Regarding Real Estate LLC
If you're in the market for your first home, there's a good chance you'll need to take out a mortgage. One of the most popular mortgage types (especially for first-time buyers) is known as a Federal Housing Administration (FHA) loan.
Specifically, an FHA loan refers to one that is backed and insured by the United States Federal Housing Administration. This type of loan is designed for homebuyers with low-to-moderate incomes. Money from an FHA loan doesn't come directly from the FHA itself, but from an FHA-approved lender (such as a bank or other private financial institution). Because of this, you'll find that FHA loans are offered by a wide range of lenders.
There are many reasons homebuyers turn to FHA loans to make their homeownership dreams come true. One of the most appealing aspects of an FHA loan is the low down payment that is required. In fact, most people who qualify for an FHA loan are only required to put 3.5% down (as opposed to 20% for a conventional loan).
Meanwhile, FHA loans have less stringent credit requirements than many other types of mortgages. Applicants with credit scores as low as 500 can get approved for an FHA loan, although you will need a credit score of 580 or higher to qualify for the low 3.5% interest rate.
The first thing you'll want to do is get pre-approved through a reputable FHA lender. Many banks and credit unions offer FHA loans, so you'll want to shop around and explore your options to find the best rates.
Once you've gotten an offer accepted on a home, you'll need to formally apply for an FHA loan. This process is more thorough than pre-approval and will require you to submit to a credit check; you will also need to furnish certain documents to your loan officer (such as pay stubs and tax returns) to prove your income.
When you're formally approved for an FHA loan, your loan officer will handle all the underwriting. From there, all you need to do is show up with your required documents on closing day to take ownership of your first home!
Johnna grew up in Amherst NH and still has strong ties to the Amherst & Mont Vernon Communities. Johnna moved to Manchester at 19 when she purchased her 1st home. She has resided in the West Side of Manchester since 2007. Always having a strong interest in real estate, Johnna and her husband, Jeff, started investing in rental properties in 2017 with the purchase of a 2 bedroom condo in Manchester. They now own 10 properties with the goal of growing to 60 total rental properties. In 2020 Johnna and Jeff started adding short term rentals to their portfolio focusing in the NH Lakes Region and Southern Maine Coast. Johnna achieved Airbnb Super Host and VRBO Premier Host status within the first year.
From May to October Johnna divides her time between Manchester, NH and her beach cottage in Wells Maine. Johnna’s extensive experience with both long term and short-term rental properties makes her the ideal real estate agent to help you start or build your real estate investment portfolio. Johnna works with a lot of home owners selling their homes and buying homes simultaneously and also sellers relocating out of the area.
Johnna prides herself in being hard working, dependable and down to earth. In her free time, she enjoys reading, jigsaw puzzles and spending time outdoors with her husband, dogs and friends.
