Some are surprised to hear that the USDA (US Department of Agriculture) provides financing for real estate purchases. The options are available in designated rural towns and have desirable terms and features. This article includes NH USDA mortgage advice.

NH USDA Mortgage Advice

USDA Home Loan Advantages

  • Local lenders are authorized to offer this type of financing.
  • Real estate can be financed up to 102% of the current value.
  • It can be used to buy a new property or refinance an existing one.
  • The mortgage is not just for farms. It can be used on normal residential homes in rural or semi-rural areas.
  • The loan can be used for single family and multi-family real estate.
  • It may be possible to roll in the expense of various appliances.

Real Estate Location

USDA creates a list of towns in which USDA financing can be used. Buyers are typically surprised to see some areas on the list as most are not as rural as expected. To check eligibility for NH and and other regions, visit the USDA Home Loan website and select either single family or multi-family in the Property Eligibility menu in the top left area. You will be prompted to enter a state and zip code to see a color coded map.

Qualification Criteria

USDA criteria is similar to FHA loan criteria. Buyers should have decent credit, consistent income, and the ability to repay the financed amount. Income limits vary by state, county, and number of members in your household. USDA loans can take more time to approve than other loans, so ask about timelines.

Obtaining Help

Choose a knowledgeable local bank that is approved to provide USDA loans. Your real estate agent may be able to refer a mortgage company. Obtain a pre-approval in advance and ask about the requirements and options in advance of making an offer on homes. Contact Donna DuFour at 800-639-4405 or for up to date NH USDA mortgage advice.