Buying in SE NH

DarthRevan

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In the next few years I’ll be looking to buy a house in the land of off-list pistols and registered oil filters.
What are some recommendations for planning this move? Financial/mortgage/real estate agents have we found worth talking to? I know I don’t have enough for 20% down and might still not by the time I’d ideally be buying so an FHA is probably what I’ll end up needing.
Impart upon me your wisdom, Hivemind.
 

atmay

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In the next few years I’ll be looking to buy a house in the land of off-list pistols and registered oil filters.
What are some recommendations for planning this move? Financial/mortgage/real estate agents have we found worth talking to? I know I don’t have enough for 20% down and might still not by the time I’d ideally be buying so an FHA is probably what I’ll end up needing.
Impart upon me your wisdom, Hivemind.
Northeast Credit Union (Seacoast NHs friendly neighborhood CU) offers mortgages at 3% down, without the additional burdens that FHA loans bring.

I will also offer: property tax rates can vary wildly, and in many cases the towns with low prices have high rates (and vice versa). Make sure you take both into account when deciding on where to live.
 

edmorseiii

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I will also offer: property tax rates can vary wildly, and in many cases the towns with low prices have high rates (and vice versa). Make sure you take both into account when deciding on where to live.
This, make a list of what you are willing to live without, as far as town services, and work that way. You get what you pay for up here.
 

NH_Realtor

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In the next few years I’ll be looking to buy a house in the land of off-list pistols and registered oil filters.
What are some recommendations for planning this move? Financial/mortgage/real estate agents have we found worth talking to? I know I don’t have enough for 20% down and might still not by the time I’d ideally be buying so an FHA is probably what I’ll end up needing.
Impart upon me your wisdom, Hivemind.
Happy to answer any questions/ give any advice I can. Lenders are getting creative and looking to lend while the markets still strong. I’ve worked with a few NES’rs, trying to bring as many 2A friendly liberty minded folks here as I can. We need all the help we can get.

Also you can do a conventional loan with 5% down, some lenders are getting very creative and doing conventional loans with as little as 3%.
 

C. Stockwell

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SE NH is nice, I particularly liked the Town of Atkinson, but I ended up living in Plymouth and Campton. I'd move back to the Whites in a heartbeat over the M*sshole exile refugee camp areas known as Rockingham and Hillsborough counties.

Only advice I can give as of now is to check out the town in person multiple times, meet with Mark of Porcupine Realty, and check the tax rate. Also realize that NH isn't the biblical land of milk and honey and has quite real problems such as an aging population, a liberal move to the nutty left last election cycle, and an economy connected to Mass. And don't pretend that NH has no taxes - there's road tolls, taxes on restaurant meals and hotels, and very high business taxes. Just do your homework and go into NH with an open mind.
 

Broccoli Iglesias

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Happy to answer any questions/ give any advice I can. Lenders are getting creative and looking to lend while the markets still strong. I’ve worked with a few NES’rs, trying to bring as many 2A friendly liberty minded folks here as I can. We need all the help we can get.

Also you can do a conventional loan with 5% down, some lenders are getting very creative and doing conventional loans with as little as 3%.
How about a second home?
Are they still asking for 20% down and proof that you can pay for the property for like 6 months?

I'm thinking SNH as well for a second home and rent my place in Boston.
 
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Also you can do a conventional loan with 5% down, some lenders are getting very creative and doing conventional loans with as little as 3%.
Only 3%?? That's scary. Doesn't that put you under water for the first couple of years of ownership? That's how my military buddies got into a bad financial situation... those 0% VA loans are pretty predatory.
 

Lsgun1

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I had a 3% down loan originally on my home, I refinanced 2 years later and the home had gained more than the equity needed for 20%. The market is headed up still so I wouldn't be scared of 3% down.
 

NH_Realtor

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How about a second home?
Are they still asking for 20% down and proof that you can pay for the property for like 6 months?

I'm thinking SNH as well for a second home and rent my place in Boston.
TBH I'm not 100% sure. I haven't worked with alot of second home buyers lately, mostly owner occupants. The few second home buyers I've had have been cash buyers. PM me though, if you're looking to do what I think you are I think there's another path that might make more sense and wouldn't require 20%.

