New Hampshire VA Loan Guide for Veterans
With a VA loan, eligible individuals can enjoy significant advantages like no down payment, competitive interest rates, and more flexible credit requirements. These benefits make homeownership in New Hampshire more attainable, whether you’re drawn to the vibrant city of Manchester or the peaceful beauty of the state’s lakes and mountains.
This guide will take you through the process of applying for a VA loan, explain the key eligibility criteria, and offer helpful tips to maximize this valuable benefit. Whether you’re a first-time homebuyer or considering refinancing, this guide has everything you need to navigate the home-buying journey.
What are VA Loans?
VA home loans, provided by the U.S. Department of Veterans Affairs, are designed to help eligible Veterans, active-duty service members, and certain surviving spouses achieve homeownership. These loans remove traditional obstacles by eliminating the need for a down payment and private mortgage insurance (PMI), reducing both initial costs and monthly payments.
A key advantage of VA loans is their competitive interest rates, which are often lower than conventional loan rates, leading to significant long-term savings. The program also offers more flexible credit requirements, making it an attractive option for borrowers who may have difficulty qualifying for other loan types.
VA Loan Benefits
VA loans offer distinct advantages, making them an exceptional choice for veterans, active-duty service members, and eligible surviving spouses. Key benefits include:
No Down Payment
Unlike conventional loans that often require a down payment starting at 3% or more, VA loans remove this hurdle, enabling buyers to allocate funds toward other priorities, such as investments or savings goals. For military families, this can be a game-changer.
Lower Interest Rates
Lower rates mean significant savings over the life of the loan, reducing monthly payments and overall costs. This advantage also increases purchasing power, allowing veterans to afford higher-value homes without exceeding their budget.
Flexible Credit Guidelines
While credit score requirements vary by lender, VA loans often accept scores as low as 620. They also allow for higher debt-to-income (DTI) ratios and provide shorter waiting periods after financial setbacks like bankruptcies or foreclosures.
Limited Closing Costs
Sellers can pay all the buyer’s loan-related closing costs and contribute up to 4% of the loan amount in concessions. Additionally, VA borrowers are exempt from certain fees, further reducing out-of-pocket expenses.
No Private Mortgage Insurance (PMI)
This saves veterans hundreds of dollars annually and maximizes their purchasing power, allowing them to afford more home within their budget. FHA loans, which require both upfront and monthly mortgage insurance premiums, also lack this advantage.
Lifetime Eligibility
VA loan benefits are available for a lifetime, allowing eligible borrowers to reuse them multiple times as long as entitlement criteria are met.
Whether purchasing a first home, upgrading to a larger property, or buying a vacation home, veterans can rely on VA loans at every stage of life. Even if a prior VA loan default occurred, eligibility can often be restored by repaying the loan or reclaiming entitlement. This ensures long-term access to affordable financing options.
New Hampshire Homebuyer Programs
Manchester Housing Authority – Homeownership Program
The Manchester Housing Authority provides financial assistance and resources for veterans looking to buy a home in the city.
- Provides down payment assistance
- Offers homebuyer education and counseling
- Assists with navigating the home buying process
Learn more at the Manchester Housing Authority.
New Hampshire Housing Finance Authority – Homebuyer Tax Credit Program
This program offers tax credits to help veterans purchasing their first home in New Hampshire, including in Manchester.
- Offers up to $2,000 in annual tax credits
- Available to first-time homebuyers
- Low-interest rate loans
Learn more at the New Hampshire Housing Finance Authority.
Habitat for Humanity of Greater Manchester – Veterans Housing Program
Habitat for Humanity in Manchester helps veterans by building affordable homes and providing low-interest loans.
- Provides affordable homeownership opportunities
- Offers homebuyer readiness programs
- Sweat equity option available
Visit Habitat for Humanity of Greater Manchester.
