Some are surprised to hear that
Mortgage programs are still available with $ 0 Down!
through the USDA (US Department of Agriculture) provides financing for property purchases. They are applicable in designated suburban and rural towns and have desirable terms and options. This blog provides New Hampshire USDA home financing information.
Click here to see if the address you are interested is eligible for up to 10o% Financing. (up to 102% LTV)
USDA Home Loan Advantages
- Loans are issued through local lenders.
- Real estate may be financed more than 100% of the current value.
- It may be used to finance a new home or refinance an existing loan.
- Contrary to common perception, USDA is not restricted to farm land.
- Single family and multi-unit real estate can be approved.
- It may be possible to include the expense of certain costs.
Real Estate Location
USDA compiles a list of neighborhoods approved for financing. Home buyers may be pleased to find specific areas on the list as many are not as remote as anticipated. To look up eligibility for New Hampshire and and other areas, visit the USDA Loan website at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and select property type in the Eligibility menu in the left hand column. You must enter a state and zip code to display a color coded map.
Qualification Criteria
USDA and FHA loan qualification are very similar. Buyers must have sufficient credit scores, stable earnings, and the ability to repay the mortgage. Income requirements (found at http://eligibility.sc.egov.usda.gov/eligibility/incomeEligibilityAction.do?pageAction=state&NavKey=income@11) vary by region and number of individuals in your household. USDA mortgages can take longer to approve than other mortgages. Check with your loan officer about applicable time frames to ensure that you allow sufficient time prior to settlement.
Getting Assistance
Select a reputable local bank that provides USDA mortgages. Your real estate agent may be able to refer a lender. Request a pre-approval early and understand the requirements and alternatives in advance of submitting a bid on homes. Contact our NH Office at 603-818-4848 or info@scottgg.communityhomesforsale.com for other New Hampshire USDA home financing information.
***Please note we are not lenders and terms above are subject to change***
Pelham NH 34 Jennifer (this link is a sample of an “eligible property” )
Bow NH USDA Home Financing Options
