FHA Approved Lenders in New Hampshire
A New Hampshire FHA loan is a perfect mortgage for many types of borrowers who wish to purchase or refinance a home. This includes those who have low credit scores, a small down payment, or a high debt to income ratio.
Some people believe FHA loans are just for first time home buyers, but in reality anyone can get an FHA loan if they are eligible and can meet the requirements.
2023 New Hampshire FHA Loan Requirements
You may review the basic FHA loan requirements for New Hampshire below. Please keep in mind that some FHA approved lenders may have overlays which means they have their own loan requirements.
Credit – Most New Hampshire FHA lenders are looking for credit scores over 600. However, we have FHA lenders who will allow for scores as low as 500.
Down Payment – The FHA standard down payment requirement is 3.5% of the purchase price or property value if you are refinancing. So on a $300,000 loan, the required down payment will be $10,500. The down payment will be 10% if your credit score is below a 580.
FHA Loan Limits – The FHA loan limits are the maximum allowable loan amount available in your county. You can view the 2023 FHA loan limits for New Hampshire on this page.
Employment – FHA loans require each borrower on the mortgage application to have a 2 year work history. You will need to provide 2 years of W2s, tax returns, and two months of bank statements. If you are self employed, you may also qualify for an FHA loan by providing your tax returns and bank statements.
Property – The FHA guidelines have property requirements which are also called “minimum property standards”. The home you want to purchase must pass an FHA inspection and appraisal. This inspection serves to protect the home buyer by making sure the home is safe and in good condition. It also protects the lender by verifying the value of the home.
Mortgage Insurance – There are two types of mortgage insurance premiums (MIP) required for all FHA loans. The first type is upfront mortgage insurance premiums is due at closing and is 1.75% of the total loan amount. This fee can be included in the loan, and does not need to be paid out of pocket.
The second type of mortgage insurance is paid monthly and will be part of your mortgage payment. This is calculated based upon how much you put down on the home.
These are the basic FHA loan guidelines and requirements that every borrower must meet. If you are interested in discussing your ability to get approved for an FHA loan, then contact us and we will help. .
New Hampshire FHA Lenders
Below are some options for FHA lenders in New Hampshire. These are just some examples but to get matched with the lender that is the best fit for you, please complete this short contact form.
1.) Quicken Loans
2.) Guaranteed Rate
3.) U.S. Bank
4.) NJ Lenders Corp
Please note: We are not affiliated with all mortgage lenders that are featured on our website. We include who we consider to be the best lenders for various mortgage programs. If you would like some help getting connected with an excellent FHA lender in New Hampshire, please fill out this form.
Frequently Asked Questions
Are FHA loans only for first time home buyers?
FHA loans are not only for first time home buyers. If you have owned a home in the past, you can buy another home using FHA insured financing.
How do I apply for an FHA loan in New Hampshire?
It is a fast and easy process to get pre-approved for an FHA loan. We recommend having us match you with a FHA lender in New Hampshire based on your personal needs, credit score, location and more. Not every lender will be right for you. To be matched with the perfect FHA lender, please fill out this form.
Is down payment assistance available on FHA loans?
If you qualify for down payment assistance, you can be used with a FHA loan. These assistance programs will require you to first get an FHA pre-approval. Then, you bring that pre-approval to the down payment assistance program to secure the funds for your down payment.
Are cosigners allowed on FHA loans?
Cosigners and co-borrowers are allowed on FHA loans but the home must be occupied as the primary residence for at least one of the borrowers. Cosigners usually help to bring more income to the application. However, cosigners will not help to cure and poor credit score situations on the application.
What are the options to refinance a FHA loan?
The FHA offers four ways to refinance. The first is a streamline refinance where you are simply refinancing to improve the rate or the term. The second is a simple refinance into an FHA loan for those who do not currently have an FHA loan. The third is a cash out refinance to pull out some of the equity in your home. The last type of refinance is the FHA 203k refinance which allows you to borrow the money needed to rehabilitate the home.
How long after a bankruptcy can you get a FHA loan?
The FHA guidelines require you to wait at least 2 years after the chapter 7 bankruptcy discharge date. For a chapter 13, you only need to wait until you have successfully made 12 months of payments. For the Chapter 13 you must also get approval from the bankruptcy trustee to enter into a new mortgage.
How long after a foreclosure can you get a FHA loan?
The FHA rules require you to wait at least 3 years before you can apply for an FHA loan. However, there is an exception to this rule if there were “extenuating circumstances”, such as a job loss. You would also have to show some improvements to your credit since the foreclosure. In the event that the circumstances and credit improvements are satisfactory, you would only have to wait until after 1 year before you can apply for a FHA loan.