Portsmouth New Hampshire Real Estate - Great News on New FHA Loan Limits!

Are you thinking about buying a home or condo or multi-family in the Portsmouth New Hampshire areas? Check out the newly increased FHA mortgage amounts!

Are you thinking about buying a home or condo or multi-family in the Portsmouth New Hampshire areas?

If so, then the newly released increases in the FHA mortgage amounts may be of particular interest to you! Check the Rockingham County and Strafford County loan limits in the chart below (the yellow highligted rows) - those are some very nice increases for this area for maximum mortgage amounts.

The chart below shows the loan limits for those mortgages that close on or after March 17, 2008. This is good news for buyers and sellers as there is now an option for those needing lower down payments for prices that were above the existing FHA mortgage loan limits.

This chart shows the maximum loan limits per type of New Hampshire real estate (homes/condos and multi-family properties), broken down by county:

County Name	Single Family	Duplex	Tri-plex	Four-plex
BELKNAP	$281,250	$360,050	$435,200	$540,850
LACONIA, NH (MICRO)
CARROLL	$271,050	$347,000	$419,400	$521,250
NON-METRO
CHESHIRE	$271,050	$347,000	$419,400	$521,250
KEENE, NH (MICRO)
COOS	$271,050	$347,000	$419,400	$521,250
BERLIN, NH-VT (MICRO)
GRAFTON	$281,250	$360,050	$435,200	$540,850
LEBANON, NH-VT (MICRO)
HILLSBOROUGH	$402,500	$515,250	$622,850	$774,050
MANCHESTER-NASHUA, NH (MSA)
MERRIMACK	$302,500	$387,250	$468,100	$581,750
CONCORD, NH (MICRO)
ROCKINGHAM	$523,750	$670,500	$810,450	$1,007,200
*ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH METROPOLITAN*
STRAFFORD	$523,750	$670,500	$810,450	$1.007,200
*ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH METROPOLITAN*
SULLIVAN	$271,050	$347,000	$419,400	$521,250
CLAREMONT, NH (MICRO)

Portsmouth NH - New Englander Home Here are some important facts to keep in mind about FHA mortgages:

mortgage insurance is required on FHA insured loans - this protects lenders against losses from defaults.
loan limits vary from location to location, and on the varying property types - the chart above breaks that down.
there are very specific debt-to-income ratios that are allowable for FHA loans - 29% and 41%.
credit history is important - you need to have a good solid track record showing you don't abuse credit and you make your payments in a timely manner.

If you'd like to learn more about whether FHA mortgages might be a viable option for you, and you're not already working with a lender, give me a call and I can point you in the right direction. I work with several experienced and reputable lenders who'd be happy to set up a time to speak to you about FHA financing, in addition to other options that might work for you as well

To read more about why FHA loans could be a terrific fit for you, follow this link to find just why FHA is such a terrific option for many home buyers.

                     Portsmouth NH South End Homes Waterview

Buying real estate in Portsmouth NH can be a fun and enjoyable process - I'd love to help you achieve your goal of buying a new home or condo, AND have fun doing so!

And NOW is a fabulous time to be a buyer in today's real estate market in Portsmouth and surrounding towns in New Hampshire and Maine!

                   Are you looking to buy real estate in the Seacoast NH or Maine areas?
             Give me a call and let's set up a time to talk so I can see how I can help you out!

Related Articles of Interest For Portsmouth NH Homes and Condos Buyers:

RE/MAX New Hampshire


Ann Cummings, Maine and New Hampshire REALTOR
RE/MAX Coast to Coast
Portsmouth NH
  ann@anncummings.com
888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine



http://www.fha.com/important_facts.cfm

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