Home Point Financial is pleased to announce that we now have New Hampshire USDA (United States Department of Agriculture) financing. USDA Loans are intended to provide lower-income homeowners with 100% financing (with no down payment). Once known as farm loans, they are now available to residents in almost every county outside of major metropolitan areas (rural areas in New Hampshire including Grafton County, Sullivan County, Cheshire County, and others).
USDA Loan Requirements and Guidelines
There are a number of requirements to quality for New Hampshire USDA Loans:
- Monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders.
- New Hampshire borrower must have enough income to pay housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Property must be considered rural, which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
New Hampshire USDA Mortgage Rates
USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, property being financed, etc. In general, USDA rates are better than average compared to other options for qualifying individuals.
New Hampshire USDA Lender
Contact Home Point Financial to learn more about USDA and other home loans.