New Hampshire Housing offers cash assistance programs, a tax credit program for first time home buyers, and special loan programs to help people buy their dream home.
They aim to provide potential borrowers with free education classes for home buyers, great fixed rates, funds for down payment closing costs, condos and 1 to 4 family homes, property renovations as well as government-insured and private mortgage insurance options. There are no hidden fees, so you can relax and proceed with peace of mind.
Programs for First Time Home Buyers in New Hampshire
Home Preferred Plus
Home Preferred Plus provides closing cost and down payment assistance for up to three percent of the loan amount. You will get the money through a loan that is wiped out after four years provided that you don’t file for bankruptcy, sell the property or refinance.
Home Flex Plus
You can get closing costs and down payment assistance for up to three percent of the loan amount for VA, FHA, or USDA mortgage. The money is given through a second mortgage that is wiped out after four years provided that you don’t sell the property, refinance, or file for bankruptcy.
Home Preferred No MI
Home Preferred No MI requires a three percent down payment. No mortgage insurance is needed.
Homebuyer Tax Credit Program
The program provides borrowers with a Mortgage Tax Credit Certificate, giving them up to $2,000 toward their annual federal taxes for the duration of their mortgage loan. It reduces the federal income taxes they owe while in their property, which helps increase their take-home pay on their mortgage.
Purchase Rehab allows borrowers to add $35,000 to their purchase mortgage so that they can have funds for upgrades and repairs. They can combine the mortgage with closing costs and down payment assistance.
Home Preferred Manufactured ROCs
If you live in a qualified ROC or New Hampshire Resident-Owned Community, you can apply for this program. You can benefit from the low down payment, affordable mortgage insurance options, and low fixed rates.
How to Qualify for the Programs
In order to qualify for these programs, you should be creditworthy, and your income should be at or less than $128,900. Some programs also require you to join homebuyer education classes.
You can enroll in an online course or attend a seminar and meet with a home buying counselor in order to learn more about these programs and the mortgage process.
For additional information view the New Hampshire Housing Finance Authority Website.