New Hampshire Housing launches low-downpayment mortgage program
‘Home Preferred No MI’ would require no mortgage insurance too
New Hampshire Housing has launched a new mortgage program called “Home Preferred No MI,” a low-downpayment mortgage that does not require the borrower to pay mortgage insurance.
The agency says the program is ideal for borrowers with good credit who have limited funds for downpayment and closing costs, and who are seeking a lower monthly mortgage payment.
To qualify for the program, borrowers must be creditworthy, meet certain income limits and complete a homebuyer education course.
With Home Preferred No MI, eligible borrowers can qualify with as little as a 3 percent downpayment. In addition, there is no up-front or monthly mortgage insurance payment required. The program also offers lower monthly payments when compared to conventional loans with mortgage insurance or FHA loans, which recently experienced an insurance rate increase.
“New Hampshire Housing’s Home Preferred No MI is designed to help Granite Staters accomplish and then sustain homeownership,” said Dean Christon, New Hampshire Housing’s Executive Director. “Our low downpayment requirements and the new option of no mortgage insurance help make homeownership a reality for more creditworthy borrowers. Furthermore, by requiring homebuyer education, borrowers are more prepared for the responsibilities of homeownership."
He said the program is a special lending initiative between Fannie Mae and New Hampshire Housing, along with other housing finance agencies in the country.
For more information about Home Preferred No MI, borrowers can go to http://www.GoNewHampshireHousing.com.