https://tommymacmortgage.com/blogBlog posts and plain-language New Hampshire mortgage guides from Tom MacDonald, Loan Officer, Elite Mortgage Group, Milford, NH. NMLS #2748687 · Elite Mortgage Group NMLS #2502308MBR.en-usMon, 02 Nov 2026 12:00:00 +0000https://tommymacmortgage.com/blog-wood-stove-heat-mortgage-nhhttps://tommymacmortgage.com/blog-wood-stove-heat-mortgage-nhOften yes, but the appraisal looks hard at the heat. For FHA, the permanently installed heating system must automatically keep living areas at least 50 degrees, use a fuel that's easy to get locally, have market acceptance and run without someone tending it for long stretches. A stove you have to feed by hand may not meet that alone. Conventional appraisals focus on whether the heating is accepted in the local market.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-what-is-homeready-mortgagehttps://tommymacmortgage.com/blog-what-is-homeready-mortgageHomeReady is a Fannie Mae conventional loan with extra flexibility for buyers whose income is at or below 80 percent of the area median income (AMI) where the home is. It can be used to buy or do a limited cash-out refinance of a 1 to 4 unit home you'll live in, including condos and manufactured homes. If every buyer is a first-time homebuyer, a homeownership education course is required. You don't have to be a first-time buyer to use it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-what-is-home-possible-mortgagehttps://tommymacmortgage.com/blog-what-is-home-possible-mortgageHome Possible is Freddie Mac's low down payment conventional loan for borrowers whose qualifying income is at or below 80 percent of the area median income where the home is. It works for 1 to 4 unit homes, condos, co-ops and planned communities, and some manufactured homes. The down payment can come from family, employer programs, secondary financing and even sweat equity.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-what-debts-count-debt-to-income-ratiohttps://tommymacmortgage.com/blog-what-debts-count-debt-to-income-ratioYour debt-to-income ratio counts the new house payment plus monthly payments on debts like car loans, student loans, credit cards, personal loans, child support and alimony. Everyday bills such as utilities, phone, car insurance and child care generally don't count. A few details matter: a car lease always counts, while an installment loan with 10 or fewer payments left may be left out, and FHA and Fannie Mae handle that rule a little differently.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-well-water-test-required-mortgage-nhhttps://tommymacmortgage.com/blog-well-water-test-required-mortgage-nhIt depends on the loan. NH Housing says USDA Rural Development and VA loans require a water test. NH Housing requires one for every home it finances with a private well, though buyers can waive that by finishing its Water Wellness course, except on USDA or VA loans. FHA requires a test in certain cases, such as new construction or a reported problem. New Hampshire itself has no statewide testing rule for private wells.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-va-loan-active-duty-occupancy-nhhttps://tommymacmortgage.com/blog-va-loan-active-duty-occupancy-nhYes, in many cases. A VA purchase loan requires you to certify that you'll live in the home, either now or within a reasonable time after closing. If you're on active duty and can't move in because of your service, federal law treats the rule as met when your spouse lives in the home and signs the certification, or when your dependent child lives there and your attorney-in-fact or the child's legal guardian signs it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-va-irrrl-streamline-refinance-nhhttps://tommymacmortgage.com/blog-va-irrrl-streamline-refinance-nhAn Interest Rate Reduction Refinance Loan (IRRRL) replaces your existing VA loan with a new one to lower your payment or move from an adjustable to a fixed rate. You qualify if you already have a VA-backed loan and can certify you live in the home now or used to. Federal law adds a waiting period, requires the costs to be recouped within 36 months, and requires a real benefit to you.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-va-home-loan-surviving-spouse-nhhttps://tommymacmortgage.com/blog-va-home-loan-surviving-spouse-nhYes, in many cases. A surviving spouse can get a VA-backed home loan if the veteran or service member died in service or from a service-connected disability, is missing in action or a prisoner of war, or in certain cases was totally disabled before death. Generally you must not have remarried, unless you remarried at 57 or older on or after December 16, 2003. You'll need a Certificate of Eligibility and must meet the lender's credit and income requirements.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-va-disability-income-mortgagehttps://tommymacmortgage.com/blog-va-disability-income-mortgageYes. VA disability compensation can count as qualifying income, usually with just your VA award letter or benefit statement. For conventional loans, Fannie Mae requires no minimum history and doesn't require proof the income will continue for VA retirement or long-term disability benefits. Other VA benefits need to be expected to continue for at least three years. GI Bill education benefits don't count, because they're offset by school costs.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-use-va-loan-again-restore-entitlementhttps://tommymacmortgage.com/blog-use-va-loan-again-restore-entitlementYes. Federal law lets VA restore your entitlement once a prior VA loan is paid off and the home is sold, or when another eligible veteran assumes the loan and substitutes their own entitlement. You can also have it restored one time while keeping a home whose VA loan is paid off. Even without restoration, remaining entitlement may cover a second VA loan, depending on the county loan limit.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-usda-loan-hudson-nhhttps://tommymacmortgage.com/blog-usda-loan-hudson-nhUsually not. When Tom checked USDA's eligibility map on October 30, 2026, Hudson was outside USDA's eligible rural area for home loans, so a USDA loan generally isn't an option for a Hudson address. Next-door Litchfield and Pelham were mostly inside it, and Hudson buyers have other low-down-payment choices.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-unpermitted-work-buying-home-nhhttps://tommymacmortgage.com/blog-unpermitted-work-buying-home-nhIt can usually still be financed, but it can affect the appraisal, your insurance and what you may have to fix later. Appraisers working on conventional loans must comment on additions built without required permits and on how they affect value, and the space may not count toward the home's square footage. Ask the town's building department for the permit history before your inspection period ends.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-unpaid-water-sewer-bills-lien-nhhttps://tommymacmortgage.com/blog-unpaid-water-sewer-bills-lien-nhThey can. Under RSA 38:22, charges from a town- or city-owned water or wastewater utility create a lien on the property served, and town sewer charges use the same lien rules under RSA 149-I:11. The town's own records count as notice to later buyers. That's why a final meter reading and payoff of the seller's bill should happen at or before closing, so you don't take on someone else's balance.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-two-fha-loans-at-oncehttps://tommymacmortgage.com/blog-two-fha-loans-at-onceUsually not. FHA insures loans on the home you live in, and HUD won't insure more than one principal residence per borrower. HUD's Handbook 4000.1 lists four exceptions: moving more than 100 miles for work, a larger household that the current home no longer fits (with enough equity), leaving a home a co-borrower keeps living in, and being a non-occupying co-borrower on someone else's FHA loan. Otherwise you'd sell or refinance the first FHA loan, or use another loan type.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-trust-income-mortgagehttps://tommymacmortgage.com/blog-trust-income-mortgageYes. On a Fannie Mae loan, trust distributions can count as income once the lender confirms the amount, how often you're paid, the type of income and when the trust was set up. Fixed payments generally need a trust that's been in place at least 12 months. Variable payments need a 24-month history. If the trust is being drawn down, the income usually must be expected to last at least three years.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-termite-inspection-buying-home-nhhttps://tommymacmortgage.com/blog-termite-inspection-buying-home-nhNot always. For FHA loans, HUD has the appraiser check the foundation and outside walls for signs of termites and other wood-destroying pests. If the appraiser sees evidence of an infestation, or learns of a past treatment, the appraisal is made subject to an inspection by a qualified pest control specialist, and the lender needs proof of any treatment. Many buyers add a pest check to their home inspection anyway.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-switch-mortgage-lenders-after-applyinghttps://tommymacmortgage.com/blog-switch-mortgage-lenders-after-applyingYes. Until you close, you can move your loan to a different lender. The new lender gives you a new Loan Estimate and runs its own approval, and your rate lock doesn't come with you. On an FHA loan, the first lender must transfer the appraisal to the new one within five business days if you ask and the appraisal fee has been paid. Watch your purchase contract's financing deadline.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-spouse-sign-mortgage-nh-homesteadhttps://tommymacmortgage.com/blog-spouse-sign-mortgage-nh-homesteadUsually because of New Hampshire's homestead law. Your spouse has a homestead right in the home you live in, and under RSA 480:5-a a mortgage can't encumber that right unless the owner and spouse both sign, except a mortgage made at purchase to pay for the home. So on many refinances and home equity loans, a spouse who isn't on the loan or the title still signs the mortgage. That's different from signing the note.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-smoke-co-alarms-buying-home-nhhttps://tommymacmortgage.com/blog-smoke-co-alarms-buying-home-nhIt depends on the home. NH law (RSA 153:10-a) requires fire warning devices and carbon monoxide detectors in every rental unit and multi-unit dwelling, and in single-family homes built or substantially rehabilitated after January 1, 2010. A CO detector isn't required if the unit has no attached garage and no fuel-burning appliance. Local rules can be stricter, and FHA 203(k) renovation loans require a smoke detector by each sleeping area.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-small-renovations-energy-upgrades-mortgagehttps://tommymacmortgage.com/blog-small-renovations-energy-upgrades-mortgageOften, yes. Fannie Mae's HomeStyle Refresh adds smaller updates, like a kitchen or bath, an accessory unit, or energy, water or radon work, to a purchase or limited cash-out refinance, with the work finished within 180 days. FHA's Energy Efficient Mortgage adds cost-effective energy improvements recommended by a home energy assessment, and that added amount isn't counted when your debt ratios are figured.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-site-condo-detached-condo-mortgage-nhhttps://tommymacmortgage.com/blog-site-condo-detached-condo-mortgage-nhUsually not. A site condo is a detached home, or sometimes a townhouse-style home, sold under a condo declaration where you own the home and its land. HUD says site condos meeting its definition don't need FHA condo project approval or single-unit approval, as long as you're responsible for the home's insurance and upkeep. Fannie Mae waives its full project review for detached condo units, including site condos.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-short-sale-how-it-workshttps://tommymacmortgage.com/blog-short-sale-how-it-worksA short sale is a sale for less than the mortgage balance, with the lender agreeing to take the proceeds. On a Fannie Mae loan, the servicer reviews your hardship and finances, gets a property value, and must approve the sales contract. If the home is your main residence, Fannie Mae can pay a $7,500 relocation incentive at closing in many cases, and some loans get a written release from any remaining balance.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-shared-well-agreement-mortgage-nhhttps://tommymacmortgage.com/blog-shared-well-agreement-mortgage-nhYes, in many cases. Fannie Mae accepts an off-site or shared well when there's an adequate, legally binding agreement for access and maintenance. FHA has more detailed rules: the well can serve no more than four homes, must supply enough water to each, needs a shutoff valve for each home, and must be covered by a recorded shared well agreement. Ask the seller for the agreement as early as possible, because a missing or weak one can hold up closing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-selling-home-capital-gains-exclusionhttps://tommymacmortgage.com/blog-selling-home-capital-gains-exclusionOften not. If you owned and lived in the home as your main home for at least 24 months of the 5 years before the sale, the IRS lets you exclude up to $250,000 of gain from income, or $500,000 for a married couple filing jointly. The 24 months don't have to be in a row. Some people who move early for work, health or other qualifying reasons can get a partial exclusion.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-seller-includes-furniture-boat-appliances-mortgagehttps://tommymacmortgage.com/blog-seller-includes-furniture-boat-appliances-mortgageYes, but lenders treat many extras as a seller concession. Fannie Mae counts furniture, cars and other giveaways from the seller as sales concessions that are subtracted from the price before the loan amount is figured. FHA does the same for personal property, except customary items like a range, refrigerator, dishwasher, washer, dryer, carpeting and window treatments. Everything must be disclosed.