Although buying a home is an exciting step, it can be challenging to navigate the housing market and align your finances. The purchasing and offer process varies state to state, which is why it’s important to work with a mortgage lender that has experience across multiple states. Here are some of the differences to be aware of when shopping for a home in New Hampshire.
Property Types Vary Greatly
New Hampshire is a largely rural state, its most populous areas being the Seacoast region and towns with colleges. The Seacoast features many single family homes with high property values, while a property of equal size can be found for half the price further inland.
Know New Hampshire Taxes
New Hampshire has the fourth-highest property tax rate in the U.S. at 2.05%, compared to the 1.07% national average. Escrow, transfer tax and other closing fees are also higher in New Hampshire. However, the state has no income or sales tax, which can lower the overall expense of buying a home. The transfer tax is 1.5% of the sale price, but can be split between the buyer and seller.
New Hampshire is a Title State
A notary may preside over a closing in place of an attorney in New Hampshire, which can help lower the overall closing costs.
You May Need Flood Insurance
Believe it or not, according to the NH Department of Safety, floods are the most common natural disaster in the state. The Seacoast region, with its many inlets and pockets of water, is especially prone to flooding. You may be required to purchase additional homeowner’s insurance specifically for flooding if you live in a high-risk flood zone, which raises your mortgage accordingly.
Oil Tanks & Wells
New Hampshire homebuyers might be required to produce certification of a buried oil tank. Since this is an environmental hazard (originating from when homes were heated with heating oil instead of gas), they must be properly decommissioned and disposed. Some oil tanks are actually buried beneath the home or garage, so the potential cost of decommissioning should be placed in the contingencies.
Private Water & Well Testing
If you are considering a property with access to private water and sewer, know that this will raise inspection and closing costs. New Hampshire law does not require water well testing as a condition of sale. However, you can write in water quality as a contingency in your contract.
Interested in talking through the home buying process in greater detail? Let’s chat.
Why You Need To Get A New Hampshire Mortgage
One of the main reasons to buy a home in New Hampshire is the quality of life found all throughout the quaint New England state. Known for its “Live Free or Die” motto, this original colony boasts a healthy economy, strong education system, robust tourism industry and all of the outdoor recreation opportunities a person could ask for. New Hampshire is routinely ranked one of the best places to raise a family in the United States and is continually listed among the safest places in the nation.
When you do begin the process of buying a home in New Hampshire, be sure to get to know the many resources and tools at your disposal. Not only is there information on assistance programs identified through the U.S. Dept. of Housing and Urban Development, but there is also the New Hampshire Housing Finance Authority, an agency that promotes, finances and supports affordable housing so residents can live where they work and play. And once you become an official resident, be sure to check out this special guide designed by state officials to educate and update all Granite Staters on life in New Hampshire.
No matter which program you choose to explore, Blue Water Mortgage is proud to provide timely communication, expert advice and the personal touch of a local, owner-operated brokerage. With over 150 years of collective credit-based mortgage experience, we have the knowledge to find the best New Hampshire mortgage for you — your dream home is within reach. Let’s get started.
Refinancing – When homeowners take out a new home loan to replace their existing one (to help reduce monthly payments and gain long-term savings), the new loan pays off the initial loan.
Fixed Rate – Fixed Rate mortgage loans are predictable payments because they maintain a fixed interest rate for the entire life of the loan, as opposed to loans where the interest rate may be adjusted.
First Time Home Buyers – We’re happy to help guide you through a transparent and predictable mortgage process.
Conventional Mortgage Loans in NH – Conventional loans are most common, private-sector loans that are not government-backed but follow guidelines set by Fannie Mae and Freddie Mac.
Non-Conventional – These loans cater to borrowers who may have been rejected for a conventional loan due to self-employment, bankruptcy or unsteady employment history.
Adjustable Rate – This mortgage has an adjustable interest rate, which might allow a buyer to start with a lower monthly payment.
NHHFA – New Hampshire Housing Finance Authority alternatives offers mortgage programs with flexible, affordable down payment and financing options.
