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FHA Loans in Concord, NH

Reach Your Homebuying Dreams Sooner

Backed by the Federal Housing Administration, FHA loans offer the ideal financing option for low- and moderate-income earners. The FHA has lower minimum down payments, credit requirements and mortgage rates compared to other loan programs.

You can get approved with a credit score as low as 500, making FHA loans the best option for people without a long credit history.

The following features of FHA loans also benefit first-time homebuyers:

  • Affordable down payments (3.5% for a credit score of 500 to 579; 10% for 580 and up)
  • Low credit score requirement
  • Up to 6% seller contribution

With an FHA loan, you’re one step closer to your homeownership goal. Primary Residential Mortgage helps New Hampshire borrowers qualify and apply for an FHA loan, making sure you enjoy a quick and positive process. We are also licensed in Maine, Massachusetts and Florida and can help with FHA loans in those states as well.

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Requirements and Eligibility

Plenty of borrowers apply for an FHA-backed loan, given its many advantages. As such, the FHA imposes strict guidelines to manage the volume of its beneficiaries.

You have to meet the following requirements to qualify for this loan program:

  • Have a debt-to-income ratio of less than 43% to prove that you’re capable of paying back the loan.
  • The property must be your primary residence, appraised by an FHA-approved appraiser.
  • Provide proof of employment history for the last two years, including federal tax returns, bank statements or pay stubs.
  • Have a FICO score of at least 500.

If you’ve filed for bankruptcy, you have to wait one to two years before you can apply for an FHA loan and three years for a foreclosure.

Income limits may also apply depending on how many people are in the household. Also, the maximum loan amount you can borrow varies according to your income and type of home. Location also influences your loan amount, since counties have different lending caps. Some homebuyers choose to purchase properties in counties with higher limits.

Contact PRMI today to find out the loan limits this 2020 for each county in New Hampshire.

Application Process

This four-step process simplifies the application, ensuring you have everything you need to qualify for an FHA loan.

  1. Get pre-approved. An FHA-approved mortgage lender can fast-track the process for you. Once you get the pre-approval, the lender will give you a letter certifying your eligibility and loan amount. This increases your credibility with the property seller.
  2. Complete Form 1003. Fill out the Uniform Residential Loan Application by Fannie Mae. Declare all the critical information, including debts and expenses, employment and income requirements, and other personal data.
  3. Get the property appraised. A professional home appraiser will inspect the house to get an estimate of its value. If the value falls within the loan amount you requested, you move on to the next step. Otherwise, the mortgage lender may not approve your mortgage.
  4. Go through the underwriting process. The lender underwriter reviews your loan application. If all goes well, your mortgage is approved.

Loan Experts in Concord

PRMI aims to provide FHA loan borrowers in New Hampshire with a pleasant homebuying experience. Our team of specialists leverages their knowledge on local mortgage guidelines to help you through the application process quickly.

Call us today for inquiries and concerns about FHA loans.