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-see-credit-score-lender-used-mortgagehttps://tommymacmortgage.com/blog-see-credit-score-lender-used-mortgageYes. Under the Fair Credit Reporting Act, a lender that uses a credit score on a home loan application must give you that score as soon as reasonably practicable, along with the range of possible scores, the key factors that hurt it, the date it was created and who provided it. It comes with a "Notice to the Home Loan Applicant" listing each credit bureau's contact information.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-section-8-voucher-homeownership-nhhttps://tommymacmortgage.com/blog-section-8-voucher-homeownership-nhSometimes. Federal rules let a public housing agency offer a homeownership option, so a household already in the Housing Choice Voucher program can use its assistance toward monthly homeownership costs. Each agency decides whether to offer it. Manchester's housing authority has a written homeownership option. Fannie Mae lets lenders count the voucher payment as income.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-savings-club-lending-circle-ida-down-paymenthttps://tommymacmortgage.com/blog-savings-club-lending-circle-ida-down-paymentOften, yes. Fannie Mae and FHA both accept money from a pooled savings club when the lender can verify how long the club has run, your regular contributions and the money you received. If you still owe contributions, that payment counts in your monthly debts. Fannie Mae also accepts nonprofit matched savings accounts, called Individual Development Accounts, under its own rules.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-rsu-stock-income-mortgagehttps://tommymacmortgage.com/blog-rsu-stock-income-mortgageYes, once they've vested and been paid to you without restrictions, and the stock is publicly traded. On a Fannie Mae loan, time-based awards need 12 months of history with your current employer. Performance-based awards usually need two years, though 12 months can work with strong factors. The lender averages what vested over the last 24 months. RSUs given as a sign-on bonus don't count.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-roommate-rent-qualify-mortgagehttps://tommymacmortgage.com/blog-roommate-rent-qualify-mortgageUsually not. Under Fannie Mae's rules, rent from a boarder or roommate living in your home generally isn't counted as qualifying income. There are exceptions: Fannie Mae's HomeReady loan allows boarder income in some cases, a borrower with a disability can count rent from a live-in personal assistant, and FHA can count boarder rent you've received for the past 12 months. Rent from a separate unit, such as the other side of a duplex, is a different matter and often can count.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-reverse-mortgage-nhhttps://tommymacmortgage.com/blog-reverse-mortgage-nhA reverse mortgage lets a homeowner 62 or older borrow against their home's equity without making monthly mortgage payments. Most are Home Equity Conversion Mortgages (HECMs), insured by FHA. Interest and fees are added to the balance over time, and the loan is repaid when the last borrower sells, moves out or passes away, usually from the sale of the home. You still pay property taxes, insurance and upkeep.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-rent-to-own-credit-down-paymenthttps://tommymacmortgage.com/blog-rent-to-own-credit-down-paymentThey can on a Fannie Mae loan. With a lease that includes an option to buy, the part of your rent the seller agrees to credit toward the purchase can count toward your down payment. The credit can't be more than the difference between the market rent, set by the appraiser, and the rent you actually paid. You'll need the signed agreement, a lease of at least 12 months, and proof of every payment.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-refinance-with-heloc-subordinationhttps://tommymacmortgage.com/blog-refinance-with-heloc-subordinationYes, in one of two ways. You can pay off the HELOC as part of the refinance, or the HELOC lender can agree to subordinate, meaning it stays in second place behind your new first mortgage. Subordination needs the HELOC lender's approval and can take a few weeks. Paying off a HELOC that wasn't used to buy the home usually makes the refinance a cash-out refinance under Fannie Mae's rules, which can change the pricing and limits.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-refer-automated-underwriting-manual-underwritinghttps://tommymacmortgage.com/blog-refer-automated-underwriting-manual-underwritingIt means the software couldn't approve the loan on its own, not that you were denied. On a Fannie Mae loan, a Refer with Caution means the file can't be sold as an automated approval; the lender rechecks the data and may underwrite it by hand if the program allows. On an FHA loan, a Refer must be manually underwritten by a person, with stricter documentation and limits.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-real-estate-agent-own-commission-down-paymenthttps://tommymacmortgage.com/blog-real-estate-agent-own-commission-down-paymentYes, with conditions. Fannie Mae and FHA both let a licensed real estate agent who earns a commission on the home they're buying use it toward the down payment and closing costs. The commission must show on the settlement statement and be credited to the purchase. Under FHA, a family member who is a licensed agent can also give their commission as a gift.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-qualify-for-mortgage-using-retirement-assetshttps://tommymacmortgage.com/blog-qualify-for-mortgage-using-retirement-assetsSometimes. Fannie Mae allows employment-related assets, such as a 401(k), IRA or other retirement account you can fully withdraw from, a severance package or a lump-sum retirement payout, to be turned into a monthly qualifying income for a purchase or a limited cash-out refinance of a home you'll live in or a second home. It requires more equity than most loans, with more room for borrowers 62 and older.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-power-of-attorney-mortgage-closing-nhhttps://tommymacmortgage.com/blog-power-of-attorney-mortgage-closing-nhOften, yes. On a Fannie Mae loan, an agent under a power of attorney (POA) can sign the note and mortgage for you on a purchase or a limited cash-out refinance. The lender needs a copy, the names must match, it must be valid and notarized, and it must list the property address. In New Hampshire, a POA used for real estate must be signed by you and acknowledged before a notary. Tell your lender early so it can be reviewed before closing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-power-lines-encroachment-shared-driveway-mortgagehttps://tommymacmortgage.com/blog-power-lines-encroachment-shared-driveway-mortgageThey can, mostly on FHA loans. HUD won't insure a home with an overhead electric transmission line passing directly over the house, another structure or a pool. The home and a neighbor's buildings can't encroach across the property line, though a fence usually can if it doesn't hurt marketability. A shared driveway is fine for FHA with a permanent recorded easement, and FHA doesn't require a joint maintenance agreement. For conventional loans, the appraiser weighs these issues in the value.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-piggyback-second-mortgage-instead-of-pmihttps://tommymacmortgage.com/blog-piggyback-second-mortgage-instead-of-pmiIt depends on your numbers. A piggyback is a second mortgage, often a home equity line, taken out at the same time as your first mortgage so the first loan is smaller. That can reduce or avoid private mortgage insurance, but you'll have two loans and two payments. Fannie Mae allows it when the second is recorded, disclosed, at a market rate and has regular payments. Tom can price both ways side by side.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-pfas-well-water-buying-home-nhhttps://tommymacmortgage.com/blog-pfas-well-water-buying-home-nhIt's worth checking. According to NH Housing's well guide, written with NHDES, PFAS has affected wells throughout New Hampshire and is found at elevated levels more often in southern NH. NHDES recommends testing a home's well for PFAS before you buy if it hasn't been tested. Known contamination can affect financing, and a state rebate program may help with treatment if levels are above drinking water standards.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-paying-extra-on-mortgagehttps://tommymacmortgage.com/blog-paying-extra-on-mortgagePaying extra toward principal lowers your balance faster, which cuts the interest you pay and can take years off the loan. Your required monthly payment usually stays the same. Before you start, check your loan papers for a prepayment penalty, and tell your servicer the extra money is for principal. Most people keep an emergency fund first, since money paid into the home is hard to get back out.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-pay-off-land-contract-owner-financing-mortgagehttps://tommymacmortgage.com/blog-pay-off-land-contract-owner-financing-mortgageYes. Fannie Mae treats a new loan that pays off an installment land contract (also called a contract for deed) as a purchase if the contract was signed within 12 months before you apply, and as a limited cash-out refinance if it's older. FHA treats a home bought on an unrecorded land contract as a purchase, and paying off a recorded land contract as a no cash-out refinance. Cash-out isn't allowed on these payoffs under Fannie Mae's rules.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-pay-off-debt-to-qualify-mortgagehttps://tommymacmortgage.com/blog-pay-off-debt-to-qualify-mortgageIt can help, if it's the right debt. For conventional loans, Fannie Mae lets the lender leave out a credit card's payment if the balance is paid off at or before closing, and you don't have to close the account. An installment loan, such as a car loan, paid down to 10 or fewer remaining payments generally doesn't need to be counted either. Talk with your loan officer before you move money, because cash spent on debt isn't available for your down payment or reserves.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-part-time-retirement-public-assistance-income-mortgagehttps://tommymacmortgage.com/blog-part-time-retirement-public-assistance-income-mortgageNo. Under the Equal Credit Opportunity Act and its rule, Regulation B, a lender can't discount or exclude income because it comes from part-time work, a pension, an annuity or other retirement benefit, and can't hold it against you that income comes from a public assistance program. Alimony and child support must be counted if they're likely to be paid consistently. A lender can still check how much you receive and whether it's likely to continue.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-owners-title-insurance-nhhttps://tommymacmortgage.com/blog-owners-title-insurance-nhIt's optional, but worth considering. Most lenders require a lender's title policy, which protects only the amount they lend. An owner's title policy protects you if someone later claims a right to the home from before you bought it, such as unpaid taxes, a contractor's lien or a problem in an old deed. You pay for it once, at closing, and it usually costs less when bought together with the lender's policy.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-owner-financing-payments-you-receive-incomehttps://tommymacmortgage.com/blog-owner-financing-payments-you-receive-incomeYes, if they're steady and will keep coming. If you sold a property with owner financing or hold another promissory note, Fannie Mae and FHA can count the payments as income. You'll need a copy of the note, proof of 12 months of payments received, and the note must show payments continuing for at least three years. A note signed within the last year can't be used yet for Fannie Mae loans.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-no-closing-cost-mortgage-lender-creditshttps://tommymacmortgage.com/blog-no-closing-cost-mortgage-lender-creditsIt isn't free. A no-closing-cost mortgage usually means the lender gives you lender credits that cover some or all of your closing costs, and in exchange you take a higher interest rate. Points work the other way: you pay more at closing for a lower rate. Which is better depends mostly on how long you expect to keep the loan, so ask to see both options side by side.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-veterans-tax-credit-2026-changeshttps://tommymacmortgage.com/blog-nh-veterans-tax-credit-2026-changesTwo state laws changed them. Since tax year 2026 (April 1, 2026), towns can offer a credit of up to $5,000 for veterans with a total and permanent service-connected disability, but a veteran who gets that credit can no longer also get the regular or all veterans' credit. And starting April 1, 2027, the most a town can offer for the optional veterans' credit rises from $750 to $1,000. Each town votes on its own amounts, so they differ from town to town.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-transfer-tax-exemptionshttps://tommymacmortgage.com/blog-nh-transfer-tax-exemptionsNew Hampshire's transfer tax applies to sales, but RSA 78-B:2 lists exemptions. The most common ones for homeowners: a refinance or new mortgage (a mortgage isn't a transfer of the home), inheriting a home by will or from a joint owner who dies, transfers between spouses under a final divorce decree, transfer-on-death deeds with no payment, and deeds that only correct an earlier deed. A regular purchase is taxed, with both buyer and seller paying.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-seller-disclosure-requirementshttps://tommymacmortgage.com/blog-nh-seller-disclosure-requirementsNew Hampshire requires a set of specific disclosures rather than a full condition report. Before you sign, the seller or their agent must give you notices about radon, arsenic in well water, lead, PFAS and flood risk (RSA 477:4-a). For a 1 to 4 family home, the seller must also give details about a private well and septic system, insulation, whether the home is in a federal flood hazard zone, and whether there's a buried heating oil tank (RSA 477:4-d).Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-registry-of-deeds-look-up-deedhttps://tommymacmortgage.com/blog-nh-registry-of-deeds-look-up-deedUse the registry of deeds for the county the home is in. For Hudson, Amherst, Merrimack, Hollis, Litchfield, Pelham, Weare, Nashua, Manchester and Milford, that's the Hillsborough County Registry in Nashua. For Londonderry it's the Rockingham County Registry in Brentwood. Both link to online record searches through NHDeeds.org, and both offer a free Property Fraud Alert to help warn you about documents recorded in your name.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-real-estate-agent-who-they-representhttps://tommymacmortgage.com/blog-nh-real-estate-agent-who-they-representIt depends on the relationship you agree to, and New Hampshire makes agents tell you in writing. At your first business meeting, a licensee must give you the state's Brokerage Relationship Disclosure Form. A buyer agent represents you and must keep your information confidential. A seller agent represents the seller. A facilitator helps both sides but represents neither. Dual agency needs everyone's written consent before an offer is written.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-property-taxes-paid-latehttps://tommymacmortgage.com/blog-nh-property-taxes-paid-lateInterest starts first. State law (RSA 76:13) charges 8 percent a year on late property taxes from the date printed on your bill. If taxes are still unpaid after December 1, towns that use the lien process can put a tax lien on the home, which comes ahead of your mortgage and carries 14 percent a year. If the lien isn't paid off within two years, the town can take a tax deed. You get written notice before each step.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-property-tax-deferral-elderly-disabledhttps://tommymacmortgage.com/blog-nh-property-tax-deferral-elderly-disabledYes, if your town agrees it's a hardship. Under RSA 72:38-a, a homeowner who is 65 or older, or eligible for Social Security disability benefits, can ask to put off all or part of the property tax on the home they live in. The deferred taxes become a lien on the home, with interest at 5 percent a year, and are repaid when the home is sold or the owner passes away. Apply by March 1 after the tax bill.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-housing-mortgage-existing-borrowershttps://tommymacmortgage.com/blog-nh-housing-mortgage-existing-borrowersYour loan is with New Hampshire Housing, but day-to-day servicing for many of its loans is handled by a company it hired, Dovenmuehle Mortgage. You can pay and see your account online, and NH Housing's customer service line handles payoffs and questions. If you get a property tax or insurance bill, NH Housing's FAQ tells you where to mail it. If you're having trouble paying, call them as soon as possible.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-foreclosure-notice-what-it-meanshttps://tommymacmortgage.com/blog-nh-foreclosure-notice-what-it-meansNew Hampshire allows foreclosure under a power of sale in the mortgage, without a court case. For a home loan, the lender must send you notice of the sale at least 45 days ahead by certified or registered mail, or serve it on you, and publish it in a local paper for 3 weeks. The notice must tell you that you can petition the superior court to stop the sale. Act right away; you still have options.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-first-time-homebuyer-classhttps://tommymacmortgage.com/blog-nh-first-time-homebuyer-classNH Housing offers an online homebuyer education course, Becoming a Homeowner, that takes about three hours in three modules and ends with a certificate of completion. HUD-approved housing counseling agencies also offer classes and one-on-one counseling. Some NH Housing programs and some low down payment loans require a course before closing, so check which one your loan accepts before you sign up.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-condo-resale-documentshttps://tommymacmortgage.com/blog-nh-condo-resale-documentsUnder New Hampshire's Condominium Act (RSA 356-B:58), a buyer of a resale condo can ask the owners' association, in writing and before the contract date, for a set of documents: the declaration, bylaws and rules, the condo fees and any special assessments from the last three years, the reserve balance, planned major repairs, the latest financial statements, pending lawsuits and the association's insurance. The association has 10 days to provide them.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-new-appraisal-report-uad-3-6https://tommymacmortgage.com/blog-new-appraisal-report-uad-3-6Starting November 2, 2026, new appraisal reports for loans sold to Fannie Mae and Freddie Mac must use the Uniform Appraisal Dataset (UAD) 3.6. It replaces more than a dozen old appraisal forms with one redesigned Uniform Residential Appraisal Report that adjusts to the property. Freddie Mac says it has a look and feel similar to the loan application and the Closing Disclosure. The appraisal's purpose hasn't changed, and you still get a copy.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nashua-nh-property-taxeshttps://tommymacmortgage.com/blog-nashua-nh-property-taxesNashua's 2025 total property tax rate is $16.83 per $1,000 of assessed value, set by the NH Department of Revenue Administration on November 3, 2025. That's about $1,683 a year, or about $140 a month, for each $100,000 of assessed value. On a home assessed at $400,000, property tax adds about $561 a month to the mortgage payment.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-sold-new-servicerhttps://tommymacmortgage.com/blog-mortgage-sold-new-servicerNothing about your loan's terms changes: the rate, balance, payment schedule and escrow carry over. What changes is where you send payments. Federal rules (RESPA) require the old servicer to notify you at least 15 days before the transfer and the new one within 15 days after, or one joint notice. For 60 days after the transfer, a payment you send to the old servicer on time can't be treated as late.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-servicer-error-how-to-fixhttps://tommymacmortgage.com/blog-mortgage-servicer-error-how-to-fixCall first, but if that doesn't fix it, send your servicer a written notice of error. Federal rules (Regulation X) require the servicer to confirm it got your letter within 5 business days and, for most errors, to fix it or explain in writing why it found no error within 30 business days. It can't charge you for this, and for 60 days it can't report the disputed payment to the credit bureaus as late.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-seasonal-income-nhhttps://tommymacmortgage.com/blog-mortgage-seasonal-income-nhYes. Lenders can count seasonal income when you have a two-year history of it. For conventional loans, Fannie Mae averages your year-to-date pay with the previous two years. Unemployment benefits you receive every off-season can also count when they're tied to seasonal layoffs, expected to recur, and show on two years of signed tax returns.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-revocable-trust-nhhttps://tommymacmortgage.com/blog-mortgage-revocable-trust-nhUsually yes. Fannie Mae accepts a revocable living trust (an inter vivos revocable trust) as a party to the mortgage when the person who created it is a borrower whose credit qualifies for the loan, and the title insurer gives full coverage. Federal law also generally keeps a lender from calling your loan due just because you move your home into a revocable trust where you stay a beneficiary and keep living there.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-payoff-when-selling-nhhttps://tommymacmortgage.com/blog-mortgage-payoff-when-selling-nhAt closing, the sale proceeds pay off your mortgage before you receive anything. The closing agent asks your servicer for a payoff statement, which federal rules (Regulation Z) say must be sent within seven business days of a written request. The payoff is usually more than the balance on your last statement because it adds interest through the payoff date. Any money left in your escrow account is refunded within 20 business days after the loan is paid off.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-paid-off-discharge-nhhttps://tommymacmortgage.com/blog-mortgage-paid-off-discharge-nhYour lender must record a discharge of the mortgage at the county registry of deeds within 60 days after the loan is paid and any reasonable charges are paid, and send written confirmation to whoever made the final payment (RSA 479:7). If it doesn't, NH law lets you record a sworn affidavit that works as a discharge, after giving the lender 15 days' written notice by certified mail (RSA 479:7-a).Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-owe-irs-payment-planhttps://tommymacmortgage.com/blog-mortgage-owe-irs-payment-planOften, yes. For conventional loans, Fannie Mae allows an IRS installment agreement, approved or applied for, when there's no Notice of Federal Tax Lien recorded against you in the county where the home is. The lender needs the agreement or application, proof you're current on payments, and counts the monthly payment in your debts. If a federal tax lien has been recorded there, the balance generally has to be paid off at or before closing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-on-disability-incomehttps://tommymacmortgage.com/blog-mortgage-on-disability-incomeYes. Disability income can be used to qualify for a mortgage. For conventional loans, Fannie Mae counts long-term disability income with no minimum history, and lenders don't have to verify it will continue unless they have a reason to think it won't. Social Security disability is counted under Fannie Mae's Social Security income rules. Lenders may ask for proof of the benefit, but not about the nature of your disability.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-non-us-citizen-nhhttps://tommymacmortgage.com/blog-mortgage-non-us-citizen-nhYes, in many cases. Lawful permanent residents (green card holders) can use the same loan programs as U.S. citizens. Buyers who are lawfully in the U.S. on a work visa or other non-permanent status can often use a conventional loan: Fannie Mae buys those loans on the same terms as for citizens. FHA loans, though, are no longer available to non-permanent residents for FHA case numbers assigned on or after May 25, 2025.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-interest-tax-deduction-2026https://tommymacmortgage.com/blog-mortgage-interest-tax-deduction-2026If you itemize, generally yes. The IRS lets you deduct home mortgage interest on up to $750,000 of debt used to buy, build or substantially improve your home ($375,000 if married filing separately), with higher limits for debt taken on before December 16, 2017. Home equity interest counts only if the money went into the home. For tax year 2026, the deduction for qualified mortgage insurance premiums is back, with an income phaseout.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-home-with-land-nhhttps://tommymacmortgage.com/blog-mortgage-home-with-land-nhOften, yes, as long as the property is mainly a home. Fannie Mae buys loans on residential properties, but not on agricultural properties such as working farms or ranches, or on vacant land. The appraiser must value the whole parcel, report the zoning, and show the home's use is legal. Tell your lender early how much land there is and how you use it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-home-with-business-spacehttps://tommymacmortgage.com/blog-mortgage-home-with-business-spaceYes, with conditions. Fannie Mae calls these mixed-use properties, such as a home with space for a day care, a beauty or barber shop, or a doctor's office. It must be a one-unit home you live in as your main residence, you must own and run the business, the property must be mainly residential, and changes can't hurt its appeal as a home.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-home-on-leased-land-nhhttps://tommymacmortgage.com/blog-mortgage-home-on-leased-land-nhSometimes. When you buy the house but lease the land from someone else, it's called a leasehold. Fannie Mae and FHA both finance leaseholds, but the ground lease must run well past the end of the loan, be recorded, and let the home be sold or mortgaged. The ground rent is added to your monthly housing payment. Have your loan officer read the lease before you sign a purchase agreement.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-help-after-disaster-nhhttps://tommymacmortgage.com/blog-mortgage-help-after-disaster-nhCall your servicer right away. On Fannie Mae loans, if your home is in a FEMA-declared disaster area eligible for individual assistance and you were current or less than two months behind when the disaster hit, the servicer can start a forbearance of up to 3 months even before reaching you. Once you're back on your feet, a disaster payment deferral can move up to 12 months of missed payments to the end of the loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-modular-home-mortgage-nhhttps://tommymacmortgage.com/blog-modular-home-mortgage-nhYes. A modular home is built in sections in a factory to the International Residential Code adopted by the state, then set on a foundation, so lenders treat it much like a site-built home. That's different from a manufactured home built to HUD's federal code, which has extra rules. Fannie Mae has no minimum width, size or roof pitch for modular homes.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-military-income-bah-mortgagehttps://tommymacmortgage.com/blog-military-income-bah-mortgageYes. On a Fannie Mae conventional loan, the lender can count your full monthly base pay plus allowances, such as the housing (quarters) allowance, rations, clothing, flight, hazard or proficiency pay. The lender needs your most recent Leave and Earnings Statement (LES), dated within 120 days of closing, plus a job check. Active duty has no minimum history; Guard and Reserve pay needs 12 months.