions:
Medium High Residential Zone (MHR) â€“ (eight to 12 dwelling units/net acre): This zone is intended for a wide range of residential development types including detached single-family and attached duplex units at the low end of the density range and multiple-family attached units at the higher end of the density range.
Another MHR2 definition could be meant for manufactured housing, with 2 meaning 2 lots accommodating.
In this case, MHR2 is a land line valuation- with only .31 acre being under this zoning. Find this here: http://data.visionappraisal.com/DerryNH/findpid.asp?iTable=pid&pid=7737
These are my guesses. To be on the safe side and to be sure you know ahead of time what you'd be purchasing call David at the Derry, NH Assessor Department. His page/info is here: http://www.derry.nh.us/pages/DerryNH_Assessor/index
Renting with the option to buy is often a misunderstood concept and is handled in a WIDE variety of ways. There can be a formal arrangement with legal contracts determining the ultimate sales price, stipulating that a portion of your rent will accumulate to be applied to your down payment when you buy, and your loss of those funds if you don't end up purchasing. This can be very risky for both the owner and the tenant/potential buyer. There can also be a less formal arrangement where you rent a property that the owner eventually would like to sell, and he simply agrees to ask you first before he sells it anyone else.
It has been my experience that people almost NEVER buy the property they've been renting. While they are living there as renters, they discover all kinds of reasons why they wouldn't want to buy it.
Your best bet is to simply find a place to rent for now, save on your own for the down payment and closing costs, and then when you're ready start looking for a place you would like to buy.
That question might be better answered by a real estate attorney but I can do some free research for you if you like. Feel free to give me a call at 603-702-0763.
It certainly sounds like you have a good chance, but it depends on too many factors to tell you for sure. I suggest that you talk with some mortgage brokers to see what you can qualify for. I can recommend a good mortgage broker in NH if you are interested.... more
Most simply put, a condex is a former 2-family home or duplex that has undergone a "condo conversion". This requires changing the deed and legal description of the property. There may or may not be a condo-association, and any rules and regulations may be listed in the condo documents (usually referred to as condo docs). Usually there is no condo fee (but always ask!) except for Master Insurance policy that will cover the insurance for the entire building. The cost of this is usually shared between the unit owners. This Master Insurance Policy would cover the building structure and liability issues on the property. Unit owner would be encouraged to get some type Tenant/Homeowner insurance to cover loss or damage of personal property Landscaping, plowing, maintenance etc. is usually taken care of by each unit owner.
I hope you find this info helpful, but if you have more questions, you're welcome to get in touch and I'll help if I can :) My website and contact info is listed below........ more