Portsmouth NH Homes Condos Real Estate

  Portsmouth New Hampshire Homebuyers - Great FHA Mortgages!!

If you're a homebuyer in the Portsmouth New Hampshire real estate market, a whole new option has now opened up for you with the recent increase in the FHA loan limits.

I wrote a post a few days ago annoucing the increases for the New Hampshire Seacoast areas of Rockingham County and Strafford County. If you missed it - check out this post for the loan limits in various housing categories --- >> Portsmouth NH Real Estate - Great News on New FHA Loan Limits!!

FHA is a little more forgiving when it comes to a person's credit history. If you're gone through a Chapter 7 bankruptcy (either you or your spouse/partner), the discharge date of the bankruptcy need to have been at least 2 years ago. This 2 year period is marked from the DISCHARGE date and not from the FILING date of bankruptcy. And if you've satisfied that part, you also must have good solid credit that you've re-established, as well as a steady stable job.

FHA will also give consideration to borrowers who have filed a Chapter 13 Bankruptcy and are still paying down the debt on that. The payments have to have been made on time for at least a year, with verification of that as well. You'll have to fully explain the bankruptcy with your application, and you'll also need to obtain the court trustee's written approval for your FHA mortgage loan. And as would make sense, you must have a good steady work record and good credit that you've re-established, as well as qualifying based on your income.


Late payments on your credit history won't necessarily rule you out for FHA mortgages as they may on other mortgages. Your overall credit history will be reviewed during the underwriting process, and if you have a late payment or two, as long as your overall payment pattern shows those to be isolated incidents, you may be approved for your loan, as long as all over conditions are satisfactory for their mortgage guidelines.


If you've been foreclosed on, or turned in your keys on a deed-in-lieu of foreclosure situation, during the last 3 years, FHA mortgages likely won't be feasible for you. FHA does make periodic exceptions if your primary residence was foreclosed on due to extenuating circumstances. These would be reviewed on a case-by-case basis.



To read in more detail how FHA mortgages work and more detailed information, be sure to check out the FHA Facts. You'll see that these mortgages can be a terrific option for you, and now with these increased limits, basically every town around Portsmouth is opened up to those looking to use FHA mortgages.



If you're looking to buy a home or condo or multi-family in the Portsmouth NH area, and have not connected with a lender or a loan officer yet, I'd be happy to provide you with some highly qualified lenders here in this area that will work hard to help you find the right mortgage program for you.





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:

• 6 Reasons Why NOW Really is a Great Time to Buy!!
• Buying a Home or Condo in Portsmouth NH and Seacoast Areas
• Portsmouth New Hampshire - A Great Place to Call HOME!
• Coastal Condo Living in Portsmouth NH and Seacoast Areas

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

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