New Hampshire and Maine Homes and Condos

  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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