Nashua New Hampshire Home Buyer’s Guide -Your Real Estate Resource
Purchasing a home a complicated and stressful process especially if you are a first time home buyer. Procuring the services of an experienced buyer’s agent will provide you with the resources and advice to make informed decisions in purchasing Nashua, New Hampshire real estate. Buyers often consult with mortgage lenders, lawyers, home inspectors and accountants during the process of buying a property. Request your Nashua New Hampshire Home Buyer’s guide below.
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This excerpt from the Nashua New Hampshire Home Buyer’s guide will assist you in the process.
Primary Reasons to Consider Owning a Home
There are four major reasons to consider purchasing your first home:
- Tax benefits – current tax laws favor owning a home over renting.
- Solving your housing need for you and your family
- Historically low interest rates.
- Affordability – declining values in recent years provide exceptional price offerings.
Prequalify for a Home Mortgage Loan
In most cases, consumers that purchase a home will finance the property with a home mortgageloan. For first-time homebuyers, there are a variety of special programs offered through local, state and national agencies. Qualifying for a mortgage is a simple process that is based on your ability to repay the loan. Income, credit history and existing debt are the primary factors in your ability to obtain a mortgage. You may consider interviewing 2-3 lenders to determine which programs and services meet your situation.
FHA Loans for Home Buyers
A common source for first time buyer mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing. The down payment can be a gift and the Seller can pay some of the closing costs.
The Home Search with Your Buyer’s Agent
Consumers purchasing real estate have the option of hiring a real estate buyer’s agent to represent them in “buyer agency” and this is disclosed in a “mandatory disclosure form” required by NH state law. The agent has a fiduciary responsibility to represent the buyer’s interests instead of the seller’s.
Your agent can assist you in searching for a property through the Multiple Listing Service and homes sold by owners (FSBO). Most property for sale, including Nashua, NH short sales, foreclosed and bank owned homes are listed in the MLS.
The Home Inspection
The home inspection is typically a contingency in the Purchase and Sales Agreement and is conducted after reaching an agreement with the seller. The home inspection process will provide valuable information in maintaining the property as well as uncovering unknown material defects. In a home inspection, a licensed inspector takes an in-depth, unbiased look at your potential new home. The inspector will document the process and recommend the areas of concern. You have the option to have the Seller mitigate these issues.
Carol Doleac is an experienced buyer’s agent providing buyer agency services in Southern NH. Take advantage of her experience and client level services which includes a customized Nashua New Hampshire Home Buyer’s guide and an email alert service for Nashua property listings meeting your criteria.