NH Mortgage Information
Village House Real Estate works directly with Donna Hennessey of Regency Mortgage Corporation for all of our NH Mortgages. Learn more about the mortgage process below, or contact Donna directly at 603-848-7001.
Your REALTOR can refer you to a mortgage loan officer who can help you with the mortgage process.
The best way to understand what your closing costs will be is to contact a mortgage loan officer for a ‘good faith estimate’ of closing costs which will provide you with a detailed itemization of all costs associated with purchasing a home. Closing costs can range from 3% of the sales price to 6% of the sales price. Usually some or all of the closing costs can be paid for you by the seller if you negotiate this into the sales price.
One variable that can cause closing costs to range by as much as 2% (or more) is the decision to pay points or not.
These types of mortgage loans generally are 30-yr fixed rates but 15-yr and 20-yr options are available. Conventional mortgages are for borrowers with a down payment of 5% or more.
FHA (Federal Housing Administration)
The FHA loan is the most popular loan today for borrowers with less than 5% down payment. The minimum down payment for an FHA loan is 3.5%. The seller can pay all of the buyer’s closing costs. There are maximum loan limits for this program.
This federal program is very popular. It requires no down payment and the seller can pay all of the borrower’s closing costs. Income limits and property restrictions apply (the property cannot be located in a city (Concord, Keene, Manchester, Nashua, etc)).
Within NH Housing, there are several options to choose from. Borrowers must be first time homebuyers unless purchasing in a targeted community (Concord, Manchester and others). Income and Sales Price limits do apply. NH Housing programs are sometimes the best choice for a borrower looking to purchase with as little as 1% down. Visit their website for more information: www.NHHFA.org.
VA (Veteran’s Administration)
The VA loan is an excellent program for Veterans. There is no down payment and the Seller can pay all of the borrower’s closing costs. There are maximum loan limits for this program.
Second Home Financing
Second home financing is available through the conventional loan products.
Seasonal Home Financing
Seasonal homes can be financed with a 10% down payment with a conventional loan.
Manufactured (mobile) Home Financing
There are several options depending on whether the property is in a park or on its own land. FHA financing can be used if the foundation meets FHA standards. Rural Housing can be used for new manufactured home financing only. Conventional loans require 10% down payment. NH Housing is available in approved co-ops.