Who is a conventional loan best for in New Hampshire?
Conventional loans work well for first-time and move-up buyers, second homes, and investment properties. You can put as little as 3% down on a primary residence (5% on a two-unit). A credit score of 680 or higher makes the math work best, and conventional financing allows debt-to-income ratios up to a 50% hard stop.
Key takeaways
About 90% of my business is conventional financing, and for good reason: it's flexible enough to work for almost everyone. First-time buyers can put as little as 3% down, you can buy a two-unit with 5% down, and PMI comes off once you build equity. I'll show you exactly how the numbers work for your situation and your town.
What is a conventional loan?
A conventional loan is any mortgage that isn't backed by a government program like FHA, VA, or USDA. It follows guidelines set by Fannie Mae and Freddie Mac, and it's the most common — and most flexible — mortgage in the country. Roughly 90% of the loans I close are conventional, because they fit so many situations: primary homes, second homes, and investment properties alike.
How much do you need to put down?
The right down payment depends on what you're buying:
| Property type | Minimum down payment |
|---|---|
| Primary residence (1-unit) | 3% |
| Two-unit, owner-occupied | 5% |
| Second home | 10% |
| Investment property | 15–25% |
More money down usually means a lower payment and cheaper mortgage insurance — but you do not need 20% to get started.
Credit and qualifying
For conventional financing I generally like to see a credit score of 680 or higher to make the math work, especially with the minimum down, because mortgage insurance gets expensive at lower scores. Conventional guidelines allow debt-to-income up to a hard stop of 50%. If your score is closer to 620, we'll compare conventional against FHA to see which is actually cheaper for you.
The 3%-down conventional option through NH Housing
New Hampshire Housing has its own conventional programs — Home First Conventional and Home Preferred — that allow up to 97% financing (just 3% down), generally with a credit score around 620 or higher, and you can add up to $15,000 in down payment and closing-cost assistance on top. As an approved lender, I'll run that against a standard conventional loan and show you which one wins.
PMI that actually goes away
If you put less than 20% down, you'll have private mortgage insurance (PMI). The cost depends heavily on your credit score and down payment — and unlike FHA, conventional PMI can be removed once you reach 20% equity (lenders typically want a 78% loan-to-value). So it isn't forever, which is one of conventional's biggest advantages.
What a payment looks like
As an illustrative example, on a $300,000 home with 10% down (a $270,000 loan) at an example 6.5% rate, principal and interest runs around $1,700, and your total monthly payment lands roughly $2,500–$2,600 once you add taxes, insurance, and PMI. Property taxes vary dramatically town to town in New Hampshire, so I always run your actual numbers. Rates change daily and are subject to change until locked; these figures are examples only.
Conventional loan limits in New Hampshire
Conforming (conventional) loan limits are set nationally each year and run higher in the Boston-metro counties of southern New Hampshire — Rockingham and Strafford — than in the rest of the state. Because the figures reset every January, I'll give you the exact current limit for the county you're buying in. Above that limit you're in jumbo territory, which I also handle.
Your lender for life
Conventional financing is also the loan you'll come back to — to refinance, remove PMI, buy your next home, or pick up an investment property. I'm here for all of it. Let's run your numbers and find the version of this loan that fits your life.
Frequently asked questions
How hard is it to get a conventional loan in Southern New Hampshire?
Easier than most people expect. If you have roughly a 620+ credit score (680+ makes the pricing best), steady income, and debt-to-income under the 50% hard stop, you're likely a candidate — even with just 3% down. The tougher pieces are usually credit and DTI, not the down payment. Send me your basics and I'll tell you honestly where you stand.
What credit score do I need for a conventional loan in Southern New Hampshire?
Aim for 680 or higher. Conventional loans technically allow lower scores, but with the minimum down payment your PMI gets expensive below 680 — at that point an FHA loan is often the better option, and I'll compare both for you side by side.
Can I put just 3% down with New Hampshire Housing's conventional program?
Yes. NH Housing's Home First Conventional and Home Preferred programs allow up to 97% financing — just 3% down — on a conventional loan, generally with a credit score around 620 or higher, and you can add up to $15,000 in down payment and closing-cost assistance on top. As an approved lender I'll run it against a standard conventional loan to see which is cheaper for you.
What income do I need to qualify for a $400,000 mortgage?
As a rough guide, many buyers need somewhere around $90,000–$110,000 in household income for a $400,000 mortgage — but it truly depends on your other debts, credit, down payment, and your town's property-tax rate, which varies widely in New Hampshire. Rather than guess, I'll run your real numbers so you see the payment and the income you'd actually need.
What credit score do I need to buy a $250,000 house?
There's no special score tied to the price — it's the same conventional guidelines: roughly 620 at minimum, and 680+ for the best mortgage-insurance pricing. On a $250,000 home the bigger levers are your down payment and your town's tax rate. Bring me what you have and I'll show you the real monthly number.
Can I remove PMI on a conventional loan?
Yes. Once you reach 20% equity you can request removal; servicers generally want a 78% loan-to-value and may require an appraisal. You can also remove it through a refinance. This is a key advantage over FHA, where mortgage insurance often stays for the life of the loan.
Can I buy a multi-family property with a conventional loan?
Yes. You can purchase a two-unit with as little as 5% down and live in one side while renting the other — a popular way to offset your mortgage payment with rental income here in southern New Hampshire.
What is the conventional loan limit in New Hampshire?
Conforming (conventional) loan limits are set nationally each year and run higher in the Boston-metro counties of southern New Hampshire — Rockingham and Strafford — than in the rest of the state. Because the figures reset every January, I'll give you the exact current limit for the county you're buying in rather than post a number that goes stale. Above that limit you're in jumbo territory, which I also handle.