How do NH mortgage programs compare?
A quick look at who each program tends to fit, what it adds in Mortgage insurance (PMI or MIP) Insurance that protects the lender on many loans with a smaller down payment. It's added to your payment and can often be removed later. See the full glossary or fees, and which homes it covers. Each program name links to its full guide.
| Program | Often a fit for | Mortgage insurance or fees | Homes it covers |
|---|---|---|---|
| Conventional | Buyers and owners with steady income and solid credit | PMI with a smaller down payment; it can often be removed later | Primary homes, second homes and investment properties |
| FHA | Buyers who need more flexibility on credit or down payment | Upfront and monthly FHA mortgage insurance | Homes you live in, including 2 to 4 units |
| VA | Eligible veterans, service members and some surviving spouses | No monthly mortgage insurance; a one-time funding fee for many borrowers | Homes you live in |
| USDA | Buyers within income limits buying in eligible areas | Upfront and annual guarantee fees | Homes you live in, at eligible addresses |
| NH Housing | First-time and other eligible NH buyers within program limits | Depends on the loan it pairs with | Homes you live in |
| Jumbo | Loan amounts above the conforming limit | Set by each lender | Primary homes, and with some lenders second homes and investments |
| Bank statement | Self-employed borrowers whose tax returns understate income | Set by each lender | Primary homes, second homes and investments, by lender |
| DSCR | Investors qualifying on a rental's income | Set by each lender | Investment properties only |
| Conventional investment | Investors with well-documented income, up to 10 financed properties | Depends on the down payment | Investment properties |
| Fix-and-flip or bridge | Investors buying a property to renovate, then sell or refinance | Set by each lender | Investment properties |
Program rules come from each agency or investor, and lenders can add their own requirements, so treat this as a starting point.
Is FHA or conventional better?
It depends on the whole picture, not one number. FHA is more flexible on credit and is insured by HUD, so it can help buyers who are still building credit. Conventional loans often cost less for buyers with stronger credit, and their PMI can often be removed as you build equity (see how to remove PMI). FHA also has property standards, so an older home that needs repairs may need them done before closing, while conventional loans also cover second homes and investment properties.
The clearest answer comes from pricing both for your situation. Tom compares the monthly payment and the total cost of each from several lenders so you can see them side by side.
I'm a veteran. Should I use my VA benefit?
Often, yes. VA loans have no monthly mortgage insurance, and the one-time Funding fee A one-time fee on VA loans that can be paid at closing or added to the loan. Veterans who receive VA disability compensation are exempt. See the full glossary is waived for many disabled veterans. Some veterans still compare a conventional loan, for example to save their entitlement. The VA guide covers eligibility, the funding fee and New Hampshire's veterans' tax credits.
I'm self-employed or investing. What are my options?
If your tax returns show your income, conventional and FHA loans still work. If write-offs lower the income on your returns, a bank statement loan uses your deposits instead. Investors buying rentals can use conventional loans or a DSCR loan, which qualifies on the rent. Buying a 2 to 4 unit home and living in one unit? See buying a multi-family.
When does my loan become jumbo?
Conventional loans above the county's conforming limit are jumbo loans with lender-set rules, and FHA loans have their own county limits. The 2026 loan limits guide shows both for every southern NH county, and jumbo loans in NH covers what lenders look for above the limit.
How do I choose?
- Answer a few questions in the loan program matcher to narrow the list.
- Run the payment calculator with your town's tax rate.
- Ask Tom to price the programs you fit from several lenders. A Loan Estimate A standard three-page form you receive within three business days of applying that shows your estimated rate, payment and costs. See the full glossary for each makes the comparison exact.
Sources
- CFPB, Conventional loans
- HUD, FHA Mortgage Limits lookup (calendar year 2026)
- VA, Request a VA home loan Certificate of Eligibility
- USDA Rural Development, Single Family Housing Guaranteed Loan Program
- Fannie Mae Selling Guide B2-1.1-01, Occupancy Types
Checked October 2026. Limits and program rules change, so confirm current figures before you rely on them.
General information only, not tax or legal advice. Program availability, eligibility and terms vary by lender and are subject to change and to underwriting approval. Not a commitment to lend.