After reading all the stories in the press you would think that it would be impossible to buy with zero down any more in the NH real estate market.  In the past 6 to 12 months several banks themselves have gone out of business and some have left residential lending completely.  Risk tolerance has dropped significantly as banks have been hemhorraging money due to the increase in NH real estate foreclosures. 

Compounding this is the fact that many lenders will flag certain areas of the country as “descending markets”.  For instance, many lenders have flagged Rockingham NH, Hillsborough NH, and Merrimack NH counties as descending markets and therefore will not allow zero percent down financing – period.  Essentially you are required to put at least 5% down to enter the game and then figure out a way to pay your closing costs as well. 

Naturally this sent a shockwave through the first time homebuyer community.  Many, many first time NH homebuyers use zero percent down loan programs to purchase their first home – in fact I would say that at least 75% of my first time homebuyer clients use these programs. 

What is interesting to note is that the NH real estate market is very much like a web.  If you disturb one area of the web, then everything else in the web will feel at least some of the effect. 

For example, let’s say we have a first time buyer looking to buy some Nashua NH real estate.  Even if that buyer can cover the payment but not the down payment, that first time buyer can’t purchase the house.  If that buyer doesn’t purchase the house, then the home seller most likely can’t move into their next home.  And so the domino effect continues.  Any time you have an oversupply of homes, which we already have, and then another event happens that limits the amount of eligible buyers it ends up creating a real estate market “double-whammy”.

So what is the solution?  After doing a ton of research, I was finally able to come up with a way for NH real estate home buyers to buy with zero down that doesn’t do anything crazy like you would see on a late night infomercial.  If you are a buyer looking to purchase a NH home with zero down, request the free information today. 

Andy Benjamin
RE/MAX Properties I
603-674-5864 (cell – best way to reach always)
603-886-9380 x2329

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