New Hampshire FHA Loan | Requirements | 2020 FHA Loan Limits
New Hampshire FHA Loan Requirements
Below are some of the basic requirements to get an FHA loan in New Hampshire. If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender. To have an FHA lender contact you, request a free consultation.
- Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
- Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
- Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
- Debt-to-Income – You can not have a debt-to-income ratio higher than 43%. However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
- Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
- Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance. This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts. You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
- FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in New Hampshire below.
Would you like to see if you qualify for an FHA loan? We can help match you with a mortgage lender that offers FHA loans in New Hampshire. To have an FHA lender contact you, request a free consultation.
2020 New Hampshire FHA Loan Limits
Below are the 2020 FHA loan limits for every county in New Hampshire:
|County||Single Family (1 Unit)||2 Units||3 Units||4 Units|