Gregg Brooks

Hi Russ

The mortgage climate as you can appreciate has changed drastically over the past years. Contrary to popular belief mortagages are still avialble and frankly plentiful to those who qualify. Based on the stated income ( not including present debt ratios, which you said would be paid off) @ 5% mortgage for 30 years you could qualify for a PI ( principle and interest) payment of about +-1350 a month ( using 450 mth for taxes) which translates into a $250K loan- that's only 26% of your monthly inc. based on 62K, then of course there is PMI or MIP and it goes from there
I'd go the 30 years and if you want to, pay 1/2 the mort. every 2 weeks which will reduce your term to about 22 years. keep in mind it's not what you can afford it's what you want to afford. You give Ken or I a comfort zone and we can easily back into a sale price, then we can advise you as to what may be available for that price.
What you need to do so you can get a true picture of your qualifications is speak to a loan officer, the guy I've used for many of my clients has been in the mortgage industry for over 17 years, he a survivor and is doing well even in this enviroment because of his work ethic. He is always "on" and mirrors my outlook " you do what it takes", he like I are old school guys, I've been working in real esate for over 28 years and am also a NH native

you can reach Ken at:

Ken Levesque klevesqueAfranklinamerican.com, Ken is a direct retail lender so the process is much easier these days vs. the brokerage community., but he can discuss that more with you. Be sure to tell him I told you to call

You may also consider an FHA loan or RD, these can be or close to 100% finance options, ( yes they still exsist if you qualify) and you can combine those with NHHFA and actually get a grant of up to 4% toward your down payment etc.
The long and the short of it is it is the perfect storm for buyers---------prices are down, I see sale prices comparable to 5 years+ ago. Rates are at the lowest levels ever.......... they did click up a bit last week.
and mortgage money is plentiful, the key is you must qualify, kinda an interesting concept don't you think?

I also have The home Buyer Scouting Report available to you, this can educate you about the market, pricing, etc. it is a password protected site for you use only. Check into it at http://www.greatrealestate.com, and let me know from there.

we can provide you information without obligation and isn't that what you want? Lots to learn and we are here for you when you're ready

Hope to hear from you soon

Gregg Brooks
gbrooks.HBM@comcast.net - Sun May 31 2009, 06:00