New Hampshire FHA Home Loans
We are helping New Hampshire residents to find a low down payment FHA home loan. Here, you will find some basic information needed to understand what an FHA Loan is, what the qualifications are as well as the FHA loan limits in New Hampshire. If you qualify, an FHA loan is a great way for borrowers to get into a home with a small down payment. We can help you regardless as to whether you live in Manchester, Nashua, Concord or anywhere else in New Hampshire.
New Hampshire FHA Mortgage Benefits
- FHA mortgages allow for low credit scores.
- FHA mortgages require very low down payments.
- FHA mortgages never have pre-payment penalties
- FHA mortgages help borrowers to find their dream home and are often the choice for first time home buyers.
New Hampshire FHA Loan Requirements
- FHA Employment Requirements– You must have a full two year work history to qualify. If you are self employed, you would need to have owned your business for two years.
- Residency Requirements – The home you plan to purchase must be occupied as your primary residence. Multi family buildings up to 4 units are eligible as long as you occupy one of those units are your own residence. Investment properties are not allowed.
- FHA Income Documentation – You must show recent pay stubs, tax returns for the past two years, and bank statements for the past two months. If you are self employed, you will need to also document your income.
- FHA Mortgage Down Payment Requirement – The minimum down payment requirement for an FHA mortgage in 2018 is 3.5% with a credit score of 580 or higher. Read more about FHA DOWN PAYMENT INFORMATION
- FHA Credit Score Requirement – You can qualify for an New Hampshire FHA mortgage with a credit score of 580 or more. You may also get qualified with a credit score as low as 500, but you will likely have to put as down as much as 10%.
- FHA Mortgage Insurance (MIP) – You will be required to have an FHA mortgage insurance premium (MIP). You may read more about what this insurance will cost at our full FHA mortgage page.
FHA Loan Frequently Asked Questions – FHA FAQ
Q: What is the FHA down payment requirement?
A: You will need to put down 3.5% for an FHA loan. More if your credit scores are extremely low.
Q: Do FHA loans require mortgage insurance?
A: Yes, if you are putting down less than 20%, you will need to pay monthly MI (Mortgage Insurance)
Q: Can veterans apply for an FHA loan?
A: Yes, but they will need to submit a DD form 212 with your application. We believe the best program for veterans is the VA Loan.
Q: What are the FHA mortgage loan fees?
A: The fees are regulated but we recommend that you contact an FHA lender here to outline all of the fees that may pertain to you.
Q: What is the FHA Loan limit in my area?
A: We recommend that you discuss this with one of our lenders or click the link above where you can research the limits in your area.
Q: Can I get an FHA loan with bad credit?
A: Yes, you can but the down payment requirement may be higher as well as the interest rate.
Q: Can I get an FHA loan on more than one property?
A: Typically no but there are some circumstances where it would be allowed. Contact one of our FHA Lenders to find out more.
Q: Are gift funds permitted to be used towards the down payment?
A: Yes, a gift can come from a relative, close friend, your employer, a charity, or a government agency.
We are able to help you to find an FHA loan with the best FHA lenders in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.