New low down payment Jumbo mortgages are now available to qualified home buyers in New Hampshire. Low interest rates together with more flexibility make this a great time to purchase a home.
Most counties in NH have conforming loan limits set at $484,350, the exception to this is the high-cost counties of Rockingham and Strafford Counties. These counties have a higher limit of $688,850. Any loan amount beyond this would be classified as a Jumbo loan.
Let’s review some commonly asked questions below, homebuyers that have questions can contact us by calling the number above or filling out the quick Request Contact form on this page.
Q: So what is the minimum down payment for Jumbo loans today?
A: That depends on the loan amount. Jumbo loans with only 5% down are available, however, the loan amount is capped to $2,000,000. 90% jumbo loans (10% down) can be obtained for loans up to $3,000,000
Q: What credit score do I need to qualify?
A: Again, this depends on the down payment and loan amount. 700 credit is needed to be approved for 95% financing. Buyers with a lower credit score down to 660 can be approved with a larger down payment.
Q: Are there options for self-employed buyers?
A: For sure, self-employed borrowers will need to document their income with a minimum of two years tax returns. Generally, a net income of those two years will be used for qualifying purposes. Keep in mind, these programs are fully documented loans, and “stated income” or “no doc” loans are not available.
Q: Can I get a short-term adjustable rate?
A: Yes, all common fix rate and ARM options are available. Please note all programs are fully amortized loans with principal and interest payments. Limited interest only amortization programs are also available for well-qualified buyers. Negative amortization is NOT available.
Q: Can I purchase a condo with this program?
A: Yes, most condos along with townhomes and of course single-family homes are eligible. Building a new home on your own lot is not permitted.
Q: What is the debt to income ratio limit?
A: Generally 35%-48% depending on the borrower’s credit profile, down payment and other compensating factors.
Q: Are these programs available outside of New Hampshire?
A: Yes, nationwide.
Q: How long does the approval process take?
A: Homebuyers can get preapproved 7 days a week. Closing generally take 2-3 weeks once the borrower is under contract to purchase a home.
Happy to serve all NH: Belknap, Carroll, Cheshire, Coos, Grafton, Hillsborough, Merrimack, Rockingham, Strafford, Sullivan County