Portsmouth NH Real Estate - Springbrook Condos

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 little bit 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.


Portsmouth New Hampshire Homes
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.


                  Portsmouth NH South End Homes Waterview 


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:




    Search Homes Condos For Sale    Portsmouth NH Area Real Estate Market Reports

      Contact Ann Cummings New Hampshire REALTOR  Featured Listings  Read My Newsletter   



RE/MAX New Hampshire

                                  
  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                    REALTOR



                                     Ann Cummings New Hampshire REALTOR

 

16 Comments on Portsmouth NH Real Estate - Great Financing Options With FHA Mortgages

MAR
23
2008
878,969 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Hi Ann - FHA mortgages are going to be very popular as the mortgage market continues to shift. It is opening doors for many that will not be able to get loans otherwise.
7:30am • #1
209,265 Points 4 Featured Posts Localism Sponsor Outside Blog

Ann,

FHA is once again becoming KING in the market!  I remember when it really came through for us in the early 80's.

Have a Blessed Easter!

Lucky :)
7:48am • #2
329,920 Points 45 Featured Posts Outside Blog Attended Rain Camp

Hi Bill - I think the new loan limits, at least for my areas, is a great bonus, and as you said, will open doors for homebuyers that might have been potentially cut out of the market.

Hi Lucky - I remember those days back then.  Most of my first sales in the early 80's were VA and FHA.  As I recall, it was quite some time before I sold a house with conventional financing.  FHA is a terrific option for many buyers.


Thanks for the comments, and a Happy Easter to each of you!
Ann
8:53am • #3
284,851 Points 37 Featured Posts Localism Sponsor Outside Blog
Ann, this is a great, easy to understand summary of FHA Loans.  How great that your limits have risen substantially.  That should help many of your buyers in Portsmouth!
9:06am • #4
329,920 Points 45 Featured Posts Outside Blog Attended Rain Camp

Hi Diane - when I started reading up on the FHA guidelines, I was surprised at some of what I found.  So I thought doing a post on it might be of some help to potential buyers who didn't know the benefits of FHA financing.  Yes, I was quite pleased to see what our loan limits increased to - puts a whole lot of homes in the running now for those who need or want to use FHA mortgages.

Thanks for the comment!
Ann
9:22am • #5
315,754 Points 39 Featured Posts Outside Blog

That increase really makes a big difference in our area.  So many buyers use FHA that this will open the door much wider.

Happy Easter Ann! 
9:29am • #6
329,920 Points 45 Featured Posts Outside Blog Attended Rain Camp

Hi Monika - I was really pleased when I saw the increase for our county - what a difference that is going to make for plenty of buyers. 

Happy Easter to you and Jay!
Ann
2:34pm • #7
559,078 Points 91 Featured Posts Outside Blog Attended Rain Camp

Ann,

I'm not aure but do you see the new standards for FHA loans as a beneift for buyers?
7:13pm • #8
329,920 Points 45 Featured Posts Outside Blog Attended Rain Camp

Hi Neal - by new standards, do you mean the new increased loan limits?  For my area, I really do.  Our limits increased here, and that opens up more choices in mortgages for buyers up to $523,000 or so in my area.  Our previous loan limits were $363,000 or so - nice increase here!

If you mean the guidelines I wrote about in this post, those aren't new.  I just wanted to make more people aware of them so that they know FHA really is a viable option for them, especially if they don't have an excellent credit history

Ann
7:29pm • #9
2 Featured Posts
Ann...I worked  part of the day but we did have a very nice low key Easter.
7:42pm • #10
1,362,346 Points 244 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Ann FHA great loan product these days especially with Fannie and Freddie imposing more and more points because of credit scores.  This week Fannie started to impose points on credit scores under 720.  With FHA you don't have to charge points unless they are under 620.  Big difference!!!
8:34pm • #11
MAR
24
2008
3 Featured Posts
Ann - It is good to know that there is hope for those who have had financial difficulty in the past to own again once they prove themselves.
6:56pm • #12
329,920 Points 45 Featured Posts Outside Blog Attended Rain Camp

Monika - seems like a number of us worked part of the day for Easter - we do what we do! 

George - FHA is a GREAT product, and I think many just looked right over it the last few years.  But it's still here and even better with the increased loan limits we got for my areas here around Portsmouth NH.  I had heard about the points being charged based on credit scores - I like the FHA guidelines better.

Judy - there is always hope and you're right about FHA providing it.  I think it's a terrific program, and I hope more buyers are made aware of it, especially now with these increased loan limits for our areas.


Thank you for the comments - much appreciated!
Ann
8:06pm • #13
MAR
28
2008
455,883 Points 24 Featured Posts Outside Blog

FHA really is a wonderful option!

Sorry, that wasn't profound, but I wanted to let you know I read your blog and appreciated the info you provide.

I don't always comment but I do always read.   If I don't have something sensible to say, I say  nothing, cause some people think a "Great blog" comment is just for points...I don't comment for points.  But anyway, I protest too much...lol  
12:18pm • #14
APR
04
2008
118,846 Points 9 Featured Posts Outside Blog

Hi Ann. Great information for your New Hampshire buyers and sellers.

You're right that FHA is more forgiving of credit problems. But I'm noticing a trend where investors that buy loans from Brokers and other loan originators are tightening up their guidelines beyond what FHA allows.

It's a good thing to work on those credit problems now.
12:43am • #15
APR
05
2008
329,920 Points 45 Featured Posts Outside Blog Attended Rain Camp

Hi Karen - I'm glad you read, and I thank you for that and for your comments!!

Hi Joey - thanks for that tightening up info, I have not encountered that as yet.


Thanks for the comments!
Ann
5:46pm • #16


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Portsmouth NH Homes Condos - Ann Cummings New Hampshire REALTOR®

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