USDA Loans in Concord, NH

Buy a Rural Home with Little to No Down Payment

The U.S. Department of Agriculture offers mortgage assistance to eligible suburban and rural homebuyers. Also known as Rural Housing Loans, USDA loans have low mortgage premiums, making this program ideal for low- to medium-income earners.

A USDA loan can help you buy the home of your dreams in a rural area with little to no down payment.* However, you must pay a mortgage insurance premium if you put little or no money down.

PRMI in New Hampshire assists you with your USDA loan application, taking you one step closer to your homeownership goal.

Here are the benefits you can get from USDA loans:

No down payment required*
Seller can help cover up to 6% of closing costs
Rural and suburban single-family homes/li>
Competitive interest rates
Flexible credit guidelines

If you’re eyeing a property in the countryside, a USDA loan can help you acquire your dream home. We are also licensed in Maine, Massachusetts and Florida and can help you with your USDA loan in those states in addition to New Hampshire.

Eligibility

The USDA enacts stringent requirements to limit the volume of beneficiaries, which keeps the loan affordable. As such, they only grant mortgages to applicants with the greatest need. This includes families or individuals who are:

Below the low-income threshhold of the area where they live
Unable to secure a home loan from traditional sources
Without decent, safe and sanitary housing

Requirements

You must meet the following requirements to qualify for a USDA loan:

Choose an eligible location. Check the interactive USDA Loan Property Eligibility Map to determine if the house you plan to buy is qualified for the government-backed loan.
Have a debt-to-income ratio of not more than 41% to prove that you’re capable of paying off the loan.
Verify your income is stable by producing financial documents from the past 24 months.
Applicants with a score of 640 or higher enjoy streamlined processing, whereas those with scores below are subject to stricter standards.

Like other government-backed loans, USDA loans have income limits. The loan amount you can borrow varies depending on your location, income and household size.

Contact PRMI to find out how much you can borrow from the USDA.

Application Process

Find a trusted mortgage lender and prepare for the prequalification. This means answering some basic questions about your financial situation. Next is the preapproval period. The lender will verify information about your finances and other related details. Some lenders let you obtain a USDA prequalification and pre-approval online.

Once you’re through the pre-approval, it’s time to choose a USDA-approved home. You’ll then work with the real estate agent and lender to negotiate the price of the property. After making a purchase agreement with the seller, an appraiser will evaluate the house.

If the property passes the appraisal, an underwriter will assess your application to ensure that it’s accurate. You’ll receive a Clear to Close once the lender and the USDA sign off on your loan.

Loan Experts in Concord

At Primary Residential Mortgage, our goal is to ensure that you get a quick and pleasant homebuying experience. You can depend on us for assistance with your USDA loan in New Hampshire.

We offer our expert knowledge on local mortgage processes to help you find the loan with the best terms. The PRMI team of loan specialists will guide you from prequalification to closing to make sure that you buy your dream home.

*Closing costs and fees may still apply.