Short, dated answers to the mortgage questions in the news and in Tom's inbox, each with its sources. For the full picture on a topic, the learning center has longer guides.
Written by Tom MacDonald, Loan OfficerElite Mortgage Group · NMLS #2748687 · Company NMLS #2502308MBR
Often yes, but the appraisal looks hard at the heat. For FHA, the permanently installed heating system must automatically keep living areas at least 50 degrees, use a fuel that's easy to get locally, have market acceptance and run without someone tending it for long stretches. A stove you have to feed by hand may not meet that alone. Conventional appraisals focus on whether the heating is accepted in the local market.
HomeReady is a Fannie Mae conventional loan with extra flexibility for buyers whose income is at or below 80 percent of the area median income (AMI) where the home is. It can be used to buy or do a limited cash-out refinance of a 1 to 4 unit home you'll live in, including condos and manufactured homes. If every buyer is a first-time homebuyer, a homeownership education course is required. You don't have to be a first-time buyer to use it.
Home Possible is Freddie Mac's low down payment conventional loan for borrowers whose qualifying income is at or below 80 percent of the area median income where the home is. It works for 1 to 4 unit homes, condos, co-ops and planned communities, and some manufactured homes. The down payment can come from family, employer programs, secondary financing and even sweat equity.
Your debt-to-income ratio counts the new house payment plus monthly payments on debts like car loans, student loans, credit cards, personal loans, child support and alimony. Everyday bills such as utilities, phone, car insurance and child care generally don't count. A few details matter: a car lease always counts, while an installment loan with 10 or fewer payments left may be left out, and FHA and Fannie Mae handle that rule a little differently.
It depends on the loan. NH Housing says USDA Rural Development and VA loans require a water test. NH Housing requires one for every home it finances with a private well, though buyers can waive that by finishing its Water Wellness course, except on USDA or VA loans. FHA requires a test in certain cases, such as new construction or a reported problem. New Hampshire itself has no statewide testing rule for private wells.
Yes, in many cases. A VA purchase loan requires you to certify that you'll live in the home, either now or within a reasonable time after closing. If you're on active duty and can't move in because of your service, federal law treats the rule as met when your spouse lives in the home and signs the certification, or when your dependent child lives there and your attorney-in-fact or the child's legal guardian signs it.
Tom MacDonaldLoan Officer · Elite Mortgage Group NMLS #2748687 · Company NMLS #2502308MBR
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Quick answers are automatic, written from this site's guides. They are general information, not advice or a commitment to lend. Messages go to Tom directly.
Most buyers start with a pre-approval, so you know your price range before you tour and your offer is taken seriously. Tom can walk you through it and answer questions along the way.
You can start your application online through Elite Mortgage Group's secure portal, or send Tom a message and he'll help you get started. The site itself never asks for your Social Security number or documents.
Rates change daily and depend on your credit, the loan type, the property and more, so Tom quotes them one on one rather than on the website. Send him a message or a text and he'll get back to you with real numbers for your situation.
Whether a refinance makes sense depends on your current loan, your goals and the costs involved. Tom's free mortgage checkup looks at your loan and tells you plainly if a change is worth it, with nothing expected.
New Hampshire Housing has down payment and closing cost assistance programs for buyers who qualify, and gift funds from family can help too. Tom can tell you which ones may fit you.
Elite Mortgage Group is a broker with access to 45 lenders, including options for self-employed borrowers and real estate investors, like bank statement and rental income loans.
New Hampshire has no income tax on wages, but property taxes vary a lot from town to town, so it helps to compare a few towns before you choose. Tom lives in Litchfield and works with buyers across southern NH.
