FHA (Federal Housing Administration)
– Not limited to first time home buyers
– No income limits
– Loan Limits Apply (county by county)
– 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).
– Minimum of 620 credit score required by Merrimack Mortgage Company for FHA loans
– 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
-mortgage insurance is 1% upfront fee (can be financed into the loan) and a monthly fee
Monthly fee calculated as follows: loan amount X 1.15% / 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)
