FHA (Federal Housing Administration) loans

FHA (Federal Housing Administration) loans are attractive to home buyers in NH and MA because FHA loans offer flexibility:NH FHA mortgages

  • Not limited to first time home buyers
  • No income limits
  • Loan Limits Apply (county by county for all States)
  • Required down payment is 3.5% of the sales price.
  • Seller can pay all closing costs and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and is limited to the lesser of actual expenses or 6% (whichever is less).  Typical closing costs run about 4% of the sales price.
  • Minimum of 600 credit score required by Merrimack Mortgage Company for FHA loans – some lenders may go with 580
  • Available for 2-4 unit properties and FHA approved condos
  • Non-occupying co-signers allowed for 1 unit properties
  • rehab funds available thru the 203K and 203Ks programs.   All required docs and more details found on this website under forms.
  • can be combined with NH Housing programs and grants (including rehab)
  • mortgage insurance is 1.75% upfront fee (can be financed into the loan) and a monthly  fee
  • Monthly fee calculated as follows: loan amount X .85% / 12 = the monthly mortgage insurance fee
  • Complete FHA Guidelines Available
  • FHA new construction with less than 10% down requires the builder to provide additional documentation (listed on this website under forms)
  • FHA 203k rehab loans are available; click here for more info on 203K loans.


Contact us today for more information about New Hampshire FHA loan programs

Share This:

Leave a Reply

Your email address will not be published. Required fields are marked *