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Last updated: Feb 02, 2023
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

New Hampshire Mortgage Overview

Over 70 percent of homes in New Hampshire are owner-occupied. With a median home price of $261,700, it's a great place to call home. New Hampshire is a historical state that stays true to its legacy, and still, use its nickname 'The Granite State' today.

If you're thinking of moving to this East Coast state, here are your loan options.

New Hampshire conventional loans

Borrowers need a 660 credit score and a max 36 percent debt ratio for the conventional loan. With just 3 percent down as a first-time homebuyer or 5 percent down as a subsequent homebuyer, you can secure a home loan. Conventional loans require Private Mortgage Insurance until you pay off 20 percent of the home's value.

New Hampshire FHA loans

All you need is a 580 credit score and a 3.5 percent down payment for the FHA loan. Borrowers may have a 45 - 50 percent debt ratio. Even if you have a 500 - 579 credit score, you can get funding. You'll need 10 percent down and lenders may be tougher on your debt ratio, but there's a chance of approval. FHA loans require mortgage insurance for the loan's term.

New Hampshire VA loans

Veterans and current military members can secure 100 percent financing from a VA lender. Lenders require a 620 credit score and enough income to cover the mortgage, consumer debts, and the daily cost of living. You don't need a down payment and VA loans don't charge mortgage insurance. There is an upfront funding fee but you can roll it into your loan amount.

New Hampshire USDA loans

Rural living in New Hampshire is beautiful. The USDA loan may be a good option if your household income is less than 115% of the area's median income. Borrowers need a 640+ credit score to qualify. If you do, you'll get 100 percent financing. USDA loans have low interest rates and low mortgage insurance for the life of the loan.

First-Time Homebuyer Programs in New Hampshire

Home Flex Plus Program

Receive up to 4 percent of the loan amount in down payment or closing cost assistance with the Home Flex Plus program. This is a second mortgage program that's forgiven after 4 years if you're still in the home. The program has income limits you must meet.

Home Preferred Plus Program

If you make 80 percent or less of the area's median income, you may qualify for 97 percent financing at below-market rates and below-market mortgage insurance costs. The 3 percent down payment is a forgivable loan that's forgiven if you live there for 4 years.

Home Start Homebuyer Tax Credit

Receive an annual tax credit for the life of the loan with this program. This makes it easier to afford a home by decreasing your taxable income and keeping more money in your pocket.

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