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-milford-nh-property-taxeshttps://tommymacmortgage.com/blog-milford-nh-property-taxesMilford's 2025 total property tax rate is $25.93 per $1,000 of assessed value, set by the NH Department of Revenue Administration on December 17, 2025. That's about $2,593 a year, or about $216 a month, for each $100,000 of assessed value. On a home assessed at $450,000, property tax adds about $972 a month to the mortgage payment, before insurance.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-manchester-nh-2-4-unit-owner-occupiedhttps://tommymacmortgage.com/blog-manchester-nh-2-4-unit-owner-occupiedYes. If you live in one of the units, a two- to four-unit building is your primary residence, so owner-occupied loans such as FHA, conventional and, for eligible veterans, VA can be used instead of investment property loans, and rent from the other units can count as income. Manchester is a good place to look: Census estimates put over a quarter of the city's housing units in two- to four-unit buildings.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-londonderry-nh-property-taxeshttps://tommymacmortgage.com/blog-londonderry-nh-property-taxesLondonderry's 2025 total property tax rate was $14.47 per $1,000 of assessed value, set by the NH Department of Revenue Administration on November 12, 2025. That's lower than Derry ($18.99), Hudson ($17.11) and Manchester ($20.24), and close to Litchfield ($14.20) and Windham ($14.15). Towns assess at different levels, though, so compare actual tax bills, not just rates.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-litchfield-nh-water-wellshttps://tommymacmortgage.com/blog-litchfield-nh-water-wellsSome Litchfield homes are on public water from Pennichuck and some have private wells, so the first question for any house is where its water comes from. Parts of Litchfield are inside the state's Saint-Gobain PFAS consent decree area, so if the home has a private well, test it, including for PFAS, during your inspection period.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-litchfield-nh-property-tax-ratehttps://tommymacmortgage.com/blog-litchfield-nh-property-tax-rateLitchfield's 2025 total property tax rate was $14.20 per $1,000 of assessed value, lower than Hudson's $17.11 and Nashua's $16.83. The difference is mostly in the town (municipal) part of the rate, not the school part. Because each town assesses at its own level, compare actual tax bills on the homes you're considering, not just the rates.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-life-insurance-cash-value-down-paymenthttps://tommymacmortgage.com/blog-life-insurance-cash-value-down-paymentYes. On a Fannie Mae loan, the net money from a loan against your policy's cash value, or from cashing in the policy, can go toward your down payment, closing costs and reserves. If the only penalty for not repaying the policy loan is losing the policy, the loan payment doesn't count in your debt-to-income ratio. For reserves, the cash value only needs to be documented, not withdrawn.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-letter-of-explanation-mortgagehttps://tommymacmortgage.com/blog-letter-of-explanation-mortgageBecause the lender has to confirm your debts and money are what your application says. On Fannie Mae loans, lenders review recent credit inquiries to see whether they led to new debt, ask where large deposits came from, and need papers for any debt on your credit report left off the application. A short, factual letter with supporting documents usually settles it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-lead-paint-disclosure-buying-home-nhhttps://tommymacmortgage.com/blog-lead-paint-disclosure-buying-home-nhFor most homes built before 1978, federal law requires the seller and the real estate agents to give you the EPA's lead pamphlet, disclose any lead paint or hazards they know about, share any reports they have, and put a Lead Warning Statement in the contract. You also get 10 days to have the home tested, unless you agree to a different period or waive it in writing. Many New Hampshire homes are old enough for this to apply.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-late-mortgage-payment-last-year-new-loanhttps://tommymacmortgage.com/blog-late-mortgage-payment-last-year-new-loanOften, depending on how late and how recent. For Fannie Mae, any mortgage payment 60 or more days late in the 12 months before the credit report makes the loan ineligible, and your current mortgage must be current when you apply. For FHA, a few 30-day lates move the file to manual underwriting rather than ending it, though cash-out refinances are stricter.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-land-survey-buying-home-nhhttps://tommymacmortgage.com/blog-land-survey-buying-home-nhUsually not for the loan. HUD says FHA doesn't require a survey, though a lender may, and Fannie Mae handles boundary risk mainly through the title insurance policy. A survey can still be worth it, especially for land, rural lots, fences or sheds near a line, or a planned addition or pool. In NH, only a licensed land surveyor can do one.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-k1-income-small-business-share-mortgagehttps://tommymacmortgage.com/blog-k1-income-small-business-share-mortgageIf you own less than 25 percent of an LLC or S corporation, Fannie Mae treats your K-1 income more simply than full self-employment. Lenders use two years of your signed personal tax returns and K-1s, a verbal check with the business, and proof the income was actually paid to you or that the business has the cash to support it. They don't need to analyze the whole business. Fannie Mae updated this in October 2026.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-joint-tenancy-tenants-in-common-nhhttps://tommymacmortgage.com/blog-joint-tenancy-tenants-in-common-nhIt depends on what you want to happen if one owner dies. Under RSA 477:18, a New Hampshire deed to two or more people creates a tenancy in common unless it clearly says otherwise. With joint tenancy, written as "joint tenants with rights of survivorship," the surviving owner automatically owns the whole home. With a tenancy in common, each owner's share passes under their will or estate. Ask a real estate attorney which fits before closing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-job-change-before-closinghttps://tommymacmortgage.com/blog-job-change-before-closingTell your loan officer right away. Lenders recheck your employment shortly before closing: for conventional loans, Fannie Mae requires the lender to verify your job no more than 10 business days before the note date, with a few exceptions. A layoff can stop the loan until you have new qualifying income. A new job in the same line of work at the same or higher pay can often still work, with new paperwork.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-irs-form-4506-c-mortgage-tax-transcriptshttps://tommymacmortgage.com/blog-irs-form-4506-c-mortgage-tax-transcriptsForm 4506-C lets your lender request transcripts of your tax returns directly from the IRS, so it can confirm the income you're qualifying with. Fannie Mae requires each borrower whose income is used to sign one at or before closing, unless all of that borrower's income was validated electronically. It only allows the specific transcripts and years listed on the form.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-investment-income-dividends-mortgagehttps://tommymacmortgage.com/blog-investment-income-dividends-mortgageIt can on a Fannie Mae loan, with a two-year history. Interest and dividends are averaged from your last two years of tax returns, or 24 months of statements, and you must still own the assets that earn them. Capital gains are usually one-time, but if you have a two-year history and own a portfolio you could sell, they can be averaged from your returns too.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-insurance-claim-check-mortgage-companyhttps://tommymacmortgage.com/blog-insurance-claim-check-mortgage-companyBecause your lender has a stake in the house. Your policy names the lender under a mortgagee clause, so repair money often goes through your servicer. On Fannie Mae loans, money for belongings or living expenses goes to you right away. If your loan is current or less than 31 days late, the servicer can release the first part of the repair money, up to the greater of $40,000 or a third of the claim, and the rest as repairs are inspected.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-to-read-mortgage-statementhttps://tommymacmortgage.com/blog-how-to-read-mortgage-statementStart at the top: federal rules put the due date, the late fee and the date it kicks in, and the amount due together on the first page. Below that you'll see how your payment splits between principal, interest and escrow, what you've paid this year, every transaction since the last statement, and your balance and interest rate. Most servicers must send this statement each billing cycle under Regulation Z.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-mortgage-broker-gets-paidhttps://tommymacmortgage.com/blog-how-mortgage-broker-gets-paidA mortgage broker is paid by the lender or by you, but not by both on the same loan. Federal rules (Regulation Z) don't allow a broker's or loan officer's pay to change based on the loan's interest rate or other terms, so they can't earn more by steering you to a costlier loan. Broker pay shows on your loan papers: in the origination charges if you pay it, or as paid by others on the Closing Disclosure if the lender pays it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-long-is-appraisal-good-forhttps://tommymacmortgage.com/blog-how-long-is-appraisal-good-forFor a Fannie Mae loan, the home must be appraised within 12 months before closing, and if the appraisal is more than four months old, the appraiser does an update with an exterior look and current market data. For FHA, an appraisal is valid for 180 days, and an update can extend it to one year from the original appraisal. If an update shows the value fell, a new appraisal is needed.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-appraisers-choose-comparable-sales-nhhttps://tommymacmortgage.com/blog-how-appraisers-choose-comparable-sales-nhAppraisers look for at least three recent closed sales that would appeal to the same buyers, ideally from the same neighborhood. Fannie Mae prefers sales from the last 12 months, but allows older or farther sales when they're the best match, as often happens with rural homes on big lots. The appraiser has to explain those choices in the report and adjust for differences.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-adjustable-rate-mortgage-workshttps://tommymacmortgage.com/blog-how-adjustable-rate-mortgage-worksAn adjustable-rate mortgage (ARM) starts with an interest rate that's fixed for a set period, often 5, 7 or 10 years. After that, the rate adjusts on a schedule: it's reset to an index, such as the average SOFR, plus a fixed margin, and caps limit how much it can change at each adjustment and over the life of the loan. Your payment can go up or down when the rate changes.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-home-loans-teachers-police-firefighters-nhhttps://tommymacmortgage.com/blog-home-loans-teachers-police-firefighters-nhThere's one federal program built for these jobs: HUD's Good Neighbor Next Door, which sells certain HUD-owned homes in HUD-designated revitalization areas at a discount to full-time law enforcement officers, pre-K to 12 teachers, firefighters and EMTs who serve that community. Eligible homes are limited. Most buyers in these jobs use the same programs as everyone else, such as NH Housing, FHA, VA or conventional loans.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-home-improvement-records-tax-basishttps://tommymacmortgage.com/blog-home-improvement-records-tax-basisKeep records for improvements that add value, extend your home's life or adapt it to new uses. The IRS adds their cost to your home's basis, which lowers your gain when you sell. Examples include additions, a new roof or siding, a heating system, a septic system, a water heater and a kitchen remodel. Routine repairs such as painting or fixing leaks don't count. Keep records until 3 years after the tax return for the year you sell.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-home-energy-tax-credits-ended-2026https://tommymacmortgage.com/blog-home-energy-tax-credits-ended-2026No, for new work. The IRS says the Residential Clean Energy Credit (solar and similar systems) isn't available for property placed in service after December 31, 2025, and the Energy Efficient Home Improvement Credit (heat pumps, insulation, windows, doors, energy audits) covered improvements made through December 31, 2025. In New Hampshire, NHSaves utility rebates are still the main place to look.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-hecm-for-purchase-reverse-mortgage-buy-homehttps://tommymacmortgage.com/blog-hecm-for-purchase-reverse-mortgage-buy-homeYes. FHA's HECM for Purchase lets a buyer 62 or older buy a new principal residence and take out a reverse mortgage on it in one closing. You put in a cash investment to cover the difference between the price and what the reverse mortgage provides, often from selling your current home, and then you have no required monthly mortgage payment, though you still pay taxes, insurance and upkeep.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-grandfathered-legal-nonconforming-home-mortgagehttps://tommymacmortgage.com/blog-grandfathered-legal-nonconforming-home-mortgageUsually, if it's legal nonconforming, often called grandfathered. Fannie Mae buys loans on legal nonconforming properties as long as the appraisal reflects any effect on value and marketability. FHA has the appraiser report the home as legal nonconforming, explain why, and say whether it could be legally rebuilt if destroyed. A use that's simply illegal under zoning is a different, harder problem.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-foster-care-income-mortgagehttps://tommymacmortgage.com/blog-foster-care-income-mortgageYes, on a Fannie Mae loan. Payments from a state- or county-sponsored organization for providing temporary care can count as stable income. Two years of fostering is expected, but 12 months can work if foster care income is no more than 30 percent of the income you qualify with. The lender averages the payments over 12 or 24 months.