The Home Preferred loan is a conventional loan offered through NH Housing. Borrowers can put as little as 3% down. The rate may be lower than what is otherwise available and the mortgage insurance cost is lower too.
All Home Preferred loans must be approved through Fannie Mae’s automated underwriting system. Generally the maximum debt ratio is 50% but with 5% or less down most people will not be approved for more than 45% total debt ratio. Click here for definition of debt ratio.
Home Preferred Plus is a special offering where you can borrow your 3% down payment with an interest free loan that is forgiven if you stay in the house for four or more years!
NH Housing’s Home Preferred is a great option… call Renee at 603-345-5644!
Income limits based on 80% of median area income.
