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FHA Loans in New Hampshire

By Michael Stradford
Updated October 29, 2019
3 min read
Manchester, New Hampshire

Looking for the right home loan can feel like taking a plunge down the Yankee Cannonball at Canobie Lake Park. That’s why many New Hampshire residents are turning to FHA loans to make the process easier. The FHA loan program is a great option for first-time homebuyers, because it presents borrowers opportunities for big savings. Continue reading to see why an FHA loan in New Hampshire might be the right option for you.

Why Use an FHA Loan in New Hampshire?

Regardless of New Hampshire’s relatively small population, lots of people are buying houses. Many of them are choosing an FHA loan, and as of April 2019, the total value of FHA loans in New Hampshire was close to $47 million! So whether you are looking to settle in a coastal town, or maybe even the capital, an FHA loan could be the most reliable home loan option for you.

Benefits of FHA Loans in NH

  • FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
  • FHA mortgage rates are typically lower than conventional mortgage rates.
  • FHA down payment and credit score requirements are typically lower than conventional loans
  • Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
  • FHA loans are assumable

FHA Loan Limits in New Hampshire

Knowing how much money you can borrow is important to know when house hunting. Maximum loan limits for New Hampshire are in place, and can vary between counties. The FHA loan limit is adjusted annually to make sure the majority of residents can afford a home. The baseline FHA loan limit for New Hampshire in 2019 is $314,827, but in Newton the limit is $688,850 due to higher real estate costs. See the table below to get the full list of FHA loan limits in New Hampshire.

New Hampshire FHA Loan Limits by County

County FHA Loan Limit
Hillsborough $322,00
Rockingham $688,850
Strafford $688,850
All other areas $314,827

Are You Eligible for an FHA Loan in NH?

You may be eligible for an FHA loan, if you:

  • Have 2 years of steady employment, preferably with the same employer.
  • Have had steady income (or increasing income) in the past two years.
  • Have had less than two 30 day periods of late payments on your credit report.
  • Have declared bankruptcy no less than two years ago and have maintained good credit since.
  • Have not been a party in a foreclosure for at least three years and have maintained good credit since.
  • Anticipate your mortgage payment will be equal to or less than 30% of your gross income.

What Do You Need to Apply for an FHA Loan in NH?

Buyers must be able to provide the following information and documents as requested by lenders:

  • The addresses of all your residences over the past two years.
  • The names of your employers over the past two years.
  • W2's for the past two years and current paycheck stubs.
  • Your current gross monthly salary.
  • Your Social Security Number.
  • Names, addresses, and account numbers with balances on all checking and savings accounts.
  • Addresses and loan information of any other real estate you owned.
  • Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
  • Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.

Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.

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