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FHALoans.com belongs to the Mortgage Research Center, LLC, ("MRC") Network. MRC is a private company that provides mortgage information and connects homebuyers with lenders. Neither FHALoans.com nor MRC are endorsed by, sponsored by or affiliated with the U.S. Department of Housing and Urban Development or any other government agency. MRC receives compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. For a full list of these companies click here. By submitting your information you agree MRC can provide your information to one of these companies, who will then contact you. MRC does not guarantee that you will be eligible for a loan through the FHA loan program. FHALoans.com will not charge, seek or accept fees of any kind from you. Mortgage products are not offered directly on the FHALoans.com website and if you are connected to a lender through FHALoans.com, specific terms and conditions from that lender will apply.
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.
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.
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.