Buying your first home in the Gateway to NH 's White Mountains Campton , NH - not a lot of money to put down -don't let them tell you there's no funding out there

King Realty Inc. 250 Route 49 P.O. Box 1208 Campton , NH 03223 phone 603-726-8642 / 726-8941 website www.kingrealtynh.com

First time Home Buyers The stimulus package has a revision of the first time home buyers credit that you might qualify for even if you have already owned a home . The specifics of credit are more detailed at www.kingrealtynh.com under the stimulus tab but to condense information to get the word out the new law that applies is this: You are a first time home buyer if you have not owned a home in your name within the last 3 years . You can qualify for the entire 8,000.00 if you are single and make less than 75,000 or a couple making less than 150,000.00 a year adjusted . If you make more you might still qualify but for a smaller amount. The 8,000 is also not a fixed amount but based on 10% of the purchase price with a maximum of $8,000.00. To qualify the home must be your " main " residence. The IRS definition of a main home is "Main home. Your main home is the one you live in most of the time. It can be a house, houseboat, house trailer, cooperative apartment, condominium, or other type of residence." According to most websites we have found, accountants have said that small multi families in which the buyer also resides likely qualify but it is not entirely clear if it is the percentage of the home occupied by the buyer or the entire property. But first lets talk about funding potential .

Most first time home buyers have not owned a home before because of the costs associated with purchasing a home, specifically the down payment and closing costs. With a typical first time home loan with FHA, can be as much as 6.5% of the purchase price between these two costs(3% closing costs and 3.5% down payment) . Don't have that much in the bank, don't despair! All first time home buyer programs allow for the seller to contribute 3% of the purchase price to the buyers closing costs. As long as the home will appraise that can be worked into the purchase price. In most cases 3% will be close to if not the entire closing costs the buyer might be expected to pay. Further, NH Finance Authority better known as NH Housing has as low as 1% down payment programs . Rural Housing and VA loans are Zero percent down . And there are also grants that pairing with other programs including those names above and FHA that will grant to the buyer up to 4% of the purchase price to be used toward any closing expenses including the down payment. Many of these loans might have maximum income limits based on what part of the state you live in and can be tied also to the amount of people in your household. Further if you do not qualify for any of these, a family member can contribute the entire 3.5% FHA down payment provided it is a gift. Unlike you the buyer , your family member does not have to prove where they got the money or how long they have had it- so they can take out an equity loan to help you .

The local banks, credit unions and many of the national lenders have plenty of money to lend . And they will take the time to work with you to know what program that best suits you . If you qualify to be a first time home buyer ( you have relatively good credit and a steady job history with good income ), you will never find a housing market that will afford you as much home for the money as you will find in today's market . And while you might find a better interest rate offered to people with 20 or more % down, the interest rates offered today are at an all time low . Not everyone will qualify but if you've always wanted to buy a home what do you have to lose to take the time to meet with a lender and find out ? You are not going to have to make any commitment or put up any money other than a credit check fee until you know your options and are ready to buy a home with a reputable lender .

King Realty has talked with our sellers. Many have agreed that with full price offers, they will pay all or a portion of the buyers closing cost as noted in each listing. Most will pay up to the FHA allowable limit of 3%. Please check each listing on our listings tab for Seller Concessions . If you are in the market to buy . Take the time to go through all of our listings and find the one that might be right for you . www.kingrealtynh.com