Home financing in Cheshire County.

Home financing — most commonly called a mortgage — is a loan that lets you buy a property by paying a portion of the purchase price upfront (the down payment) and repaying the rest over time, usually 15 or 30 years, with interest. The property itself serves as collateral, meaning the lender has a legal claim on it until you pay off the loan.

There are several common types of home loans:

• **Conventional loans** — offered by banks and credit unions, not backed by the government. They typically require a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration. They allow down payments as low as 3.5% and are more flexible on credit scores (often as low as 580). They do require mortgage insurance.

• **USDA Rural Development loans** — many parts of Cheshire County qualify as rural or semi-rural, making these zero-down loans a realistic option for eligible buyers.

• **VA loans** — available to eligible veterans and active-duty service members, with no down payment required.

• **ITIN loans** — offered by select community lenders and credit unions for borrowers who do not have a Social Security number but do have an Individual Taxpayer Identification Number (ITIN). These are real, legal mortgage products.

Federal programs like FHA and USDA provide the framework, but your actual loan will come through a local lender — a bank, credit union, or community development lender right here in New Hampshire.

Cheshire County's economy is anchored by healthcare (Cheshire Medical Center/Dartmouth Health), education (Keene State College), manufacturing, agriculture, and a growing number of independent contractors and tradespeople. This mix means local lenders are genuinely experienced with non-traditional income situations.

You may qualify for a home loan in Cheshire County if you:

• Have a steady income — even if it comes from self-employment, seasonal work, or multiple part-time jobs. Lenders will look at two years of tax returns or bank statements.

• Have a credit score of 580 or higher (FHA) or 620+ (conventional). If your score is lower, some CDFI and credit union programs accept alternative credit history — on-time rent, utility, or phone payments.

• Can show a down payment, even a small one. Down payment assistance programs through New Hampshire Housing can reduce what you need upfront to as little as zero in some cases.

• Use an ITIN instead of a Social Security number. ITIN mortgage programs exist at select local lenders (see Section 4). You do not need to be a U.S. citizen to buy a home.

• Are a solo contractor or small-business owner. Lenders will calculate your qualifying income from Schedule C or business bank statements — your gross revenue minus documented expenses.

If your finances are not quite ready yet, organizations like Southwestern Community Services and New Hampshire Housing offer free housing counseling to help you build a plan.

Gathering your documents before you apply saves time and reduces stress. Every lender is slightly different, but most will ask for the following:

**For all borrowers:**

• Government-issued photo ID (passport, state ID, matricula consular, or driver's license)

• ITIN letter or Social Security card

• Two most recent months of bank statements (all accounts)

• Two most recent pay stubs (if employed by someone else)

• Most recent two years of federal tax returns (all pages, all schedules)

• Most recent W-2s or 1099s

• Proof of address (utility bill or lease)

• Documentation of any other income (child support, rental income, etc.)

**If self-employed or a solo contractor (1099/Schedule C):**

• Two years of personal and business tax returns

• Year-to-date profit and loss statement (a simple spreadsheet is often acceptable)

• Business bank statements for the past 12–24 months

• Any business licenses or contracts that demonstrate ongoing work

**For down payment and assets:**

• Statements showing where your down payment is coming from

• If receiving a gift from family, a signed gift letter may be required

**For ITIN borrowers:**

• ITIN assignment letter from the IRS

• Two or more years of ITIN-filed tax returns

• Longer history of bank statements (12–24 months is common)

• Alternative credit references: landlord letters, utility payment records

Keep both physical and digital copies. A free housing counselor at Southwestern Community Services can help you organize your paperwork before you approach a lender.