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Nashua Housing Authority – Homeownership Program
The Nashua Housing Authority offers veterans a chance to access homebuyer education and financial support for purchasing homes in Nashua.- Provides financial assistance for down payments
- Offers homebuyer education courses
- Guides veterans through the home-buying process
Learn more at the Nashua Housing Authority.
New Hampshire Housing Finance Authority – First Home Program
The First Home Program offers down payment assistance and low-interest loans for veterans purchasing homes in Nashua.- Provides competitive interest rates
- Offers up to 3% in down payment assistance
- Available to first-time homebuyers
Learn more at the New Hampshire Housing Finance Authority.
Habitat for Humanity of Greater Nashua – Veterans Housing Program
Habitat for Humanity in Nashua works with veterans to provide affordable housing through construction and renovation programs.- Provides affordable housing options for veterans
- Requires sweat equity to lower costs
- Homebuyer education offered
Visit Habitat for Humanity of Greater Nashua.
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Concord Housing Authority – Homeownership Program
The Concord Housing Authority assists veterans with purchasing homes in Concord by offering down payment assistance and homebuyer education.- Provides financial support for down payments
- Homebuyer education classes available
- Helps navigate the home buying process
Learn more at the Concord Housing Authority.
New Hampshire Housing Finance Authority – Home Advantage Program
This program offers affordable financing options to veterans purchasing homes in Concord, New Hampshire.- Offers low-interest rates and flexible terms
- Provides up to 3% in down payment assistance
- Available to first-time homebuyers
Learn more at the New Hampshire Housing Finance Authority.
Habitat for Humanity of Concord – Veterans Housing Program
Habitat for Humanity of Concord provides affordable homes to veterans through its housing programs.- Provides affordable mortgage options
- Requires veterans to contribute sweat equity
- Offers homebuyer education
Visit Habitat for Humanity of Concord.
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Derry Housing Authority – Homeownership Program
The Derry Housing Authority offers financial assistance and homebuyer education for veterans purchasing homes in Derry.- Offers down payment assistance
- Homebuyer education and counseling
- Guides veterans through the purchasing process
Learn more at the Derry Housing Authority.
New Hampshire Housing Finance Authority – Veterans Loan Program
This program provides low-interest loans and down payment assistance to veterans buying homes in Derry.- Offers affordable, low-interest rates
- Provides up to 3% down payment assistance
- Available to first-time homebuyers
Learn more at the New Hampshire Housing Finance Authority.
Habitat for Humanity of Greater Derry – Veterans Housing Program
Habitat for Humanity in Greater Derry helps veterans by offering affordable homeownership options and the opportunity to contribute sweat equity.- Provides affordable homeownership opportunities
- Offers homebuyer education and counseling
- Sweat equity available to reduce costs
Visit Habitat for Humanity of Greater Derry.
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Keene Housing Authority – Homeownership Program
The Keene Housing Authority provides assistance to veterans looking to purchase homes in Keene.- Offers financial support for down payments
- Provides homebuyer education and resources
- Assists with the home-buying process
Learn more at the Keene Housing Authority.
New Hampshire Housing Finance Authority – Homebuyer Assistance Program
The Homebuyer Assistance Program helps veterans in Keene with affordable financing and down payment assistance.- Offers low-interest loans
- Provides up to 3% in down payment assistance
- Available to first-time homebuyers
Learn more at the New Hampshire Housing Finance Authority.
Habitat for Humanity of Greater Keene – Veterans Housing Program
Habitat for Humanity in Greater Keene works with veterans to provide affordable homes through construction and renovation programs.- Provides low-cost mortgages
- Requires sweat equity to reduce costs
- Offers homebuyer readiness programs
Visit Habitat for Humanity of Greater Keene.
VA Loan Eligibility Criteria
To be eligible for a VA loan, applicants must meet specific service requirements set by the Department of Veterans Affairs (VA). These guidelines ensure the program is available to Veterans, active-duty military members, and their families to help them achieve homeownership.
