2024 FHA Loan Limits in New Hampshire
FHA loans are backed by the Federal Housing Administration (FHA), which allows lenders to offer flexible qualification standards. This means you can often qualify with a lower credit score and a smaller down payment.
FHA loan limits in New Hampshire range from $498,257 to $862,500 for a single-family home. Below, we’ll show NH loan limits by county and explain how to qualify for an FHA loan.
New Hampshire FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| BELKNAP | $498,257 | $637,950 | $771,125 | $958,350 | $346,000 |
| CARROLL | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| CHESHIRE | $498,257 | $637,950 | $771,125 | $958,350 | $258,000 |
| COOS | $498,257 | $637,950 | $771,125 | $958,350 | $160,000 |
| GRAFTON | $498,257 | $637,950 | $771,125 | $958,350 | $302,000 |
| HILLSBOROUGH | $498,257 | $637,950 | $771,125 | $958,350 | $430,000 |
| MERRIMACK | $498,257 | $637,950 | $771,125 | $958,350 | $370,000 |
| ROCKINGHAM | $862,500 | $1,104,150 | $1,334,700 | $1,658,700 | $750,000 |
| STRAFFORD | $862,500 | $1,104,150 | $1,334,700 | $1,658,700 | $750,000 |
| SULLIVAN | $498,257 | $637,950 | $771,125 | $958,350 | $302,000 |
How are FHA loan limits determined?
FHA loans, which are insured by the federal government, are typically offered through private lenders, such as banks and credit unions. They’re popular with first-time homebuyers since the down payment and credit score requirements are quite generous compared to some other loans.
Each year, FHA loan limits are adjusted based on changes to home prices. The “floor” is the lowest maximum borrowing limit, while the “ceiling” is the highest maximum borrowing limit. FHA limits are calculated as a percentage of the Federal Housing Finance Agency’s (FHFA) conforming loan limit. The floor is 65% of the conforming loan limit and the ceiling is 150% of the conforming loan limit. So while FHA loans may have more flexible requirements, homebuyers can’t borrow as much as they could with a conventional loan.
Each county in New Hampshire has its own limit. For example, in most counties in New Hampshire, the loan limit for single-family homes is $498,257. In more expensive counties, including Rockingham and Strafford, the loan limit for single-family homes is $862,500.
How to qualify for an FHA loan in New Hampshire
In order to be approved for an FHA loan, you must meet certain requirements. Make sure you meet the following criteria before contacting a lender about an FHA loan:
→ Credit score. You need a 580 credit score if you’re making a 3.5% down payment. You must make a 10% down payment if your credit score is between 579 and 500.
→ Down payment. As mentioned above, the required down payment depends on your credit score. If your credit score is at least 580, you only need to put down 3.5% of the purchase price. If your credit score is between 500 and 579, you’ll need to put down 10%.
→ Mortgage insurance. FHA loans require FHA mortgage insurance, which is paid in two ways. You’ll pay 1.75% of the total loan amount upfront, plus anywhere from 0.15% to 0.75% of the total loan amount annually. If you only make the minimum 3.5% down payment, you’ll have to pay mortgage insurance for your entire loan, which can be costly.
→ Debt-to-income (DTI) ratio. Your DTI ratio is a figure that calculates how much debt you have relative to your income, and it helps lenders assess the likelihood that you can comfortably pay off your loan. You need a DTI of 43% or less to qualify for an FHA loan. DTI requirements could allow for higher ratios depending on things like added savings and higher credit scores.
→ Employment history. Although there are no income requirements for FHA loans, you will need to prove you have a stable employment history. Be prepared to share two years’ worth of pay stubs, tax returns, W-2s or 1099s.
→ Occupancy. You must be using the home as your primary residence.
Buying a multifamily property with an FHA loan
Many people are drawn to the FHA loan program because it allows for the purchase of two- to four-unit multifamily homes (like condominiums and apartment buildings) with only 3.5% down upfront. If you’re interested in purchasing a multifamily property, you must meet the following requirements:
- Owner occupied. You must live in one of the units for at least one year as your primary residence.
- Cash reserves. If you’re purchasing a three- or four-unit property, you’ll most likely need added cash reserves.
- DTI ratio. When calculating your DTI, your lender can include prospective rental income from the new property to help you qualify, but you will need to live in one of the units for at least one year.
Below, you’ll find the 2024 multifamily home FHA loan limits for New Hampshire.
| Number of units | Low-cost FHA loan limit | High-cost FHA loan limit |
|---|---|---|
| Two | $637,950 | $1,104,150 |
| Three | $771,125 | $1,334,700 |
| Four | $958,350 | $1,658,700 |
FHA lenders in New Hampshire
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 | 580 | ||
 | Not disclosed | ||
 | 580 | ||
 | 580 | ||
 | 580 |