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-foreign-income-assets-mortgagehttps://tommymacmortgage.com/blog-foreign-income-assets-mortgageYes, with extra paperwork. Fannie Mae and FHA can count income paid in foreign currency by a foreign employer or government if it shows on your last two years of U.S. tax returns. Savings held abroad can be used for Fannie Mae loans once they're converted to U.S. dollars and moved into a U.S. or state-regulated bank before closing. Foreign documents must be in English or translated.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-force-placed-homeowners-insurancehttps://tommymacmortgage.com/blog-force-placed-homeowners-insuranceGet your own coverage back in place and send proof to your servicer. If your homeowners policy lapses or doesn't meet your loan's terms, the servicer can buy force-placed insurance and charge you. It usually costs more and may protect only the lender. Federal rules require two written notices first, and once you prove you had coverage, the servicer must cancel it and refund overlapping charges within 15 days.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-forbearance-deferral-modification-differencehttps://tommymacmortgage.com/blog-forbearance-deferral-modification-differenceForbearance lowers or pauses your payment for a while during a hardship. A payment deferral moves missed payments to the end of the loan once the hardship is over and you can pay the regular amount again. A loan modification permanently changes the loan's terms to make the payment more affordable. On Fannie Mae loans, each has its own rules, and your servicer decides which fits.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-flood-insurance-mortgage-garage-private-policyhttps://tommymacmortgage.com/blog-flood-insurance-mortgage-garage-private-policyYour lender requires flood insurance when the house is in a high-risk flood zone, the zones on FEMA's map that start with A or V. Under Fannie Mae's rules, a detached garage or barn in the zone doesn't trigger it if the house is outside. If FEMA amends its map to take the house out of the zone, the requirement can be dropped. And a private flood policy can work instead of a federal one if its coverage is at least as good.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-first-generation-homebuyer-nhhttps://tommymacmortgage.com/blog-first-generation-homebuyer-nhYou may be if neither you nor your parents or guardians have owned a home in your lifetime. NH Housing's 1st Generation Homebuyer pilot (1stGenHomeNH) adds cash assistance for these buyers when they use an NH Housing mortgage through an approved lender and take face-to-face homebuyer education. Funding is limited, and NH Housing can end the pilot at any time, so check early.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-finished-basement-square-footage-appraisalhttps://tommymacmortgage.com/blog-finished-basement-square-footage-appraisalNot as above-grade living area. Fannie Mae requires appraisers to measure homes with the ANSI square footage standard, and HUD's FHA rules say finished basements aren't included in gross living area. If any part of a finished level is below grade, the whole level is reported as below-grade space on its own line. That space can still add value; it's just listed and compared separately.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-well-distance-waiver-2026https://tommymacmortgage.com/blog-fha-well-distance-waiver-2026Yes. On July 27, 2026 (FHA INFO 2026-17), FHA announced a broad waiver of its own well distance requirements for existing homes. A home with a private well can now meet FHA's rules if it meets the local jurisdiction's distance requirements and the lender documents acceptable water test results. The waiver doesn't apply to new construction, and it stays in place until HUD updates its handbook.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-trial-payment-plan-2026https://tommymacmortgage.com/blog-fha-trial-payment-plan-2026Before an FHA servicer finalizes a loan modification or similar fix, you make trial payments for three months, four if you're not yet behind but at risk, or six for an heir or other non-borrower who took title. HUD's Mortgagee Letter 2026-08, required by September 21, 2026, lets you pay trial payments early, notes the final payment can change if taxes or insurance rise, and treats a third refusal of a trial plan as a failure.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-self-sufficiency-test-3-4-unithttps://tommymacmortgage.com/blog-fha-self-sufficiency-test-3-4-unitFor an FHA loan on a three- or four-unit home, HUD requires the building to pay for itself on paper. The appraiser estimates fair market rent for every unit, including the one you'll live in. The lender subtracts the larger of the appraiser's vacancy and maintenance estimate or 25 percent, and the monthly principal, interest, taxes and insurance can't be more than what's left. Two-unit homes don't have this test.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-loan-short-term-rentalhttps://tommymacmortgage.com/blog-fha-loan-short-term-rentalNot as a nightly or weekly rental. When you buy a 2 to 4 unit home, or a one-unit home with an accessory dwelling unit, with an FHA loan, HUD requires you to sign form HUD-92561. In it you agree the property won't be used for hotel or transient purposes or rented for periods of less than 30 days. Renting the other units to long-term tenants is allowed, and that rent can even help you qualify.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-loan-collections-charge-offs-judgmentshttps://tommymacmortgage.com/blog-fha-loan-collections-charge-offs-judgmentsOften, yes. Under HUD's Handbook 4000.1, charge-offs don't have to be counted in your debts, and medical collections aren't treated as debt. If your non-medical collections add up to $2,000 or more, they must be paid off, put on a payment plan, or counted in your debt ratio. A court judgment must be paid or resolved by closing, which can include a payment plan with at least three months of on-time payments.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-credit-score-changes-2027https://tommymacmortgage.com/blog-fha-credit-score-changes-2027Starting with FHA case numbers assigned on or after January 1, 2027, lenders can use VantageScore 4.0 and FICO 10T as well as Classic FICO. HUD says the newer models use trended data and can reflect things like rent and utility payments. FHA's minimum credit score thresholds don't change, and lenders still pull a report from all three credit bureaus.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-approved-condos-nashua-nhhttps://tommymacmortgage.com/blog-fha-approved-condos-nashua-nhHUD's list showed 10 FHA-approved condo complexes in Nashua when Tom checked it on November 2, 2026. Two of those approvals end within weeks, so check a complex's status before you make an FHA offer. A condo that isn't on the list may still qualify through FHA's single-unit approval, or with a conventional loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-approved-condos-manchester-nhhttps://tommymacmortgage.com/blog-fha-approved-condos-manchester-nhHUD's list showed 15 FHA-approved condo complexes in Manchester when Tom checked it on November 2, 2026. Many of the city's older multi-family buildings have been converted to condos, so it's worth checking a building's status before an FHA offer. A condo that isn't on the list may still qualify through FHA's single-unit approval, or with a conventional loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-approved-condos-hudson-nhhttps://tommymacmortgage.com/blog-fha-approved-condos-hudson-nhHUD's list showed 11 FHA-approved condo complexes in Hudson when Tom checked it on November 2, 2026. If the condo you like isn't on the list, it may still qualify through FHA's single-unit approval, or you can use a conventional loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-appraisal-repairs-required-vs-cosmetichttps://tommymacmortgage.com/blog-fha-appraisal-repairs-required-vs-cosmeticOnly repairs needed for safety, security and soundness, to protect the occupants' health, or to keep the home marketable. HUD's Handbook 4000.1 says cosmetic items, like holes in screens, cracked window glass or a dripping faucet, aren't required. Common required items in older NH homes include peeling paint on homes built before 1978, a roof near the end of its life, and heating, plumbing or electrical systems that don't work safely.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fha-90-day-flip-rulehttps://tommymacmortgage.com/blog-fha-90-day-flip-ruleYes, with timing limits. Under HUD's rules, a home resold 90 days or fewer after the seller got title isn't eligible for FHA. The count runs to the date everyone signs the purchase contract. From 91 to 180 days, if the price is at least double what the seller paid, the lender needs a second appraisal from another appraiser, at no cost to you. Some sellers, such as banks, relocation companies and estates, are exempt.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-employer-homebuying-assistancehttps://tommymacmortgage.com/blog-employer-homebuying-assistanceYes, if it's an established company program. On a Fannie Mae loan, employer help can be a grant, a repayable or forgivable loan, or a deferred-payment second mortgage, and it can cover all or part of the down payment and closing costs on a home you'll live in. It can't be used for a second home or investment property. The money must come straight from the employer or its affiliated credit union.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-down-payment-assistance-second-mortgagehttps://tommymacmortgage.com/blog-down-payment-assistance-second-mortgageSome assistance programs give you a second loan, recorded behind your main mortgage, to help with the down payment or closing costs. Payments may be monthly, deferred until you sell or refinance, or forgiven over time. Fannie Mae calls these Community Seconds; FHA calls it secondary financing. Both limit who can offer it, and any required payment counts in your monthly debts.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-does-rent-history-help-mortgagehttps://tommymacmortgage.com/blog-does-rent-history-help-mortgageIt can. Fannie Mae's Desktop Underwriter (DU) system can use 12 months of rent payments, found on your credit report or in your bank statements, to help its credit assessment. At least one borrower must have rented for at least 12 months, paying $300 or more a month, and must have no mortgage on their credit report, a limited credit history, or no credit score. Rent history can only help, not hurt.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-does-nh-have-income-taxhttps://tommymacmortgage.com/blog-does-nh-have-income-taxNo. New Hampshire doesn't tax wages or salaries, and its Interest and Dividends Tax was repealed for tax periods beginning on or after January 1, 2025. Returns for 2024 and earlier years are still owed. New Hampshire also has no general sales tax. Towns and schools are funded mostly by local property taxes, so those matter more when you budget for a home here.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-do-you-need-home-inspection-mortgage-nhhttps://tommymacmortgage.com/blog-do-you-need-home-inspection-mortgage-nhUsually not for the loan itself: lenders require an appraisal, which estimates the home's value for the lender, but most don't require a home inspection. It's still one of the most important steps for you. FHA gives every buyer a notice saying the appraisal doesn't replace an inspection and that FHA doesn't guarantee the home's value or condition. In New Hampshire, home inspectors must be licensed by the state.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-disputed-account-credit-report-mortgagehttps://tommymacmortgage.com/blog-disputed-account-credit-report-mortgageIt usually means extra review. On a Fannie Mae loan, the DU system first scores your file with the disputed account included. If you get an approval that way, nothing more is needed. If not, DU looks again without it, and the lender must then find out whether the account is yours and whether the information is right. If it is yours and accurate, the loan may need manual underwriting.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-desktop-hybrid-appraisal-explainedhttps://tommymacmortgage.com/blog-desktop-hybrid-appraisal-explainedThey're Fannie Mae appraisal options where the appraiser doesn't visit the home. In a desktop appraisal, the appraiser works from records, photos, floor plans and other data. In a hybrid appraisal, a trained third party, such as a real estate agent or inspector, collects data inside and out, and the appraiser uses it. Fannie Mae's underwriting system decides when either is offered.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-deed-restricted-affordable-home-mortgagehttps://tommymacmortgage.com/blog-deed-restricted-affordable-home-mortgageOften, yes. Fannie Mae buys loans on homes with recorded resale restrictions, such as income limits, age rules, first-time buyer or occupancy requirements. The restrictions must be in the public land records and can't block the lender's right to foreclose. You must meet the restriction yourself, and the appraiser is told about it. Homes on community land trust ground leases follow added rules.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-deed-in-lieu-of-foreclosurehttps://tommymacmortgage.com/blog-deed-in-lieu-of-foreclosureA deed in lieu means you voluntarily transfer the home to the lender to settle the mortgage, instead of going through foreclosure. Fannie Mae calls it a Mortgage Release. The servicer reviews your hardship, the title must be clear of other liens, and the home is usually left vacant. If it was your main home, Fannie Mae can pay a $7,500 relocation incentive in many cases, and some loans get a written release from any remaining balance.