Four Things You Need in Order to Buy a Home: #1

Purchasing a home is an attainable goal for most people. There are several loan programs available in New Hampshire that are designed to maximize the opportunity and affordability of home ownership for all who desire to do so. Even so, there are a few things you'll need, and over the next several posts, I'll discuss them, starting with:


1) Cash

How much will you need? You'll need cash for:

• Down payment - Usually a percentage of the purchase
• Closing costs - One-time fees like: transfer taxes, attorney, appraisals etc.
• Pre-paid expenses - Insurance, property taxes, and maybe condo dues

No Money? Not a big problem. Even if you don’t have a 401K or and you can’t get a gift from a friend or relative, you may be able to buy a home. There are many first-time home buyer programs designed specifically to minimize your cash requirements. For instance, 100% finance programs are common and a few even allow you to roll your closing costs onto the amount you are borrowing – usually called 103% or 105% or 107% programs.

Stay tuned to learn what else you'll need in order to purchase your next home....