Eligibility Criteria:
- Veterans: Those who have completed active-duty service and received an honorable or qualifying discharge.
- Active-Duty Service Members: Current military personnel are eligible.
- National Guard and Reserve Members: Must have served at least six years or completed 90 days of active-duty service during wartime.
- Surviving Spouses: Spouses of service members who died during service or from service-related injuries or illnesses may qualify for VA loan benefits.
Minimum Service Time Requirements:
- 90 days of active-duty service during wartime.
- 181 days of continuous active-duty service during peacetime.
- At least six years of service in the National Guard or Reserves or a minimum of 90 days of active-duty service under Title 32 orders, including 30 consecutive days.
VA Loan Eligibility Calculator
How to Obtain a Certificate of Eligibility (COE)
Obtaining a VA Certificate of Eligibility (COE) is an essential step in securing a VA loan. This certificate confirms that you meet the service requirements established by the Department of Veterans Affairs.
How to Apply:
- Online: Use the VA’s eBenefits portal for a quick and easy application process.
- Through a Lender: Many VA-approved lenders can request your COE electronically on your behalf.
- By Mail: Complete and submit VA Form 26-1880 to the VA. This method may take longer.
Required Documents:
- Veterans: DD Form 214, which outlines your service history and discharge status.
- Active-Duty Service Members: A statement of service signed by your commanding officer.
- National Guard/Reserve Members: Point statements and proof of service, if not activated.
- Surviving Spouses: A marriage license and the veteran’s death certificate to verify eligibility
New Hampshire Housing Market Overview
New Hampshire’s housing market offers a variety of living options, from the vibrant city life in Manchester to the peaceful rural areas and scenic beauty of the White Mountains. The median home price in the state is around $350,000, providing options for homebuyers across the state.
| City | Average Home Price | Average VA Mortgage Payment* |
|---|---|---|
| Manchester | $400,000 | $2,556 |
| Concord | $350,000 | $2,221 |
| Portsmouth | $600,000 | $3,834 |
| Nashua | $375,000 | $2,400 |
| Keene | $325,000 | $2,087 |
The VA mortgage payment is estimated based on a 30-year fixed loan at 6.5% interest with zero down payment. Actual payments may vary.
New Hampshire VA Loan Limit
$766,550
Veterans with full entitlement can borrow up to the amount their lender approves without a down payment. For those with partial entitlement, the loan limit for most counties in New Hampshire is $766,550. It’s important to consult lenders to confirm eligibility.
New Hampshire Housing Programs for Veterans
New Hampshire Veterans Home Loan Program
This program offers a variety of resources to assist veterans with homeownership in New Hampshire.
- Provides homebuyer education and counseling services.
- Offers down payment assistance for eligible veterans.
- Provides low-interest loans for qualifying veterans.
Learn more at the New Hampshire Housing Finance Authority website.
Habitat for Humanity New Hampshire – Veterans Housing Program
Habitat for Humanity New Hampshire partners with veterans to provide affordable homeownership opportunities through construction and renovation projects.
- Veterans can contribute “sweat equity” to reduce costs.
- Offers affordable mortgage options and long-term financial support.
- Helps veterans achieve stable, long-term homeownership.
Visit Habitat for Humanity New Hampshire for more information.
New Hampshire Property Tax Exemption for Disabled Veterans
This program offers property tax relief for veterans with service-connected disabilities.
- Provides partial or full property tax exemptions based on disability rating.
- Eligibility extends to surviving spouses of eligible veterans.
- Helps reduce the financial burden of homeownership for disabled veterans.
Learn more through the New Hampshire Department of Revenue Administration.
Types of VA Loans
The Department of Veterans Affairs offers various loan programs tailored to veterans, active-duty service members, and their families.
VA Purchase Loan
The VA Purchase Loan helps veterans buy homes with no down payment, competitive interest rates, and relaxed credit requirements.
- 100% financing with no down payment required.
