Mortgage in New Hampshire

New Hampshire has is one of the smallest states, but it has a high quality of life. Residents can ski, hike, go to the beach, and enjoy the lakes. There are no income or sales taxes, either, so your money goes much farther than in bigger cities like Boston. However, that doesn't make it a cheap place to live. The median home price in New Hampshire is higher than the national average , but it is still relatively affordable compared to other areas, like Boston. If you're thinking of making New Hampshire your home, make sure it will fit in your budget with our New Hampshire mortgage calculator!

New Hampshire Mortgage Calculator: There Are Options

Current and prospective residents of New Hampshire should know that there are three primary loan types to buy a home in this state.

• New Hampshire conventional mortgage: Due to the relatively higher housing costs in New Hampshire, most people will buy a property with a traditional mortgage. These loans require a minimum of 3% down (if the property price is high enough, 20% down is usually mandatory) and a 620+ credit score.
• New Hampshire FHA mortgage: If you can find a home under the FHA limits, this mortgage type is also a popular choice. With as little as 3.5% down and a minimum credit score of 580, FHA mortgages can help make you a homeowner, even if you don't qualify for a conventional loan.
• New Hampshire VA mortgage: Anyone who is a current or former military member has access to one of the best mortgage products. A VA-backed loan has 0% down and does not require mortgage insurance. However, you will need a credit score of 660 to qualify.

Of course, all of these mortgage types require a down payment. Fortunately, New Hampshire has some programs to help people get the funds they need to buy a home.

First-Time Homebuyers in New Hampshire

The New Hampshire Financing Authority offers three main programs that all first-time homebuyers should know about before they start the buying process.

Home Flex Plus and Home Preferred Plus

These two programs are very similar, just with slightly different eligibility criteria. They both provide cash assistance for up to 4% of the base loan amount. The state will forgive this second mortgage if the borrower lives in the property for four years and does not refinance or declare bankruptcy.

Eligibility Criteria: Income and purchase price limitations apply. Borrowers must complete a homebuyer course.

Low Mortgage Insurance Program

Borrowers with high LTV mortgages must pay mortgage insurance. This program offers discounted mortgage insurance options for families with mortgages up to 97% LTV.

Eligibility Criteria: Income restrictions apply.

Homebuyer Tax Credit

Eligible borrowers can claim a federal non-refundable tax credit for some of the mortgage interest they pay. The maximum credit amount is $2,000.

Eligibility Criteria: Both income and purchase price must be below certain thresholds.

New Hampshire Mortgage Calculator: See If Living Here Will Fit in Your Budget

Even though New Hampshire may have some tax advantages, the housing costs are still above the US average. Therefore, before moving to this state, see if the home you want will have a mortgage you can afford. You can do so with our New Hampshire mortgage calculator!