Peter Beauchemin - LAER Realty Partners/Beauchemin & Assoc.



Posted by Peter Beauchemin on 8/20/2017

If you’re hoping to buy a home in the near future, there are a number of financial factors you’ll need to consider.

One of the factors that all lenders will consider when determining whether or not to approve you for a mortgage is credit score.

In this article, we’ll lay out the minimum and ideal credit scores that are needed for getting approved for a home loan.

Determining Your Score

As you may guess, credit reporting is a complicated business. There are three main reporting companies that lenders use to determine your credit: Experian, TransUnion, and Equifax. These companies largely collect the same data about your finances, but can have minor variations. Lenders will take these scores and use the median or middle score to determine your credit rating.

Thanks to the Fair Credit Reporting Act, Americans have the ability to confirm the accuracy of their reports.

If you want to find your credit score, there are a number of online reporting agencies that will show you your report for free on an annual or monthly basis.

Minimum credit scores

Depending on the type of loan you’re applying for and which lender you are pursuing, minimum credit scores vary.

For those seeking first-time homeowner (FHA) loans, you’ll need a credit score of at least 580 to qualify for a 3.5% down payment. A score lower than this amount and you will need to put at least 10% down.

Since FHA loans are insured by the government, you are more likely to be approved if you have a low or “poor” or “bad” credit score (usually anywhere from 300 to 650).

Another type of loan that could help people with low credit is offered by the Department of Veteran’s Affairs. These loans, known as VA loans, are guaranteed, in part, by the government. However, the loans are still approved and distributed by lenders who all have varying minimum credit requirements. A good benchmark is that you’ll need a score of at least 620 to be approved.

Minimum isn’t ideal

While you may get approved for a loan with a low credit, this isn’t always a reason to celebrate.

Lenders use your credit score, among other things, to help determine the interest rate of your loan. A lower score often means a higher interest rate.

While 1 or 2 percent can seem like a small number, it can mean paying tens of thousands of dollars more in interest over the span of a thirty-year loan.

To illustrate the importance of one percent, consider the following. If you owe $200,000 on a home and intend to pay it over 30 years, you will pay $103,000 in interest at 3% and $143,000 at 4% - that’s a difference of $40,000.

Rather than shooting for the minimum credit score, a better approach would be to build credit while saving for a down payment. Someone with a credit score of 740 or higher will be seen by most mortgage lenders as an ideal person to lend to.

Of course, life doesn’t always allow for the ideal situation. So, do your best to save and build credit, and be sure to shop around for the best rates when you’re ready.





Posted by Peter Beauchemin on 8/19/2017


29 Patterson Street, Manchester, NH 03102

Single-Family

$229,900
Price

3
Bedrooms
7
Rooms
2
Baths
Stunning Updated Cape featuring 1st floor with gorgeous rosewood hardwood flooring throughout, beautiful updated kitchen with new cabinets, counters, recessed lighting and stainless steel appliances open to large dining room, light and bright spacious living room with picture window, big 1st floor bedroom and totally updated full bathroom with new vanity, tile floor and tile shower surround, 2nd floor with 2 more sizable bedrooms and additional updated 3/4 bathroom with new vanity and tile floor. Plus full daylight basement with fantastic finished room, laundry area, workshop and shelving for storage, newer roof, newer multi zone boiler, newer siding, replacement windows, modern light fixtures, fresh paint throughout, public water and sewer, great deck overlooking private fully fenced backyard with shed, small front porch and paved driveway all situated on lovely lot in awesome neighborhood close to Bedford Town line.
Open House
No scheduled Open Houses






Categories: New Homes  


Posted by Peter Beauchemin on 8/19/2017


276 Orange Street, Manchester, NH 03104

Single-Family

$229,900
Price

3
Bedrooms
7
Rooms
1/1
Full/Half Baths
Incredible Condex with charm, character and high ceilings throughout featuring 1st floor with crown molding, hardwood and tile flooring throughout with grand foyer with antique look chandelier open to spacious parlor with coffered ceiling open to large living room with pocket doors and ornate fireplace, formal dining room with built-in china cabinet, chair rail and antique style chandelier, updated kitchen with granite counters and stainless steel appliances, 1st floor laundry room and lovely powder room with pedestal sink and 2nd floor with 3 big bedrooms and updated full bathroom. Plus full unfinished basement, replacement windows, vinyl siding, economical updated natural gas steam boiler and hot water heater, replaced roof, public water and sewer, private driveway, 1 car detached garage, brick walkway, large farmers porch, side porch and small backyard all in great neighborhood. Currently no condo fee because seller owns both sides. New owners will have to split shared expenses such as master insurance, water and sewer or establish budget and regular monthly fee.
Open House
No scheduled Open Houses






Categories: New Homes  


Posted by Peter Beauchemin on 8/18/2017


278 Orange Street, Manchester, NH 03104

Single-Family

$249,900
Price

7
Bedrooms
14
Rooms
2/1
Full/Half Baths
If you are looking for space this is the place! 3653 sq ft, 7 Bedroom, 2.5 Bathroom Colossal Condex with character, charm and high ceilings throughout featuring 1st floor with crown molding, hardwood and tile flooring throughout with grand foyer with antique look chandelier open to spacious parlor open to large living room with pocket doors and ornate fireplace, formal dining room with built-in china cabinet, chair rail and antique style chandelier, updated kitchen with granite counters and stainless steel appliances, 1st floor laundry room and lovely powder room with pedestal sink, 2nd floor with massive master bedroom with adjacent updated full bathroom and 4 more big bedrooms and 3rd floor with large landing, fantastic family room, 2 more big bedrooms, another full bathroom and storage room. Plus full unfinished basement, replacement windows, vinyl siding, economical updated natural gas steam boiler and hot water heater, replaced roof, public water and sewer, private driveway, brick walkway, large farmers porch, side porch, patio and small backyard all in great neighborhood. Currently no condo fee because seller owns both sides. New owners will have to split shared expenses such as master insurance, water and sewer or establish budget and regular monthly fee.
Open House
No scheduled Open Houses






Categories: New Homes  


Posted by Peter Beauchemin on 8/15/2017


58 Arnold Street, Manchester, NH 03102

Single-Family

$249,900
Price

4
Bedrooms
7
Rooms
1/1
Full/Half Baths
Wonderful West Side 4 bedroom Cape on .43 acre triple lot with subdivision potential at end of dead end street featuring 1st floor with hardwood floors throughout, fantastic 4 season porch with electric fireplace, built-in sound system and slider to enormous Trex deck with gazebo and screen room, updated eat-in kitchen with new counter, tile backsplash, cabinet hardware, spacious living room with picture window, 1st floor master option, 2nd bedroom or office and updated full bathroom with marble counter and new glass shower door, 2nd floor with additional master bedroom option or bedroom 3, good sized 4th bedroom and half bathroom. Plus full walk out basement with laundry area with utility sink, disconnected shower stall, workshop and plenty of room for storage, kitchen sink water filtration unit, ceilings fans throughout, central vacuum, newer boiler, newer roof, replacement windows, updated electric panel, vinyl siding, public water and sewer and paved driveway all situated on nicely landscaped oversized lot that may have possibility for extra building lot with variance in convenient location close to highways and shopping.
Open House
No scheduled Open Houses






Categories: New Homes