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.
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.
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 2023 is $472,030, but in Strafford County, the limit is $828,000 due to higher real estate costs. See the table below to get the full list of FHA loan limits in New Hampshire.
|County||FHA Loan Limit|
|All other areas||$472,030|
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
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.