Low Down Payment – These government-backed loans only require a 3.5% down payment, even for borrowers with less-than-perfect credit.
FHA – These loans are more forgiving for people with lower credit scores – and are designed to help borrowers who might not qualify for conventional loans.
FHA 203K – This government loan is flexible for fixing up homes with deferred maintenance.
VA – Veterans mortgages are like a conventional loan, but with specific benefits for veterans such as no down payment, no cash reserves and no application fee.
USDA – These rural home loans have low rates, no down payment and are designed for borrowers who purchase homes in communities of less than 20,000 people.
Home Loans for Bad Credit – Clear lingering credit history issues and discover a mortgage option that suits your financial situation.
Jumbo – A Jumbo loan is a mortgage exceeding the conforming lending limit of Fannie Mae or Freddie Mac, which in most areas is $417,000.
Non-Owner Occupied – If you are purchasing a property that will not be your primary residence with between one and four units, you may face more red tape since it has a higher risk of default.
HELOC – A home equity line of credit, often thought of as a second mortgage, allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.
Home Improvement – Whether you’re looking to renovate, remodel or increase the value of your home, this program can help get the job done.
Police & Firefighters – Serving as a first responder in the community can help secure optimal terms on a home mortgage loan.
Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everythin…
My experience with Blue Water Mortgage was wonderful. As a first time home buyer, I had many questions and concerns. Laura pa…
Laura was great to work with! She took the time to answer all my questions, kept me updated on the process, and helped to mak…
We have worked with Blue Water Mortgage group several times over the years, they helped with our home purchase, sale and refi…
We had a fantastic experience with Blue Water Mortgage. We were referred to them by two of our friends, we would definitely r…
My wife and I just completed a closing with Blue Water and our experience was phenomenal. We had a very quick turnaround from…
Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with…
Blue Water Mortgage was recommended to us by our realtor and we are so glad she did! This is our third time buying a home and…
My husband and I recently went through Blue Water Mortgage as first time home buyers with the assistance of Derek and Jay, wh…
I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by…
We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our cont…
Roger worked with me on an extremely complicated deal, and his knowledge, persistence and excellence helped to pull everything together. He invested the time and effort needed to make the deal happen. I had other mortgage companies that would not take on this challenge, but Roger stepped up to the plate and made it happen. I also did another deal with Roger that went extremely quickly and efficiently. Roger would not rush through his calls with me, but take his time to outline all the steps needed. After working with Roger I don’t think that I could work with another loan officer again. I would highly recommend Roger to anyone who is in need or a mortgage.
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Hiccups are always to be expected with an FHA and a first time home buyer. I would recommend the organization and effort with a 10. They worked through a ton of grey area to get to the nuts and bolts of a few last minute road blocks. I really felt like they were putting in the extra effort for me. I would absolutely recommend Blue Water to any first time home buyer. Great job!
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My husband and I recently went through Blue Water Mortgage as first time home buyers with the assistance of Derek and Jay, whom made the process painless. They both made themselves readily available to answer any questions or concerns throughout the entire process. They were extremely attentive and answered with timely responses. They completed the bulk of the paper work, asking for bits and pieces along the way. I was impressed with their level of knowledge and ability to be flexible. Our realtor was also impressed with how easy they were to work with. We would highly recommend using Blue Water Mortgage. Derek and his team ROCK!
I have worked with at least a dozen loan officers at different mortgage companies over the past several decades and Lee is by FAR the best that I have ever dealt with. Lee is extremely helpful, insightful (knows the industry top to bottom), is creative and offers exceptional customer service. While Lee is a true professional, she is also understanding, has a great sense of humor and just knows how to get things done quickly and on or ahead of schedule. I would HIGHLY recommend Lee to those that want only the very best – Lee is a true professional!
We were referred to BlueWater Mortgage through our bank, The Provident and it was a great experience. From the start our contact, Scott, was always attentive, informative and professional. He worked out a great rate, helped us get all of our paperwork in order and answered all questions whenever needed. All of this came together to ensure a smooth and easy closing. I would certainly recommend Blue Water Mortgage to anyone shopping for a mortgage or refinance.
