New Hampshire Housing is committed to offering the lowest rates possible, given current market conditions, to help first-time home buyers realize the dream of home ownership.
The Single Family Mortgage Program provides first mortgage financing at below market rates, 30-year fixed rates, options with no points, low down payment requirements, cash assistance grants, and other flexible underwriting criteria. To qualify for the program, borrowers must meet certain income limits and purchase price limits
USDA Rural Development program
Single Family Housing Loans
USDA Rural Development (RD) loans are geared toward homebuyers who live in rural communities and have little to no money for a down payment. RD loans offer flexible, common sense underwriting guidelines relaxed credit requirements, no private mortgage insurance requirement, the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to conventional fixed rate mortgage programs.
Veterans Administration (VA) Home Loan
VA Loan offers:
·NO down payment
·No private mortgage insurance
·Relaxed credit qualifications
·All-time low interest rates
Federal Housing Administration Loan (FHA 203b and
203K rehab loans)
The borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.
The FHA Single family loan limits for 2014
Belknap County $271,050.00
Grafton County $271,050.00
Hillsborough County $295,550.00
Merrimack County $271,050.00
Rockingham County $470,350.00
Strafford County $470,350.00
Sullivan County $271,050.00
Conventional / Conforming Mortgages
Conventional / Conforming loans are for 1-4 unit/condos, primary residences with minumum down payments of 3% and second homes with a minumum down payment of 10%. These loans meet specific bank lending criteria, including the loan amounts, limits set on loans by Fannie Mae and Freddie Mac. Those limits are:
There are two types of conventional / conforming loans: Fixed rate mortgages and adjustable rate mortgages.
A jumbo or non-conforming mortgage loan is any mortgage that exceeds the conventional / conforming loan limit of $417,000. At Regency Mortgage, we'll help you secure loans from $417,001 -$1 million+ on single family/condo, primary residence, and second homes.