Find Mortgage Brokers and Lenders
A first step in organizing your home buying team should be contacting a mortgage broker/lender that will help guide you through the mortgage process and give you an idea of how much home your annual income can purchase. Loan programs are explained below, and which originators offer them. Once your mortgage purchasing power is determined, then it is time to select a buyer’s agent to guide you through the rest of the home buying process.
Down Payment Assistance
VA and FHA Loans
New Construction Loans
Reverse Mortgage Loans
Equine Farms, Country Properties with Land
Commercial, Business and Industrial Loans
New Hampshire Housing offers several different loan programs for first-time homebuyers to help make homeownership more affordable. While the specific programs may have different income limits, in general, they serve borrowers with incomes up to $135,300. They also offer “Cash Assistance” of 2% or 3% of the base loan amount which can be used towards the down payment, closing costs and prepaid escrows. In many targeted communities the first-time home buyer requirement does not apply. Your loan officer can give you a list of these targeted communities and any conditions that may apply.
The Homebuyer Tax Credit program can decrease the Federal income taxes you owe by up to $2000 annually. This is not a onetime tax credit; it is an annual credit for the life of the original mortgage if you live in the home. You can review participating Loan Originators and the towns they service. Contact one of them for any help or questions you may have about the New Hampshire Housing programs.
These mortgage brokers/lenders offer your typical 30- & 15-year residential mortgages for existing homes. A newly constructed home can be financed with a residential mortgage if the homebuilder is the one that applied for the new construction loan. These brokers/lenders may also offer refinancing options and most lenders will offer home equity loans.
These 30- and 15-year programs are more commonly referred to as government loans because they have much lower down payment needs and much lower credit score requirements. Veteran loans (VA) offer 100% financing. Both programs are guaranteed by government agencies against most losses the lender may incur.
When a homebuyer is applying for a new construction loan it is a two-step process. The first loan is a construction loan and money is dispersed as the home is being built. When the home is ready for occupancy the existing loan balance is then converted to a typical 30-year residential mortgage. There are several loan programs that would allow the homebuyer to build a newly constructed home prior to their existing home selling. Contact one of the mortgage originators to explain how this is done.
A reverse mortgage is a loan. Unlike a home equity loan however, it does not need to be paid back until you are no longer using the home as a primary residence. The bank makes payments to you based on your home equity value.
To be eligible, one of the homeowners must be 62 years of age or older. They can be a small balance owed, but that would be paid off with your new reverse mortgage. Loan proceeds can be used for any reason. You can receive your money in a lump-sum, monthly payments, a line of credit or any combination of the above.
This is a specialized field and the mortgage originators have the experience and training to assist you.
Equine farms and country properties with a large amount of acreage are usually not available to be mortgaged with a standard residential mortgage. There are lenders that specialize in this type of property and you can find those loan originators here.
A commercial or industrial loan is most often a loan to a company rather than an individual consumer. Commercial loan programs are available for the purchase of retail/office space, strip shopping malls, multifamily buildings, mixed use commercial buildings and industrial buildings.
Many commercial lenders also offer SBA business loans. These loans are usually to finance capital expenditures or provide working capital to the borrower. Commercial lenders also offer all types of business, commercial, and industrial construction loans.