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New Hampshire Mortgage Programs

What to Know Before Buying a Home in New Hampshire

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.

New Hampshire Products and Programs

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.


Common Loans

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.

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.

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.


Low Down Payment & Government Loans

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.


Additional Loans

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.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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