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-deduct-nh-property-taxes-salt-limithttps://tommymacmortgage.com/blog-deduct-nh-property-taxes-salt-limitIf you itemize, generally yes. The IRS lets you deduct state and local real estate taxes, and the combined limit for state and local taxes (SALT) is now $40,000, or $20,000 if married filing separately, reduced for higher incomes but not below $10,000. Since New Hampshire has no tax on wages, property tax is often most of an NH homeowner's SALT deduction. You deduct what was actually paid that year. Check with a tax professional.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-crypto-cash-car-sale-down-paymenthttps://tommymacmortgage.com/blog-crypto-cash-car-sale-down-paymentUsually yes for crypto and a car sale, usually no for cash at home. Under Fannie Mae's rules, crypto works once it's sold into U.S. dollars and sitting in a regulated U.S. bank account before closing, though not for your earnest money. Money from selling a car or other personal property works with a paper trail. Cash kept at home isn't accepted on most loans, but HomeReady can allow it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-credit-freeze-mortgagehttps://tommymacmortgage.com/blog-credit-freeze-mortgageYes. A credit freeze blocks new lenders from seeing your credit file, so you need to lift it before a lender can pull your credit for a pre-approval or application. Mortgage lenders usually check all three bureaus, Equifax, Experian and TransUnion, so lift the freeze at each one. A temporary lift requested online or by phone has to be processed within an hour, and freezes are free and don't affect your scores.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-credit-card-personal-loan-down-paymenthttps://tommymacmortgage.com/blog-credit-card-personal-loan-down-paymentNo, not on a Fannie Mae loan. Credit card financing can never be used for the down payment, and unsecured personal loans, card cash advances and overdraft lines can't be used for the down payment, closing costs or reserves. You can use credit card reward points once they're turned into cash, and money borrowed against something you own, such as a 401(k) or a car, can work.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-cosigned-loan-counts-against-mortgagehttps://tommymacmortgage.com/blog-cosigned-loan-counts-against-mortgageIt counts unless you can show someone else pays it. Under Fannie Mae's rules, the lender can leave a co-signed car loan, student loan, credit card or lease out of your debts if the other person has made the payments for the most recent 12 months with none late, proven with their canceled checks or bank statements. A co-signed mortgage can be left out on similar terms if the person paying is also on that mortgage.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-contractor-lien-nh-homehttps://tommymacmortgage.com/blog-contractor-lien-nh-homeYes. Under RSA 447:2, anyone who does work, supplies materials or provides design services worth $15 or more for your home under a contract with you can have a lien on it. A subcontractor or supplier hired by your contractor can too, after giving you written notice. The lien lasts 120 days from the work or delivery unless paid sooner, and the claimant keeps it by attaching the property through the court.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-collections-judgments-before-mortgagehttps://tommymacmortgage.com/blog-collections-judgments-before-mortgageJudgments and liens, yes, generally. For conventional loans, Fannie Mae requires delinquent debts that can affect the home's title or your equity, such as judgments, tax liens and contractor liens, to be paid off at or before closing. Ordinary collection accounts and charge-offs depend on how the loan is underwritten: the automated system may not require payoff, and on manually underwritten loans small balances and medical collections may not need to be paid.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-close-on-nh-home-remotelyhttps://tommymacmortgage.com/blog-close-on-nh-home-remotelyOften, yes. New Hampshire law (RSA 456-B) allows remote online notarization, where you sign electronically and appear before a New Hampshire notary by live video. You can also sign the papers in front of a notary where you are and send them back (a mail-away closing), or have someone sign for you with a power of attorney. Each option needs your lender's and title company's approval, so ask early.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-clergy-housing-car-allowance-mortgagehttps://tommymacmortgage.com/blog-clergy-housing-car-allowance-mortgageYes. On a Fannie Mae loan, a housing allowance, such as the parsonage allowance many clergy receive, or an automobile allowance from your employer can count as income once you've received it for at least 12 months. The lender adds the full allowance to your monthly income. It doesn't subtract it from the related cost, such as a car payment.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-class-vi-private-road-mortgage-nhhttps://tommymacmortgage.com/blog-class-vi-private-road-mortgage-nhOften yes, but it takes more checking. A Class VI road is a public road the town doesn't maintain, and a private road isn't owned or maintained by the town at all. Lenders want proof of legal, year-round access and that the home can be insured, and some ask who plows and repairs the road. Building on a Class VI or private road also needs special steps under RSA 674:41, including a waiver or notice recorded at the registry of deeds.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-cash-back-at-closing-when-buyinghttps://tommymacmortgage.com/blog-cash-back-at-closing-when-buyingOnly in limited cases. On a Fannie Mae purchase loan, cash back is allowed only as a refund of fees and charges you overpaid, such as an appraisal you paid up front, or a legitimate prorated property tax credit where taxes are paid in arrears. Seller credits and lender credits can pay your actual closing costs, but extra credit generally can't come back to you as cash.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-cant-pay-mortgage-options-nhhttps://tommymacmortgage.com/blog-cant-pay-mortgage-options-nhCall your mortgage servicer right away, before or as soon as you miss a payment, and contact a HUD-approved housing counseling agency for free help. Servicers have options such as forbearance, repayment plans and loan modifications. Federal rules (RESPA's Regulation X) generally don't let a servicer start foreclosure until a loan is more than 120 days delinquent, and they require the servicer to review a complete application for help.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-can-you-waive-escrow-nhhttps://tommymacmortgage.com/blog-can-you-waive-escrow-nhSometimes. On a conventional loan, the lender may let you waive escrow and pay taxes and insurance yourself, under its own written policy, which has to consider whether you can handle the lump-sum bills. FHA loans require escrow for taxes and insurance, and many higher-priced loans must keep escrow for at least five years. Waiving escrow can come with a cost, so compare both ways before you choose.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-can-i-choose-my-appraiserhttps://tommymacmortgage.com/blog-can-i-choose-my-appraiserNo to choosing, yes to sharing facts. Federal rules (Regulation Z) bar anyone in a mortgage from pressuring or influencing an appraiser's value, and for FHA loans HUD has the lender or its authorized agent select, retain and pay the appraiser. You, your real estate agent or your lender can still provide relevant property information, such as recent updates, and ask the appraiser to consider it.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-can-closing-costs-go-uphttps://tommymacmortgage.com/blog-can-closing-costs-go-upSome can and some can't. Under federal rules (Regulation Z), the lender's own charges, transfer taxes and services you weren't allowed to shop for generally can't increase at all. Recording fees and services you chose from the lender's list can rise only within a 10 percent total. Prepaid interest, escrow deposits, and services you shopped for on your own can change. A valid change in circumstances can allow a revised Loan Estimate.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-caivrs-federal-debt-fha-loanhttps://tommymacmortgage.com/blog-caivrs-federal-debt-fha-loanNot until it's resolved. HUD bars FHA loans for borrowers with delinquent federal non-tax debt, such as a defaulted federal student loan or a debt left from a past FHA loan. Lenders check every borrower against HUD's Credit Alert Verification Reporting System (CAIVRS). Once the debt is resolved with the agency you owe, the application can move forward. Delinquent federal taxes can work with an IRS payment plan and three months of on-time payments.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-buying-nh-home-with-tenantshttps://tommymacmortgage.com/blog-buying-nh-home-with-tenantsA sale alone doesn't end a tenancy; ending one takes the steps NH law sets out. You take over as landlord, and the seller must hand the security deposits to you at closing or within 5 days and tell each tenant in writing who holds them. Whether and how you can end a tenancy depends on New Hampshire's eviction law, the type of property, and any lease in place, so plan this before you sign a contract.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-buying-new-construction-from-builder-nhhttps://tommymacmortgage.com/blog-buying-new-construction-from-builder-nhWhen the builder owns the land and builds the house, you usually get a regular purchase mortgage, not a construction loan, and close when the home is finished and has its certificate of occupancy. The main differences are timing and paperwork: the builder's own contract, a deposit schedule, a rate lock that may need to run longer, and a first property tax bill that may not yet include the finished house.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-buying-home-from-estate-probate-nhhttps://tommymacmortgage.com/blog-buying-home-from-estate-probate-nhThe seller is the estate, acting through the executor or administrator the probate court appointed. Under NH law, they can usually sell the home unless the will says otherwise, but generally need written consent from the surviving spouse and heirs, or a license from the probate court. Your mortgage works the same way, but the title has to show the seller had authority to sell.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-buyer-agent-commission-mortgagehttps://tommymacmortgage.com/blog-buyer-agent-commission-mortgageIt can be the seller, the buyer, or a mix, and it's negotiable. Since 2024, buyers usually sign a written agreement with their agent that says how the agent is paid. For conventional and FHA loans, a seller paying the buyer's agent according to local custom isn't counted against the limits on seller contributions. If you pay your agent yourself, that fee is part of your cash to close, so plan for it in your budget.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-buy-house-you-rent-from-landlordhttps://tommymacmortgage.com/blog-buy-house-you-rent-from-landlordYes. Fannie Mae allows sales between people who already know each other, such as a landlord and tenant, for existing homes. FHA allows it too, but HUD limits the loan amount when a tenant-landlord relationship exists at the time of the contract, unless the landlord is a family member and you've rented there for at least six months. Tell your loan officer about the relationship at the start, and keep records of the rent you've paid.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-business-funds-down-payment-mortgagehttps://tommymacmortgage.com/blog-business-funds-down-payment-mortgageOften, yes. Fannie Mae allows business assets for the down payment, closing costs and reserves if you're listed as an owner of the account and it's verified like any other account. If you also qualify with income from that business, the lender reviews it under the self-employment rules. For FHA loans, using business accounts for funds to close means the lender needs your business tax returns.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-authorized-user-credit-mortgagehttps://tommymacmortgage.com/blog-authorized-user-credit-mortgageOften, yes. An authorized user can use someone else's credit card account without owning it, and the account can show on the user's credit report. When a Fannie Mae loan goes through its Desktop Underwriter (DU) system, DU includes authorized user accounts in its credit assessment. If a loan is underwritten by hand, those accounts usually can't be counted unless you can show you've been the one paying them.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-appraisal-waiver-value-acceptancehttps://tommymacmortgage.com/blog-appraisal-waiver-value-acceptanceSometimes, on a conventional loan. Fannie Mae and Freddie Mac's automated underwriting systems can offer an appraisal waiver (Fannie Mae calls it value acceptance) when they already have enough reliable data on the home's value. You can't simply request one: the system offers it or doesn't, and the lender decides whether to use it. FHA, VA and USDA purchase loans generally need an appraisal.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-appraisal-condition-rating-c1-c6https://tommymacmortgage.com/blog-appraisal-condition-rating-c1-c6They're Fannie Mae's standard condition ratings for the home as a whole, from C1 (brand new, never lived in) to C6 (damage or deferred maintenance serious enough to affect safety, soundness or structure). Homes rated C1 through C5 can be appraised "as is" for a Fannie Mae loan. A C6 home must be appraised subject to repairs that bring it to at least C5 before the loan can close.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-add-spouse-to-deed-without-refinancing-nhhttps://tommymacmortgage.com/blog-add-spouse-to-deed-without-refinancing-nhOften, yes. The deed shows who owns the home; the mortgage note shows who owes the loan. Federal law (the Garn-St Germain Act) bars lenders from calling a home loan due when a borrower's spouse or children become owners. Adding someone else, such as someone you aren't married to, isn't on that list, so check with your servicer and a NH real estate attorney first. Adding someone to the deed doesn't add them to the loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-55-plus-community-mortgage-nhhttps://tommymacmortgage.com/blog-55-plus-community-mortgage-nhMostly the same way as any home or condo. Many 55+ communities in New Hampshire are condominiums, so the lender reviews the association as well as you, and FHA or VA loans need the project to be approved or to get a single-unit approval. The monthly association fee counts in your payment when you qualify. Federal fair housing law allows these communities to limit residents by age when they meet specific rules.