- Covers single-family homes, VA-approved condos, and multi-unit properties.
- Offers lower interest rates compared to conventional loans.
Learn more about the VA Purchase Loan.
Interest Rate Reduction Refinance Loan (IRRRL)
The IRRRL helps veterans refinance their mortgage to a lower interest rate, reducing monthly payments.
- Requires minimal documentation and no appraisal.
- Reduces monthly payments by lowering interest rates.
- Features low closing costs, often rolled into the loan.
Learn more about the IRRRL.
Cash-Out Refinance Loan
The Cash-Out Refinance Loan enables veterans to tap into their home equity for purposes like home improvements, debt consolidation, or education.
- Provides access to up to 100% of home equity.
- Can refinance both VA and non-VA loans.
- Offers flexible use of funds for various financial needs.
Learn more about the Cash-Out Refinance Loan.
Native American Direct Loan (NADL)
The NADL program supports Native American veterans or those married to Native Americans, helping them buy, build, or improve homes on federal trust land.
- Requires no down payment.
- Offers competitive interest rates and reduced closing costs.
- Supports homeownership on federal trust land.
Learn more about the Native American Direct Loan.
VA Renovation Loan
The VA Renovation Loan combines home purchase and renovation costs, making it easier to finance necessary repairs and improvements.
- Funds essential repairs, such as structural or system upgrades.
- Covers modernization projects like energy-efficient improvements.
- Rolls renovation costs into the loan for easier financing.
Learn more about the VA Renovation Loan.
Energy Efficient Mortgage (EEM)
The VA EEM helps veterans finance eco-friendly home upgrades like solar panels or improved insulation to lower energy costs.
- Funds energy-efficient upgrades for long-term savings.
- Works with other VA loans for integrated financing.
- Reduces overall utility expenses.
Learn more about the VA EEM.
Property Taxes in New Hampshire
New Hampshire offers property tax relief for disabled veterans and their surviving spouses, providing partial or full exemptions based on the veteran’s disability rating.
| Disability Rating | Exemption Amount |
|---|---|
| 100% | Full exemption |
| Partial Rating | Varies by local regulations |
| Surviving Spouses | Eligibility varies by region |
Contact your local tax assessor’s office for specific exemption details.
Frequently Asked Questions
What are the benefits of a VA loan in New Hampshire?
VA loans offer veterans no down payment, competitive interest rates, and no private mortgage insurance. These benefits help make homeownership more affordable and accessible in New Hampshire.
What is the maximum VA loan limit in New Hampshire?
The maximum VA loan limit in New Hampshire is $766,550 for most counties, though the limit may vary by region. Full entitlement allows veterans to borrow up to the approved limit without a down payment.
Is PMI required with a VA loan in New Hampshire?
No, VA loans in New Hampshire do not require private mortgage insurance (PMI), making them an affordable option for veterans by eliminating this monthly expense.
What are the eligibility requirements for a VA loan in New Hampshire?
Eligibility typically requires 90 days of active service during wartime or 181 days during peacetime. Active-duty members, National Guard, Reserves, and qualifying surviving spouses may also be eligible.
Can VA loans in New Hampshire be used for multi-family homes?
Yes, VA loans in New Hampshire can be used for multi-family properties up to four units, provided the borrower occupies one unit as their primary residence.
What credit score is needed for a VA loan in New Hampshire?
While there’s no set minimum credit score, most lenders prefer a score of 620 or higher for VA loan approval in New Hampshire.
Can I refinance with a VA loan in New Hampshire?
Yes, veterans can refinance through the VA’s Interest Rate Reduction Refinance Loan (IRRRL) or a VA cash-out refinance to access home equity for various financial needs.
What is the VA loan funding fee in New Hampshire?
The VA loan funding fee in New Hampshire varies based on service type, down payment, and loan usage. It can be financed into the loan, reducing upfront costs. The fee is typically higher for subsequent loans and no down payment.