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New Hampshire First Time Home Buyer
New Hampshire first time home buyer important information and resources to help you find the right home for you and your family in New Hampshire.
Are you considering purchasing your first home? It can be a fun and sometimes scary procedure, and where you buy is just as essential as what you buy.
New Hampshire is the smallest state in terms of land area, but it has a lot to offer, including a thriving economy, well regarded public education, and natural attractions such as access to the coast, mountains, lakes, and more.
If you’re looking for a first-time home in New Hampshire, start with the New Hampshire Housing Finance Authority, the state’s agency for affordable housing and down payment assistance programs.
New Hampshire First Time Home Buyer Loan Programs
New Hampshire Housing Home Flex Plus program
The New Hampshire Housing Finance Authority (also known as New Hampshire Housing) offers a variety of mortgage options, including Home Flex Plus, which includes an FHA, VA, or USDA loan with up to 4% down payment and closing cost assistance.
The help comes in the form of a second mortgage, which can be forgiven in full after four years unless you sell your house, refinance your original mortgage, or declare bankruptcy, in which case the loan must be returned.
This program is open to both first-time homebuyers and individuals who have previously bought property.
Borrower specifications:
➣ Minimum credit score of 620
➣ A homebuyer education course must be completed (online or in person)
➣ Must achieve the $137,400 housing income cap in New Hampshire in 2022.
Property specifications:
➣ Can be a single-family home, townhome, condominium, modular home, or some manufactured dwellings (owner-occupied) (depending on loan program)
➣ New Hampshire is required.
➣ It has to be your principal residence.
New Hampshire Housing Home Preferred Plus program
New Hampshire Housing’s Home Preferred Plus program also offers up to 4% forgiving down payment and closing cost assistance, but only when combined with a conventional loan for up to 97 percent financing.
If your income is less than 80% of the region median income, you can get cheap mortgage insurance (AMI). Both first-time and repeat homeowners are eligible for this program.
Borrower specifications:
➣ Minimum credit score of 620
➣ A household’s maximum income can be up to 80% of the AMI; if income surpasses this level, the maximum household income is $137,400.
➣ A homebuyer education course must be completed (online or in person)
Property specifications:
➣ Can be a single-family home, townhome, condo, modular housing, or some manufactured dwellings (owner-occupied).
➣ New Hampshire is required.
➣ It has to be your principal residence.
New Hampshire Housing Purchase Rehab program
First-time and repeat homeowners in New Hampshire can add up to $35,000 to their loan to assist with improvements and repairs.
The monies can be used to increase cosmetics, energy efficiency, or safety, but not structural repairs. This scheme allows you to put down as little as 3.5 percent.
To be eligible, you must have a household income of no more than $137,400 and finish a particular training course.
This program, in particular, can be used in conjunction with the Home Flex Plus down payment help.
New Hampshire Down Payment Assistance
New Hampshire Housing Community Heroes Initiative
The Community Heroes Initiative, which was created in response to the epidemic, gives first-time homeowners who are also critical employees a $3,000 closing cost credit when they use one of New Hampshire Housing’s Plus mortgage packages.
Healthcare, daycare, and eldercare professionals, first responders, educators, and military personnel are also eligible borrowers.
Because the program is self-funded, it is only available until program funds run out, so check with the agency for the most up-to-date information.
Other New Hampshire homebuyer assistance programs
Home Start Homebuyer Tax Credit
First-time homeowners in New Hampshire can use a mortgage credit certificate (MCC), also known as the Home Start Homebuyer Tax Credit, to lower their federal income taxes.
This annual credit of up to $2,000 is available for the duration of your mortgage as long as the property is used as your principal residence.
To qualify for an MCC, you must meet certain income and purchase price requirements, which vary according on the county where you live and the size of your household.
While the credit is oriented for first-time buyers, the first-time buyer criteria may be removed if you’re buying in a specific targeted area.
Other financing options for first-time homebuyers
While you’re thinking about your options as a first-time homeowner in New Hampshire, don’t forget to look into other national programs.
New Hampshire First Time Home Buyer Conclusion
After you’ve learned about some of your options as a first-time homebuyer in New Hampshire, the next step may be to contact a mortgage lender. The New Hampshire Housing Finance Authority does not originate loans or financing decisions, but it does provide a list of participating lenders and follows up on loans after they are closed.
Whatever program you choose, make sure you browse around for loan offers and compare mortgage rates and terms to ensure you’re getting the best deal possible.