New Hampshire Mortgage Overview
Over 70 percent of homes in New Hampshire
are owner-occupied. With a median home price of $261,700, it's a great place to
call home. New Hampshire is a historical state that stays true to its legacy,
and still, use its nickname 'The Granite State' today.
If you're thinking of moving to this East
Coast state, here are your loan options.
New Hampshire conventional loans
Borrowers
need a 660 credit score and a max 36 percent debt ratio for the conventional
loan. With just 3 percent down as a first-time homebuyer or 5 percent down as a
subsequent homebuyer, you can secure a home loan. Conventional loans require
Private Mortgage Insurance until you pay off 20 percent of the home's value.
New Hampshire FHA loans
All you need is a 580
credit score and a 3.5 percent down payment for the FHA loan. Borrowers may
have a 45 - 50 percent debt ratio. Even if you have a 500 - 579 credit score, you
can get funding. You'll need 10 percent down and lenders may be tougher on your
debt ratio, but there's a chance of approval. FHA loans require mortgage
insurance for the loan's term.
New Hampshire VA loans
Veterans and current
military members can secure 100 percent financing from a VA lender. Lenders
require a 620 credit score and enough income to cover the mortgage, consumer
debts, and the daily cost of living. You don't need a down payment and VA loans
don't charge mortgage insurance. There is an upfront funding fee but you can
roll it into your loan amount.
New Hampshire USDA loans
Rural living in New Hampshire
is beautiful. The USDA loan may be a good option if your household income is
less than 115% of the area's median income. Borrowers need a 640+ credit score
to qualify. If you do, you'll get 100 percent financing. USDA loans have low
interest rates and low mortgage insurance for the life of the loan.
First-Time Homebuyer
Programs in New Hampshire
Home Flex Plus Program
Receive up to 4 percent
of the loan amount in down payment or closing cost assistance with the Home
Flex Plus program. This is a second mortgage program that's forgiven after
4 years if you're still in the home. The program has income limits you must
meet.
Home Preferred Plus Program
If you make 80
percent or less of the area's median income, you may qualify for 97 percent
financing at below-market rates and below-market mortgage insurance costs. The
3 percent down payment is a forgivable loan that's forgiven if you live there
for 4 years.
Home Start Homebuyer Tax Credit
Receive an
annual tax credit for the life of the loan with this program. This makes it
easier to afford a home by decreasing your taxable income and keeping more
money in your pocket.
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