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-15-year-vs-30-year-mortgagehttps://tommymacmortgage.com/blog-15-year-vs-30-year-mortgageIt comes down to the monthly payment you're comfortable with. A 15-year loan has a higher monthly payment, but you pay interest for half as long and the rate is usually lower, so the total cost is lower. A 30-year loan has a lower monthly payment, which leaves more room in your budget, but costs more over the life of the loan. Comparing Loan Estimates for both terms shows the real numbers.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-use-401k-for-down-paymenthttps://tommymacmortgage.com/blog-use-401k-for-down-paymentYes. Fannie Mae accepts vested funds from a 401(k) or IRA for the down payment, closing costs and reserves. A 401(k) loan is treated as borrowing against your own asset, and its payment doesn't have to count as a long-term debt. Withdrawals can carry taxes and penalties, so talk with a tax advisor first.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-rent-out-current-home-buy-nexthttps://tommymacmortgage.com/blog-rent-out-current-home-buy-nextYes, with limits. Under Fannie Mae's rules updated in September 2026, the lender estimates the home's market rent from an appraisal or a rent analysis, counts 75% of it, and uses the result to offset that home's own payment. A lease on the home you're leaving isn't accepted for this. Without a year of landlord experience, you also need six months of reserves for that home.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-with-no-credit-scorehttps://tommymacmortgage.com/blog-mortgage-with-no-credit-scoreSometimes, yes. Fannie Mae allows loans for borrowers with no credit score using nontraditional credit, such as a record of rent and other regular payments. The home has to be a primary residence you'll live in, and the loan has to be a purchase or a limited cash-out refinance.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-vantagescore-4-mortgage-credit-scorehttps://tommymacmortgage.com/blog-vantagescore-4-mortgage-credit-scoreYes, for conventional loans sold to Fannie Mae and Freddie Mac. In September 2026 they opened VantageScore 4.0 to all approved lenders, after a limited start in April 2026. Lenders can use VantageScore 4.0 or Classic FICO, Classic FICO has no retirement date yet, and lenders still pull reports from all three credit bureaus.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-buying-home-solar-panels-nhhttps://tommymacmortgage.com/blog-buying-home-solar-panels-nhOwned panels are part of the house and can add to its appraised value. Leased panels and power purchase agreements belong to a solar company: their value can't be counted in the appraisal, a lease payment usually counts in your debts, and the lender reviews the agreement before closing.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-who-counts-as-first-time-homebuyerhttps://tommymacmortgage.com/blog-who-counts-as-first-time-homebuyerFor most mortgage programs, you're a first-time homebuyer if you haven't owned a home in the past three years, so many people who owned before still qualify. HUD and Fannie Mae both use a three-year look-back, and HUD adds exceptions, for example for a single parent or displaced homemaker who only owned with a former spouse.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-moving-ma-to-hudson-nhhttps://tommymacmortgage.com/blog-moving-ma-to-hudson-nhThe loan itself works the same way, but the payment mix changes. New Hampshire has no income tax on wages and no general sales tax, while property taxes are a bigger part of the monthly payment. Hudson's 2025 rate is $17.11 per $1,000 of assessed value (NH DRA), and most buyers pay it through escrow.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-investment-property-reserveshttps://tommymacmortgage.com/blog-investment-property-reservesOn a conventional loan run through Fannie Mae's Desktop Underwriter, an investment property needs six months of reserves for its own payment. If you own other financed properties, you also need reserves equal to a percentage of what you owe on them: 2% with one to four, 4% with five or six, and 6% with seven to ten. DSCR lenders set their own reserve rules.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-hudson-nh-property-taxeshttps://tommymacmortgage.com/blog-hudson-nh-property-taxesHudson's 2025 total property tax rate is $17.11 per $1,000 of assessed value, set by the NH Department of Revenue Administration on November 13, 2025. On a home assessed at $400,000, that's about $6,844 a year, or about $570 a month in escrow.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-heloc-for-rental-property-down-paymenthttps://tommymacmortgage.com/blog-heloc-for-rental-property-down-paymentOften, yes. Fannie Mae accepts money borrowed against an asset you own, including your home, for the down payment, closing costs and reserves on a conventional loan, because it's a return of your own equity. The HELOC's monthly payment then counts as a debt when the lender qualifies you. DSCR lenders set their own rules, so ask each one.Wed, 28 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-property-taxes-after-you-buyhttps://tommymacmortgage.com/blog-nh-property-taxes-after-you-buyThey can. Your bill is your assessed value times the town's tax rate, and the rate is set again each fall. New Hampshire towns must reappraise every property at least once every five years (RSA 75:8-a), and assessors review assessments every year, so your assessment can change too.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-nh-2026-property-tax-rates-when-sethttps://tommymacmortgage.com/blog-nh-2026-property-tax-rates-when-setThe New Hampshire Department of Revenue Administration (DRA) sets each town's property tax rate in the fall, after the town, school and county budgets are final, usually between October and December. A town can't send the tax bill that uses the new rate until the DRA certifies it, so many towns mail that bill in late fall or early winter.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-mortgage-on-maternity-parental-leavehttps://tommymacmortgage.com/blog-mortgage-on-maternity-parental-leaveOften, yes. Under Fannie Mae's rules for conventional loans, a borrower on temporary leave, such as maternity or parental leave or short-term disability, is treated as employed when the employer confirms the leave. If you'll be back at work by your first mortgage payment, the lender can qualify you on your regular pay. If not, it uses the lower of your leave pay or your regular pay, and may add a supplement from your savings.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-many-financed-propertieshttps://tommymacmortgage.com/blog-how-many-financed-propertiesFannie Mae allows up to 10 financed properties when the new loan is for a second home or an investment property. There's no limit when the loan is for your own home, except for HomeReady loans. Past 10, DSCR loans don't use the same count.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-how-long-live-in-home-before-rentinghttps://tommymacmortgage.com/blog-how-long-live-in-home-before-rentingFor a loan on a home you'll live in, the standard Fannie Mae and Freddie Mac mortgage says you'll move in within 60 days of signing and live there for at least one year, unless the lender agrees otherwise in writing or circumstances beyond your control come up. After that year, you can generally rent it out.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-fannie-mae-620-minimum-credit-scorehttps://tommymacmortgage.com/blog-fannie-mae-620-minimum-credit-scoreYes, for loans run through its automated system. For new Desktop Underwriter (DU) loan files since November 16, 2025, Fannie Mae doesn't require a minimum credit score; DU weighs your whole credit picture instead. Manually underwritten loans still have minimums, and lenders can set their own.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-delayed-financing-cash-purchasehttps://tommymacmortgage.com/blog-delayed-financing-cash-purchaseNormally Fannie Mae wants at least one borrower on title for six months before a cash-out refinance. Its delayed financing exception lets you refinance sooner if you bought the property without a mortgage, documented where the cash came from, and the new loan is no more than what you put in plus financed closing costs.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/blog-2027-conforming-loan-limits-announcementhttps://tommymacmortgage.com/blog-2027-conforming-loan-limits-announcementThe Federal Housing Finance Agency (FHFA) usually announces the next year's conforming loan limits in late November, the same day it releases its third-quarter house price report. The 2026 limits were announced on November 25, 2025. As of October 27, 2026, the 2027 limits have not been announced, so the 2026 limits are still the official ones.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldBloghttps://tommymacmortgage.com/guide-when-to-refinance-nhhttps://tommymacmortgage.com/guide-when-to-refinance-nhShould you refinance your New Hampshire home? Good reasons to refinance, how to find your break-even point, what it costs and what to expect.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-well-and-septic-nhhttps://tommymacmortgage.com/guide-well-and-septic-nhBuying a New Hampshire home with a private well or septic system? What to test and ask for, the waterfront septic rule and how it fits your loan timeline.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-va-loans-nhhttps://tommymacmortgage.com/guide-va-loans-nhHow VA home loans work for NH veterans and service members: eligibility, the funding fee, VA appraisals, refinancing and NH veterans' property tax credits.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-usda-loans-southern-nhhttps://tommymacmortgage.com/guide-usda-loans-southern-nhHow USDA guaranteed home loans work in southern New Hampshire: eligible areas, household income limits, property rules and how to check an address.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-student-loans-mortgage-nhhttps://tommymacmortgage.com/guide-student-loans-mortgage-nhHow lenders count student loans for conventional, FHA and VA mortgages, including income-driven plans, deferment and loans a parent pays.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-short-term-rental-financing-nhhttps://tommymacmortgage.com/guide-short-term-rental-financing-nhHow lenders count short-term rental income, Fannie Mae's 2026 rules, DSCR options, and NH's meals and rooms license for Airbnb and VRBO hosts.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-seller-credits-rate-buydowns-nhhttps://tommymacmortgage.com/guide-seller-credits-rate-buydowns-nhHow NH buyers can use a seller credit for closing costs, prepaid items or a rate buydown, the program limits to know and how to ask for one in your offer.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-self-employed-mortgage-nhhttps://tommymacmortgage.com/guide-self-employed-mortgage-nhHow lenders count self-employed income from your tax returns in New Hampshire: the two-year history, write-offs, business returns and what to gather.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-renovation-loans-nhhttps://tommymacmortgage.com/guide-renovation-loans-nhHow FHA 203(k), Fannie Mae HomeStyle and Freddie Mac CHOICERenovation loans finance a home and its repairs in one mortgage, for NH buyers.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-remove-pmihttps://tommymacmortgage.com/guide-remove-pmiWhen you can ask to cancel private mortgage insurance, when it must end automatically under federal law, what servicers require and how FHA and VA loans differ.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-read-loan-estimate-nhhttps://tommymacmortgage.com/guide-read-loan-estimate-nhA plain-language walk through the 3-page Loan Estimate: loan terms, closing costs by section, NH transfer tax, what can change and how to compare offers.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-rate-lock-nhhttps://tommymacmortgage.com/guide-rate-lock-nhHow a mortgage rate lock works for New Hampshire buyers: when you can lock, how long a lock lasts, what happens if closing slips, and what can change a locked rate.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-overtime-bonus-commission-income-nhhttps://tommymacmortgage.com/guide-overtime-bonus-commission-income-nhHow mortgage lenders count overtime, bonus, commission, tips, a second job and seasonal income in NH, how it's averaged and what to gather.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-property-taxeshttps://tommymacmortgage.com/guide-nh-property-taxesHow New Hampshire property tax rates work, why they change each year, how escrow pays them and what credits and abatements homeowners can ask about.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-property-tax-reliefhttps://tommymacmortgage.com/guide-nh-property-tax-reliefHow New Hampshire homeowners ask for a property tax abatement, and the veterans' credits and elderly, blind and disabled exemptions towns offer, with deadlines.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-property-tax-bills-escrowhttps://tommymacmortgage.com/guide-nh-property-tax-bills-escrowHow New Hampshire tax bills flow through your mortgage escrow, why payments rise after a new rate, and how shortages and refunds work.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-loan-limits-2026https://tommymacmortgage.com/guide-nh-loan-limits-2026The 2026 conforming loan limits for New Hampshire counties, set by FHFA, the limits for 2 to 4 unit homes, and what changes when you need a jumbo loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-housing-down-payment-assistancehttps://tommymacmortgage.com/guide-nh-housing-down-payment-assistanceHow NH Housing's homebuyer programs and down payment assistance work, who may qualify, the income and price limits, and how to apply through a lender.