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Total Mortgage in New Hampshire

As New Hampshire's leading loan provider, Total Mortgage offers one of the most reasonable mortgage rates in the state. Our team of experts thoroughly scans the current rates from different lenders, credit unions, and mortgage companies across the state to ensure that you have the best choices of current mortgage rates in NH for your dream home. No worries if you are buying your first home or considering refinancing your current one. We are here to ensure the most favorable interest rates on home loans in NH. It is our commitment to find the home of your dreams at minimal monthly expenses. Reach out to us if you have any questions about down payment assistance or the current mortgage rates in NH. We are here to help you find the best home financing option.

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Frequently Asked Questions

What are the current mortgage rates in NH?

 

The most up-to-date mortgage rates in New Hampshire can be accessed at our website, listed here just above the FAQ section. The rates on our site are updated twice a day to ensure accuracy and authenticity.

Where can residents find the best mortgage rates in NH?

 

To secure the best mortgage rates in NH, you need to compare the rates, monthly payments, and APRs, as mentioned, against each product in the above section. You need to understand the eligibility criteria and the associate fees for every option before you take a call.

Is it possible to negotiate mortgage rates in the state?

 

Yes, as a buyer, you have the negotiating power to get the best mortgage rates in NH. However, you can negotiate mainly based on your creditworthiness. You also need to ensure that you get quotes from all applicable lenders. You can also buy mortgage points in New Hampshire by paying interest upfront, which will reduce the interest rate and monthly payments. 

Is it advisable to lock my mortgage rate in NH?

Mortgage rates in NH are subject to frequent fluctuations. This makes the rates pretty unpredictable. Therefore, locking the rates is advisable. However, you need to note the conditions for locking your mortgage rates -

  • • When rates consistently rise, rate locking can safeguard you from higher costs.

  • • If there is a potential reason for a hike in interest rates at a Federal Reserve meeting, you must lock the rate beforehand.

  • • Locking the rates means an unchanged monthly payment protecting you from market volatility.

  • • A rate lock is also advisable if you have a fixed closing date and no delays are expected.

What is considered a reasonable mortgage interest rate in NH?

 

Don't just focus on the interest rate for the best mortgage rate in NH. You need to look at other terms, such as APRs, closing costs, fees, etc. The best way is to compare details from all lenders for an optimized deal thoroughly.

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NH First-time Homebuyer Programs

Home First Program Conventional

This loan program is offered by NH Housing and Fannie Mae, a version of the HomeReady product. It is only meant to finance home purchases, not refinances, and can be availed only for the purchase of your primary residence. The term is 30 years with a fixed rate of interest.

As far as the eligibility criteria are concerned, buyers need to -

  • Be within the purchase price limits and not exceed Home First Income limits.
  • This is a mandatory program for NH first-time home buyers. However, if you are buying as a qualified veteran or in a targeted community, there can be some flexibility.
  • One of the borrowers must mandatorily complete the Homebuyer education, either online or in person. For 2 to 4 units, landlord education is also required.

The eligible properties under the loan program are -

  • 1-, 2-, 3- or 4-unit properties, condos, PUDs, or manufactured housing.
  • It can be a new construction or an existing one.
  • If buying a multifamily unit, it must be a minimum of 5 years old.

Home First Government

For first-time home buyers in New Hampshire, the Home First Government program is characterized by down payment assistance and cash assistance. This is an NH Housing mortgage program, which is funded by proceeds from the Mortgage Revenue Bond. The downpayment is low, and the loan is offered only for purchase, not refinancing. It is a 30-year term with a fixed-rate interest rate. It is applicable only on the purchase of a primary residence.

Eligibility of borrowers include -

  • It is applicable for first-time buyers in NH.
  • Rules can be flexible for qualified veterans or buying property in a targeted community.
  • Non-occupant co-borrowers need to meet the insurer's guidelines.

The loan can be used to buy 1-, 2-, 3—or 4-unit properties, condos, PUDs, or manufactured housing. A cash assistance option of $5,000 or $10,000 is offered as closing cost or down payment assistance NH.

1st GenHome NH – Down Payment Assistance Program

This program for first-time buyers in NH is used in conjunction with the NH Housing First Mortgage program. The program offers down payment assistance NH of $10,000, which can also be used to pay prepaid escrows and closing costs. It is applicable only for purchases and not refinancing. The loan can be used to buy a single-family unit for primary residence. Financing is received from approved lenders of NH Housing.

The borrower's eligibility criteria include -

  • Need to be a first-gen homebuyer.
  • Income and purchase price limits need to be met.
  • The borrower, co-borrower, parent, non-borrowing spouse, or legal guardian does not currently own a house or has owned one.
  • Additionally, the homebuyer must complete in-person homebuyer education through HOMEteam, AHEAD, or The Housing Partnership.

Other New Hampshire Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

New Hampshire Housing's Home Flex Plus Program

This NH Housing mortgage program allows you to take FHA, USDA, and VA loans with down payment assistance NH and closing costs. It is offered as a second mortgage, and if the homeowner does not sell the home, refinance the primary mortgage, or, in case of bankruptcy, the loan can be forgiven after five years. Else, repayment is a must. The loan can be availed by first-time borrowers and homeowners who own a property. At least a credit score of 620 is required.

New Hampshire Housing's Home Preferred Plus Program

This conventional home loan program offers up to 97% financing. Homebuyers can receive forgivable assistance for closing costs and down payments. If the homebuyer earns less than 80% of AMI (Area Median Income), they can get reduced mortgage insurance rates. Buyers need to have a credit score of more than 620. First-time home buyers in New Hampshire must complete a homebuyer education course

FHA Loans

Applicants must have a credit score of more than 580 to take advantage of NH FHA mortgage loans. The Federal Housing Administration offers the loans and has a minimum down payment of 3.5%.

USDA Loans

One of the best programs for down payment assistance NH. It is meant for applicants planning to buy a home in rural New Hampshire.

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