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Home Buying in Derry : Real Estate Advice

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  • Local Info6
  • Home Buying15
  • Home Selling3
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Activity 18
Tue Feb 21, 2017
answered:
Hello, I'm a mortgage professional.

I can offer programs that require no money down and also have another program that only requires 3.5% down. There is even a way to roll closing costs into the loan using a sellers concession.

The best thing to do is get a pre approval.

I'm avialable almost 24/7

If you would like help with this or have any questions you are welcome to contact me.
... more
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Tue Oct 4, 2016
Scott Godzyk answered:
There are a few different types of mortgages. VA and USDA which is no money down, FHA at 3.5% and conventional 3.5, 5 or 20% down. All have closing costs as well that can average 3%. If you do not have 2%, buying a home may not be for you right now. Meet with a local and trusted loan officer who can go over what you will need so you can save ... more
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Thu Jun 16, 2016
VA Mortgage Hub answered:
IF you have the benefits, use them. VA offers the best terms and lowest rates. Please no mortgage insurance. Contact us below if we can help.

VA Mortgage Hub
National VA Loans
www.VaMortgageHub.com ... more
0 votes 4 answers Share Flag
Sun Apr 24, 2016
Fatciabella asked:
Tue Aug 18, 2015
Trish Povey answered:
Are you saying that your Financing is changing? What is the question to the listing agent? Your Question sounds like a lender question not a Agent question?.
0 votes 2 answers Share Flag
Sat Dec 13, 2014
Diana Hellman answered:
Sell your home first and then you will have some options that will be lower in price than the house sold.
0 votes 1 answer Share Flag
Wed Nov 5, 2014
Murphy Team answered:
This is my understanding of a private septic system. I am not a septic inspector, but I have seen many systems over the years and been present for many inspections for our clients. I have seen 5-year old systems in failure and 60-year old systems functioning perfectly.

A septic system for 2-bedrooms is rated to support a certain number of gallons of water going into the leach field. If you pump more than the recommended amount into the system each day, the leach field will not function properly resulting in an early failure. A saturated leach field does not allow enough air into the system for the microbes to do their work in breaking down the effluent.

If you are buying the home, be sure to have a septic inspection to determine the condition of the tank AND the leach field. Ask the inspector if the field can be added to so it will accommodate 3-bedrooms. Often it is the condition of the soil that dictates the number of bedrooms a field will support.
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Fri Jul 26, 2013
Melissa Goss answered:
A big financial loss- likely you would get sued.
0 votes 3 answers Share Flag
Sat May 4, 2013
answered:
Good Morning. It saddens me that your lender did not explain all fees on your GFE.

Reserves are deposited with the lender to create a cushion for any overages that may arise when the insurance and tax bill become due. Your mortgage payment is made up of PITI (Principal, Interest, Taxes, & Insurance). You paid your homeowners insurance upfront for the year, and will be paying a monthly fee to the lender with your mortgage each month for the policy that will become due in 12 months. All lenders require 3 months reserves to be deposited into this account. Each payment will go into your escrow account. You will have an escrow for Taxes and Insurance. You are not paying your insurance on a monthly basis directly to the insurance company as you would on a vehicle. Home Owner Insurance Policies are very different than that of a vehicle policy which is paid monthly.

You are thinking on monthly terms, you need to look at your home owners insurance and property taxes as being due yearly and paid on a yearly basis with one payment, which your lender will make the payment for you with the money you have deposited into the escrow account.

Therefore from the date you close you are insured for an entire year, with a policy paid for the entire year. Each monthly payment is to secure the next years policy in full.

Same goes for your Property taxes which are due in full once a year.


Have a great weekend.

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
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Sun Mar 17, 2013
Dawn Harmon answered:
Hi, the home is beautiful and had four offers on it within three days, all above asking price. It is currently under agreement and due to close within the next 30 days. If you would like to email me directly I'll let you know if it it doesn't close with the current buyer. Dawnharmon@remax.net ... more
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Sun Jul 29, 2012
Mack McCoy answered:
Yes, absolutely.

Hurrahs to you, Ellen. If you can swing this, you leave your home with your credit and your dignity intact. I applaud and congratulate you.

All the best,
0 votes 7 answers Share Flag
Wed Apr 18, 2012
Scott Godzyk answered:
In most towns that allow mobile homes it can be Mobile or Manufactured Housing Residential. Youmay want to contact the Derry townhall or simply ask teh listing agent how the zoning affects the lot you are looking at. ... more
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Mon Feb 13, 2012
Marge Badois answered:
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.

Best of Luck,

Marge Badois
Keller Williams Realty
... more
0 votes 1 answer Share Flag
Fri Dec 16, 2011
Dana Curtis answered:
Scott is correct. There had to have been condo docs recorded for the property. A title company will be able to help with that. In regards to the Master policy, there are some other things that will need to be done in order to obtain financing on a condex. Basically what has to happen now, is someone (either you or the person on the other side) must create your own personal 'condo association' and someone must be the person that runs the association. Then one person will have to be responsible to cover the yearly cost of the Master insurance policy. There are not many insurance companies that will write this type of policy, but I do know from my experience of financing condex's that Infantine Insurance in Manchester will be able to help. ... more
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Fri May 14, 2010
Scott Godzyk answered:
Full time does not matter as job security does whether full or part time. You really need to meet with a local and trusted mortgage broker. They can prequailify you at no cost and let you know what programs you can quailify for given your credit scores and financial situation. Onc eyou know you are prequailified, they will tell you what sales price range to shop in and tell you how much you will need down. You should then hire a buyer broker to assist you finding a property. in most case syou can hire a buyer at no cost to you as they get paid thier commission through the fee offered in mls by the listing agent. If you need assistance finding a property please feel free to contact me. Good luck with your search ... more
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Mon Sep 8, 2008
Scott Godzyk answered:
i have received lots of emails from brokers in similar situations and i thought i would share them. The issue with ken is similar in that we are waiting for a signed deed to come from the bank to conduct the closing. In Ken's case it is a little different as the bank that signed the purchase and sales was taken over just before closing. The deed they sent to closing wasnt accepted by the title company that represented the buyers mortgage company. We waited 2 weeks for a new deed and then 2 more weeks to get the deed to the bank to sign and 2 more weeks for the bank to sign it and get it back. There is twice daily emails to the attorney, the assett manager and to the parties involved yet we wait for the deed to come. ... more
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Wed Feb 13, 2008
Mary answered:
Sean,

We have lived in a condex for 7 years now with no problems. We have a clause in our insurance policy that covers any loss occurring from the other side. We own our own land (almost an acre) have our own separate water and utilities, and take care of our property ourselves. ie. no condo or association fees. We have more living space than a lot of single family homes and our neighbors are just that. Our neighbors. We do share the septic, but also share in the pumping fee/maintenance every two to three years. There are many different kinds of units out there, but I think you should know that it does not have to be a terrible liability. You will know what kind of neighbors you have and how responsible they are by the condition of the home and property when you look at it. Good luck. ... more
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