Don’t Think You Can Afford a Home in NH? Think Again

Here’s some exciting news that will allow more buyers to realize the dream of owning their own home! - Courtesy of Randy Guida from RMS Mortgage Services

A statement from Rural Development / RE: Income Limit Modification
As a result of a direct final rule published in the Federal Register, income limits will change effective April 20, 2009. The existing income limit structure will be revised for the Single Family Housing Guaranteed Loan Program (SFHGLP). Instead of eligible adjusted income limits based on households ranging from 1-8 persons, a two tier income structuring consisting of a 1 – 4 member household and a 5 – 8 member household will replace the 1 – 8 person structure. The present add on limits for larger households will remain the same.
 
What this means is that more of our buyers will be able to take advantage of this great program.

• In Carroll County, for a 1-4 person family, the income limit is $84,100. For a 5-8 person family, the income limit is increased to $111,000.
• The Rural Development Guaranty Program allows customers to purchase a home with no down payment, no monthly mortgage insurance, and the seller can contribute up to 6% of the sale price, which is usually more than enough to pay the closing costs!

  
Residential Mortgage Services is one of the largest and most experienced Rural Development lenders in New Hampshire and Maine. 
 
Let us know if you have any questions so that we can get you in touch with Randy Guida of RMS Mortgage Services and one step closer to home ownership in NH! For a complete list of affordable homes in the Conway NH area email info@jtrealty.com, or sign up for our auto-search program.

This entry was posted on Tuesday, April 21st, 2009 at 5:01 pm and is filed under Buyer Tips, Financing Tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.