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-home-inspection-radon-arsenichttps://tommymacmortgage.com/guide-nh-home-inspection-radon-arsenicBuying a New Hampshire home? What NHDES says about radon in air and water, arsenic in well water and oil tank checks, and how test results fit your closing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-home-heatinghttps://tommymacmortgage.com/guide-nh-home-heatingMost New Hampshire homes heat with oil or propane. What buyers should ask about the heating system, fuel use and tanks, and how to budget for heat.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-nh-closing-costshttps://tommymacmortgage.com/guide-nh-closing-costsWhat buyers and sellers pay to close in New Hampshire, how the real estate transfer tax works, and a worked example of the buyer's and seller's shares.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-new-job-mortgage-nhhttps://tommymacmortgage.com/guide-new-job-mortgage-nhCan you get a mortgage after changing jobs, with a signed job offer, or after a gap in work? How lenders look at work history and pay types.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-moving-to-nh-checklisthttps://tommymacmortgage.com/guide-moving-to-nh-checklistA checklist for moving to New Hampshire: your NH license and car registration within 60 days, voter registration, property tax bills and well and septic checks.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-moving-from-massachusettshttps://tommymacmortgage.com/guide-moving-from-massachusettsMoving from Massachusetts to southern NH? How taxes, town tax rates, the transfer tax and the buying process change your mortgage budget and timeline.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-mortgage-rates-nhhttps://tommymacmortgage.com/guide-mortgage-rates-nhWhat moves mortgage rates in New Hampshire, why your quote differs from the averages online, and how to compare lender offers on the same day.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-mortgage-in-retirement-nhhttps://tommymacmortgage.com/guide-mortgage-in-retirement-nhHow lenders count Social Security, pensions and retirement savings for a mortgage in New Hampshire, plus downsizing, moving from MA and your rights.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-mortgage-denied-what-next-nhhttps://tommymacmortgage.com/guide-mortgage-denied-what-next-nhWhy mortgages get denied, the notice and free credit report you're owed, what to fix, and how a broker can look at other lenders and programs in NH.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-mortgage-broker-vs-bankhttps://tommymacmortgage.com/guide-mortgage-broker-vs-bankHow a mortgage broker differs from a bank or online lender in New Hampshire: who lends the money, how each is paid and when each may fit.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-mortgage-after-bankruptcy-foreclosurehttps://tommymacmortgage.com/guide-mortgage-after-bankruptcy-foreclosureHow long to wait for a mortgage after bankruptcy, foreclosure or a short sale, for conventional and FHA loans, and how to rebuild credit first.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-manufactured-homes-nhhttps://tommymacmortgage.com/guide-manufactured-homes-nhBuying a manufactured home in New Hampshire? When it can get a regular mortgage, the HUD label and foundation checks, park and co-op homes, and what to ask.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-low-appraisal-nhhttps://tommymacmortgage.com/guide-low-appraisal-nhWhat to do if a home appraises below the price in New Hampshire: renegotiate, cover the gap, ask for a reconsideration of value, and how FHA and VA differ.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-lake-and-second-homes-nhhttps://tommymacmortgage.com/guide-lake-and-second-homes-nhBuying a lake house or vacation home in New Hampshire? How second-home loans work, plus shoreland rules, docks, flood insurance and septic checks.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-jumbo-loans-nhhttps://tommymacmortgage.com/guide-jumbo-loans-nhBuying above the 2026 conforming limit in NH? Where jumbo loans begin by county, what lenders look for and how to compare jumbo offers.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-investment-property-loans-nhhttps://tommymacmortgage.com/guide-investment-property-loans-nhHow conventional investment property loans work for NH rentals: rental income, the 10-property limit, reserves, gifts, and how they compare with DSCR loans.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-inherited-home-buyout-nhhttps://tommymacmortgage.com/guide-inherited-home-buyout-nhInherited a New Hampshire home? What happens to the existing mortgage, how probate fits in, and how a refinance can buy out siblings or other heirs.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-how-to-choose-a-loan-officer-nhhttps://tommymacmortgage.com/guide-how-to-choose-a-loan-officer-nhHow to pick a mortgage loan officer in New Hampshire: check the NMLS license, ask 10 questions before you apply, compare Loan Estimates and spot warning signs.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-homeowners-insurance-nhhttps://tommymacmortgage.com/guide-homeowners-insurance-nhWhat homeowners insurance a mortgage lender requires in New Hampshire, how escrow pays it, condo and flood coverage, and when to shop for quotes.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-heloc-vs-cash-outhttps://tommymacmortgage.com/guide-heloc-vs-cash-outCompare a home equity line of credit with a cash-out refinance for New Hampshire homeowners: how each works, what it costs and when each one fits.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-gift-funds-down-payment-nhhttps://tommymacmortgage.com/guide-gift-funds-down-payment-nhFamily helping with your down payment? Who can give gift funds, what a gift letter includes and how to document the transfer for conventional, FHA and VA.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-get-pre-approved-nhhttps://tommymacmortgage.com/guide-get-pre-approved-nhHow to get pre-approved for a mortgage in New Hampshire: the documents to gather, each step, how long a letter lasts, and how to apply with Tom MacDonald.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-flood-zones-nh-seacoasthttps://tommymacmortgage.com/guide-flood-zones-nh-seacoastBuying in Portsmouth, Hampton, Stratham, Durham or Dover? How to check an NH home's flood zone, when flood insurance is required and how it fits your loan.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-first-time-buyers-nhhttps://tommymacmortgage.com/guide-first-time-buyers-nhA plain-language guide for first-time buyers in New Hampshire: budgeting with NH property taxes, loan programs, NH Housing assistance and pre-approval.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-financing-contingency-earnest-money-nhhttps://tommymacmortgage.com/guide-financing-contingency-earnest-money-nhHow earnest money, the financing contingency and your lender's commitment letter work on a New Hampshire home purchase, and the deadlines to watch.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-fha-streamline-refinancehttps://tommymacmortgage.com/guide-fha-streamline-refinanceHow an FHA streamline refinance works in New Hampshire: who may qualify, the net tangible benefit rule, appraisal and credit options and costs.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-fha-loans-nhhttps://tommymacmortgage.com/guide-fha-loans-nhHow FHA loans work in New Hampshire, with 2026 FHA loan limits for Hillsborough, Rockingham, Merrimack and Strafford counties and what to expect.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-dscr-loans-nhhttps://tommymacmortgage.com/guide-dscr-loans-nhHow DSCR loans work for New Hampshire rental investors: rent in place of personal income, business-purpose rules, LLCs, reserves and NH property taxes.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-down-payment-sources-nhhttps://tommymacmortgage.com/guide-down-payment-sources-nhWhere your down payment can come from in NH: savings, gifts, a 401(k) or IRA, selling assets, assistance and crypto, plus large deposits and documents.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-divorce-buyout-nhhttps://tommymacmortgage.com/guide-divorce-buyout-nhKeeping the house after a divorce or separation in New Hampshire: buyout refinances, removing a spouse from the mortgage, assumptions and support income.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-current-use-land-nhhttps://tommymacmortgage.com/guide-current-use-land-nhBuying a New Hampshire home on acreage or a lot in current use? What current use assessment is, when the 10% land use change tax applies and what to ask first.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-credit-and-your-mortgagehttps://tommymacmortgage.com/guide-credit-and-your-mortgageHow credit fits into your NH mortgage: free weekly credit reports, fixing errors, shopping lenders within 45 days, the 2026 trigger-lead law and what to avoid.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-conventional-loans-nhhttps://tommymacmortgage.com/guide-conventional-loans-nhHow conventional mortgages work in New Hampshire: 2026 county loan limits, homes you can buy, removable mortgage insurance, HomeReady and FHA vs. conventional.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-construction-loans-nhhttps://tommymacmortgage.com/guide-construction-loans-nhHow construction loans work in New Hampshire: one closing or two, builder draws, appraisal from plans, land, septic and permits, and what to gather.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-condo-mortgage-nhhttps://tommymacmortgage.com/guide-condo-mortgage-nhBuying a condo in southern NH? How lenders review the condo project, FHA project and single-unit approval, and what the association questionnaire covers.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-compare-loan-programs-nhhttps://tommymacmortgage.com/guide-compare-loan-programs-nhFHA vs conventional, VA, USDA, NH Housing, jumbo, bank statement and DSCR loans compared side by side for New Hampshire buyers, with links to each guide.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-co-borrower-cosigner-nhhttps://tommymacmortgage.com/guide-co-borrower-cosigner-nhHow a co-borrower or co-signer works on a New Hampshire mortgage: who can help, non-occupant rules by program, the effect on their credit, and removing them later.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-closing-day-nhhttps://tommymacmortgage.com/guide-closing-day-nhWhat happens at a New Hampshire home closing: the final walk-through, what to bring, how to send your money safely, and what comes after.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-cash-out-refinance-nhhttps://tommymacmortgage.com/guide-cash-out-refinance-nhHow a cash-out refinance works in New Hampshire: how long you must own the home, VA and FHA options, the NH transfer tax and how it compares with a HELOC.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-buying-multi-family-nhhttps://tommymacmortgage.com/guide-buying-multi-family-nhBuying a 2 to 4 unit home in southern NH and living in one unit? How FHA, conventional and VA loans can count rent from the other units, and what lenders check.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-buying-home-winter-nhhttps://tommymacmortgage.com/guide-buying-home-winter-nhBuying a New Hampshire home in winter: what snow hides at inspection, heating checks, appraisals, escrow holdbacks for spring repairs and tax bills.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-buying-from-family-gift-of-equity-nhhttps://tommymacmortgage.com/guide-buying-from-family-gift-of-equity-nhBuying a home from a parent or relative in New Hampshire: gifts of equity, how conventional and FHA loans treat family sales, and the steps to closing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-buying-foreclosed-bank-owned-home-nhhttps://tommymacmortgage.com/guide-buying-foreclosed-bank-owned-home-nhHow to finance a bank-owned (REO) or HUD home in New Hampshire: as-is sales, inspections, appraisal and repair rules, and renovation loan options.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-buy-before-you-sell-nhhttps://tommymacmortgage.com/guide-buy-before-you-sell-nhBuying your next New Hampshire home before you sell? How lenders count your current home, rental and HELOC options, contingent offers and NH costs.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-bank-statement-loans-nhhttps://tommymacmortgage.com/guide-bank-statement-loans-nhHow bank statement mortgages work for self-employed borrowers in New Hampshire: how income is figured, what to gather, the trade-offs and other options.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-assumable-mortgageshttps://tommymacmortgage.com/guide-assumable-mortgagesHow assumable FHA and VA mortgages work for New Hampshire buyers and sellers: who must approve, VA entitlement, covering the equity gap and timing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-after-you-apply-nhhttps://tommymacmortgage.com/guide-after-you-apply-nhThe steps after you apply for an NH mortgage: your Loan Estimate, the appraisal, underwriting, the Closing Disclosure and closing day, with federal timing.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-adu-in-law-apartment-nhhttps://tommymacmortgage.com/guide-adu-in-law-apartment-nhBuying a home with an in-law apartment or adding an ADU in New Hampshire? What the 2025 state law allows and how FHA and Fannie Mae loans treat ADUs.Mon, 02 Nov 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-fix-and-flip-bridge-loans-nhhttps://tommymacmortgage.com/guide-fix-and-flip-bridge-loans-nhHow fix-and-flip and bridge loans work for New Hampshire investors: rehab draws, business-purpose rules, what lenders review and planning the exit.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldGuideshttps://tommymacmortgage.com/guide-buying-nh-seacoasthttps://tommymacmortgage.com/guide-buying-nh-seacoastSeacoast NH towns and tax rates side by side, 2026 loan limits for Rockingham and Strafford counties, flood zones, beach condos and Shipyard commutes.Tue, 27 Oct 2026 12:00:00 +0000Tom MacDonaldGuides