They still do look for the ability to pay the mortgage for like 6 months, but you can show them that you have enough in a 401K or IRA and they should accept that.
 

NH_Realtor

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Only 3%?? That's scary. Doesn't that put you under water for the first couple of years of ownership? That's how my military buddies got into a bad financial situation... those 0% VA loans are pretty predatory.
It really depends on the market, it's fine in a strong market like we have right now and dangerous in a falling market. Really only becomes a problem if you have to sell shortly after buying.

The 0% VA and RD loans can be a great tool to home ownership BUT they require people to have a good understanding of financials and budgeting. Otherwise yeah people can get themselves in trouble pretty quick.
 

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How about a second home?
Are they still asking for 20% down and proof that you can pay for the property for like 6 months?

I'm thinking SNH as well for a second home and rent my place in Boston.
You are moving into a new primary residence and renting your current place....that gets the best loan if the rental math and income work.
 

Broccoli Iglesias

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TBH I'm not 100% sure. I haven't worked with alot of second home buyers lately, mostly owner occupants. The few second home buyers I've had have been cash buyers. PM me though, if you're looking to do what I think you are I think there's another path that might make more sense and wouldn't require 20%.

They still do look for the ability to pay the mortgage for like 6 months, but you can show them that you have enough in a 401K or IRA and they should accept that.
Awesome man. I will PM you in a couple of days.
 

DarthRevan

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I had a 3% down loan originally on my home, I refinanced 2 years later and the home had gained more than the equity needed for 20%. The market is headed up still so I wouldn't be scared of 3% down.
Seriously? That’s crazy
Does that pretty much set you back to day zero on your mortgage then?
 

Len-2A Training

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Happy to answer any questions/ give any advice I can. Lenders are getting creative and looking to lend while the markets still strong. I’ve worked with a few NES’rs, trying to bring as many 2A friendly liberty minded folks here as I can. We need all the help we can get.

Also you can do a conventional loan with 5% down, some lenders are getting very creative and doing conventional loans with as little as 3%.
I can't recommend NH_Realtor highly enough. One of us, really listens and works hard to find the right place to meet your needs and wants (realize somethings will end up as compromises as it is impossible for everything to line up the way you really would like).

NH RE taxes depend on where you are coming from and going to. If you live in a high tax town in MA, NH RE taxes might not appear to be so bad. If the converse is true, you might be in for a surprise.
 

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South EAST NH is was too close to boston and all that jazz.
 

DarthRevan

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South EAST NH is was too close to boston and all that jazz.
Unless the lady gets fired in the next couple years she doesn’t want to leave her job in Beverly so I’m trying to find a good compromise while still having a NH zip code.
 

Lsgun1

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Seriously? That’s crazy
Does that pretty much set you back to day zero on your mortgage then?
Yes it started over but it was only a few years in and not having to pay MI was a huge savings and not to mention my wife and I didn't have 20% to put down. This was a 1st time buyer loan. When I refinanced my mortgage went down $200 a month since the rates got even lower since I had bought. All in all it worked out extremely well.
 

NH_Realtor

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I can't recommend NH_Realtor highly enough. One of us, really listens and works hard to find the right place to meet your needs and wants (realize somethings will end up as compromises as it is impossible for everything to line up the way you really would like).

NH RE taxes depend on where you are coming from and going to. If you live in a high tax town in MA, NH RE taxes might not appear to be so bad. If the converse is true, you might be in for a surprise.
Thanks @Len-2A Training, it was great working with you two as well! Love helping more people get to freedom!
 

Len-2A Training

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South EAST NH is was too close to boston and all that jazz.
One of my criteria was to be within 1 hr (non-rush hour) to the major hospitals in Boston. We are older and one never knows when we'll need the best medical care in the world! I was thinking wrt my Wife who has had multiple back surgeries. As Murphy's Law has it, I ended up with crippling back pain last August and had emergency back surgery! It delayed our house shopping and moving since we bought a house in NH. And Murphy struck again in late March with a re-occurence of my back problem, further delaying our exit to NH. But we are persisting.

