If you are a resident of this state on the East Coast, you may be eligible for a financing scheme that is affordable for many low-to-moderate income families. This is the FHA mortgage New Hampshire, which is accessible to low-income borrowers whose earnings are below 80% of the area’s yearly average income. Moderate-income homebuyers, on the other hand, can access financing at 115% of the Area Median Income (AMI). More so, we can assist you to get rehabilitation funds to the tune of $10000 if the property under purchase needs a revamp.
How to Avail Repair Funds
You can either apply directly for rehabilitation or use the services of a home inspector to assess the various units of a home that need repair. Usually, you need to conduct any revamping work before you can qualify for the mainstream FHA mortgage NH. Here are the options you have:
- You can inject the rehabilitation costs of up to $10000 to the rest of the loan instead of paying separately.
- You can also qualify for FHA mortgage New Hampshire for rehabilitation costs alone if you already have an existing piece of property.
Thus, depending on which option suits you best, you can avail a convenient repair plan through the facilitation of our team at the FHA Home Loan Group.
Essential Steps before Rehabilitation
Prior to applying for FHA mortgage New Hampshire for rehabilitation purposes, you may need to follow these steps with the help of a home inspector:
- Evaluate the total amount the repairs will require.
- Use the services of a real estate agent or home inspector to provide an estimate of the value of the property after this overhaul.
We have qualified real estate agents who can help you meet the latter stipulation for your FHA mortgage NH. Just give us a call at  202-4479!
Choose Streamline Refinance
You can also seek to reduce the burden of the monthly payments by bringing down the interest rate on an existing program. As such, we recommend the Streamline Refinance option which has these advantages:
- It brings down the interest rate on an Adjustable Rate Mortgage (ARM) to a low margin.
- You do not have to conduct reappraisal during this process.
- There is also less paperwork since you use the same documents as in the initial application for FHA mortgage NH.
How to Qualify For the Program
You can pass the eligibility test with the following few requirements:
- Do you have a credit score of at least 620? There are certain cases where you can receive approval with even a score of 580.
- Do you have a consistent job record for the previous 24 months?
- Do you have other outstanding debts? If you do not have, then you can apply.
In short, you can qualify for FHA mortgage New Hampshire if you manage to meet the few requirements above. You can also apply for either a rehabilitation loan that rolls into the main balance or go for a refinance option to lower your interest rate. The only remaining step is to get in touch with our team for immediate assistance.