Fixed Rate Mortgages
The fixed rate mortgage is a very common mortgage type. Your monthly payment for interest and principal never changes. Other costs may change such as property taxes and home insurance.
Adjustable Rate Mortgages
Typically these loans begin with an interest rate significantly less than a fixed rate mortgage, but the rate can change every year, once every three years, once every five years, or perhaps other time increments. Your mortgage rates could go up or down depending on market rates.
FHA Home Mortgage Highlights
Insured by the Federal Housing Administration, the FHA home mortgage could be a solution if you meet certain criteria. FHA loans are not just for first time home buyer. They offer low down payments, lower closing costs, and are easier to qualify for if your income is within the qualified range. Click here for more information about FHA home loans.
USDA Rural Development Home Loans
The USDA Rural Development Home Loan is a federally insured loan program that provides very affordable lending terms for borrowers. These loans are also not just for the buyer of theirfirst home.
VA Home Loans
American servicemen or women and/or their spouses can apply for a Veterans Administration (VA) home mortgage. You can give Lynne a call or send her an email to find out if you qualify for a VA home loan. A few requirements are that service members who have served 90 days or more in the military or have received honorable discharges could qualify for VA loans. VA loans are not funded by the Veterans Administration, but rather insure the loan on behalf of the lender in the event of mortgage default. Click here for information about VA loans.
Construction Loans
If you are planning on building a new home, you can apply for a construction loan. First, you'll need to determine how much you can afford to borrow. Lynne would be happy to speak with you to find out what you can afford to build based on the construction cost, land cost, and your affordable budget. Once this is calculated, then you can decide on what type of construction loan meets your needs. We offer construction-only and construction-to-permanent types.
NH Housing Single Family Mortgage Program
This Single Family Mortgage Program is designed primarily for first time home buyers and provides 30 Year Fixed Rate Mortgages. The program can include cash assistance, purchase/rehab loan program, American Dream Program, and the Home Access Program. For more information, please check out our loan program details page. You can also find out more about the program from this page New Hampshire Housing Finance Authority Website.
You should compare the costs versus the benefits of the refinance to determine if it’s the right decision for you. Lynne Haney, a Licensed Mortgage Professional, would be glad to speak with you to review your options.
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