Being near good shopping counts for something too in my book. A good friend (also a retired LEO I used to work with) moved to the Sunapee area and as he told me . . . the supermarket is 30 minutes in one direction, movie theatre is 30 minutes in another direction and better restuarants is 30 minutes in a third direction. BTW, he has to travel to Boston with some frequency for medical problems he incurred when he was rear-ended on the job and forced into a medical retirement (he had 27 yrs in however). This may suit some folks, but it doesn't suit me.
 
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Stay away from Exeter - the hospital is horrible.

Mass holes are screwing up south east NH.
They move in because of low taxes and then insist on having all the Mass benefits and then complain that the taxes are going up.
Living in HH and working in Mass gives you a double screwing because you pay high homeowners tax and Mass income tax.
 

DarthRevan

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I’m looking Plaistow, Atkinson, and maybe Newton.
There’s a foreclosure in Newton for the last year that’s been listed that looked interesting but I went in and my god the work needed is on such a scale that I can’t fathom a budget for.
Holes in the foundation/mortar, super rough kitchen and full bathroom, burn damage evidence in the attic... Such a shame about it since You can tell it was a beautiful house back in the day.
 

Dench

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OP, one thing of advice I want to pass on is do a LOT of research on what you can afford monthly (and don't kill youself, like have 50%+ of your gross income into your mortgage or some crazy shit), and then after that look at what you can afford. After you look at a bunch of properties, then decide on what you can and cant have. Theres a lot of sticker shock going on in Southern NH, at least that's what I've found from eye balling the market and even having 2 collapsed offers done. The days of a dream house on a dream lot with room to shoot in South East NH for the average Joe look like they are pretty much done for. That was a tough pill to swallow for me.

Only 3%?? That's scary. Doesn't that put you under water for the first couple of years of ownership? That's how my military buddies got into a bad financial situation... those 0% VA loans are pretty predatory.
How so? I have one and I havent noticed anything out of the ordinary with it. What am I missing?
 

DarthRevan

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OP, one thing of advice I want to pass on is do a LOT of research on what you can afford monthly (and don't kill youself, like have 50%+ of your gross income into your mortgage or some crazy shit), and then after that look at what you can afford. After you look at a bunch of properties, then decide on what you can and cant have. Theres a lot of sticker shock going on in Southern NH, at least that's what I've found from eye balling the market and even having 2 collapsed offers done. The days of a dream house on a dream lot with room to shoot in South East NH for the average Joe look like they are pretty much done for. That was a tough pill to swallow for me.



How so? I have one and I havent noticed anything out of the ordinary with it. What am I missing?
Yeah I’ve accepted that shooting on my own land is never going to happen where I’m looking. Not without another real estate crash bringing prices back to reasonable. My absolute needs are 3 bedroom 1.5 bath with roof and siding in great shape. 2+ car garage as well, attached or not isn’t a care as long as it’s a quick scoot out the door to it.
My “comfortable” all together payment (taxes, mortgage, ins., etc.) is around $1700/mo. Allows me to still save for future repairs and doesn’t leave us house poor with school loans and car payments.
But until we have close to $30k+ between us it’s kind of moot.
 

ReluctantDecoy

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Only 3%?? That's scary. Doesn't that put you under water for the first couple of years of ownership? That's how my military buddies got into a bad financial situation... those 0% VA loans are pretty predatory.
Being underwater isn't ideal, but if you have no plans on moving/selling, it isn't inherently bad to wait out the storm. It really depends on how you got underwater. If you're underwater due to a low or 0% down mortgage, that corrects itself in time. If you're underwater because the floor dropped out of the housing market, then that's beyond your control and if you can weather it, the market may eventually correct itself as long as your home was correctly appraised in the first place. The one way you never want to be underwater is from a bidding war on a piece of property that artificially inflates the price. If that's how one lands underwater, you basically did that to yourself.
 
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Unless the lady gets fired in the next couple years she doesn’t want to leave her job in Beverly so I’m trying to find a good compromise while still having a NH zip code.
This'll limit you to a small corner of southeastern NH. I'd go as far off from the tourists and interstate highways as you can get and still be within "commutable distance" of Beverly.
 
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