Let me know how I can help. It won't cost you anything to speak with some mortgage consultants. John Capone of MSA Mortgage is based up near the North Shore. You might want to give him a ping at email@example.com. You'd be better off speaking with a mortgage consultant from Massachusetts than talking with one in Florida.
I can be reached directly at firstname.lastname@example.org if I can be of any more help.
Please visit http://www.Roselandinglottery.com for additional information. or http://www.rosecourtdanvers.com/affordableunitinfo.html
I'm not a broker! I used to live in the area and we're planning our move back home. Danvers is a great town. Arteries in and out to Boston are adequate. Be very careful of the neighborhood you choose. Notice that most of the brokers were trying to steer you to their listings? Most did not consider your budget! Take care, extreme care and good luck!
Thanks for your inquiry. I work in an office located in Danvers and I am a life-long Danvers resident. It's a great town and I would love to show you around. To answer your question, I would be looking at homes around $350,000- $355,000, no higher. You will want to discuss some mortgage options with a lender because in order to avoid PMI(private mortgage insurance), you would need to put down approximately $70,000. I have a great townhouse in Danvers at River Run priced at $349,900 in impeccable condition with 3 bedrooms, 1.5 new baths, a new kitchen, hardwood floors in the living and dining rooms and 2020 sf of living space. I would love the opportunity to speak with you in depth about your housing needs. When will you be planning a trip to the area. Please contact me directly at 978-8704-0510 or visit my website at
Re/Max Advantage Real Estate
I am a local broker servicing the Danvers area. All the suggestions to speak with a Mortgage Broker first and get a pre-approval is the best route to go. Since you have $50,000 to put down, you should make that your 20%. Since loans work on an 80:20 ratio, if you decide to look at homes that you can afford to put 20% down on, you will eliminate the need for pmi (private mortgage insurance) and reduce your payments by almost $150 per month in pmi payments alone. Please feel free to contact me direct with any questions.
My office is in the town directly adjacent to Danvers and I list and sell homes in Danvers and the surrounding communities. First off, I would suggest that you speak with a loan officer to determine the amount of loan you would qualify for and are comfortable carrying. A pre-approval from a mortgage company is strongly suggested and customary when submitting an offer on a home in this area.
At $340,000 you should be able to buy a home in an older, established neighborhood in Danvers. You most likely will find a Ranch, Cape, Bungalow or old style colonial under 1600 square feet. Danvers has some delightful older neighborhoods. You could also find a newer townhouse style condo in that price range. If you wanted a newer home or a rural atmosphere, I would suggest you look further north to the towns of Rowley, West Newbury, Amesbury or Merrimack.
My website, http://www.massachusettsnorthshorehomes.com offers an easy to use search portal to MLS (multiple listing service) for this region and lists names of mortgage loan officers that I have found to be particularly helpful to first time buyers. Keep in mind that as a first time buyer you can take advantage of the new $8000 federal tax credit. My web site also includes tips on home inspections and other information that you will need to become an informed buyer.
Please fell free to call or e-mail me with any additional questions. Happy home search! Pat Houlden
Although the average North Shore town is down 25% to 30% for single family homes from the peak of the market in June of 2005, Danvers is still a pricey town. If you are willing to do some work and possibly accept something that might be in a busier location, you should be able to find something in your +/- $340k price range. Not having looked at any properties with you, it's impossible for me to know what location/condition/size property is acceptable to you. I suggest you go into Realtor.com, or my website and do some checking into what's available at what prices before you come up to investigate in person. If you have a more flexible timeframe you may be able to save some money by trying to get in on a short sale property with a local agent.
I also second Greer's suggestion to you that you contact a North Shore mortgage person, and I agree that John Capone or his brother Bob are the best in the area. You can reach Bob at 978-479-8886. Remember that initial contact with a mortgage person for preapproval should not cost you ANY money.
Please let me know if I can be of further assistance.
It is a strong buyer's market here. I feel very comfortable that you can achieve your goal. There are many properties on the market at $340 and under, but it will depend heavily on what your needs are. Please contact me if you would like an area market survey on Danvers over the last 3 months. this will give you a better idea of what is on and more importantly what is selling in Danvers.
The answer is it depends. I could give you the standard answer of $340,000 plus 10% for negotiating, but that wouldn't happen in every case. You are trying to find a home to live in , maybe raise a family in, have friends visit, etc and you are tring to hold the line at a mortgage of $290,000. What is the most important criteria? Would you want to pass on your dream home if you increased your mortgage to $295,000?
Don't get me wrong I love the fact that you saved $50,000 and aplaud your decipline of holding the line, but the answer still is it depends.
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
Wilkinson & Associates