Merrimack Mortgage Company will be offering, through NH Housing Finance Authority, an FHA rehab program. If you are considering the purchase of a home that is in need of repair, this may be the program for you. The program will allow you to receive up to $35,000 after the closing to complete repairs. With nearly 25% of all home sales being properties that are considered distressed, this is an awesome opportunity!
The benefit of this combination is that a borrower can now purchase a home and receive rehab funds with an initial investment of as little as 1.5% of the acquisition cost of the property (acquisition cost is the sales price + the requested rehab funds). In order for this to occur, the borrower will take advantage of a 2% grant available through the state and use that money for down payment (the required down payment for FHA is 3.5% but the 2% grant can be used for down payment leaving the borrower to need only 1.5%) and the borrower needs to negotiate for the seller to pay all of his/her/their closing costs. Another benefit is that NH Housing offers a lower interest rate than the regular FHA program. Please contact us at AmazingLoans@NHmortgages.com for more details. We would be happy to forward full program specifications.
NH Housing does have income and sales price limits and is restricted to first time buyers in most communities (but not all). These limits are posted on our website for your review (look under programs and then under NH Housing).
For buyers who are not eligible for NH Housing, FHA does not have income limits nor is it limited to first time buyers.
WWW.AmazingLoanLadies.com
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