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New Hampshire First-Time Homebuyer Programs           

Being a first-time homebuyer can be overwhelming. The process — from the house hunt to the closing — involves a great deal of work, and the upfront costs can be hefty.

The good news is New Hampshire offers help for first-time homebuyers who need assistance. The first-time homebuyer programs in the state are operated by New Hampshire Housing, which offers a range of loans and financing options backed by the federal government.

These programs can help first-time buyers with down payment financing, tax credits, mortgage insurance and more.

In this guide, we will cover:

New Hampshire first-time homebuyer programs

New Hampshire assists first-time homebuyers in the state through one organization: New Hampshire Housing. Among its benefits, the agency offers a homebuyer tax credit of up to $2,000 annually to qualified residents. The agency also provides homebuyer seminars, low down payment programs and low or no mortgage insurance options.

First-time homebuyers can attend local seminars located in various cities throughout the state, obtain counseling through a nonprofit organization or take an online class to help them understand everything involved in purchasing a home. The cost for the seminars ranges from free to $69, and they are provided by experts working in the real estate and financial industries. Here is where you can find the seminars.

In January 2019, we researched the most current information on first-time homebuyer programs in New Hampshire, which included reviewing guidelines from New Hampshire Housing. Here’s what first-time homebuyers in New Hampshire need to know.

Eligibility for New Hampshire assistance

The state does not specify eligibility requirements beyond being a resident whose income does not exceed $126,700 (for households of three). Some individual programs have their own eligibility requirements, which will be noted below. Additionally, all buyers must work with a lender approved by the agency.

For all programs below, you can contact New Hampshire Housing to find out more on how to qualify and get started on the process.

Note: You can check current mortgage rates for New Hampshire here.

Homebuyer tax credit

Features

  • Allows owners to claim a tax credit for a portion of the mortgage interest paid per year, up to $2,000, for the life of the original mortgage, as long as the owner resides in the house.
  • Portion of mortgage interest paid for life of mortgage

How it works

You can start the process by contacting a participating lender.

Home Flex Plus

Features

  • Assists buyers with down payment and closing costs
  • Cash assistance for up to 3%
  • Cash assistance can be combined with rehabilitation mortgage program
  • Second mortgage forgiven entirely after four years, unless the homeowner sells the home, refinances or files for bankruptcy

Eligibility

  • Borrowers must complete homebuyer education classes.

How it works

Start the process by contacting a participating lender.

Home Preferred

Features

  • 3% down payment conventional mortgage financing
  • Discounted mortgage insurance option

How it works

Start the process by contacting a participating lender.

Purchase Rehab

Features

  • 3.5% in cash for down payment
  • $35,000 for upgrades and repairs
  • One-time closing cost
  • Buyers can allocate funds to repairs, upgrades, energy efficiency improvements and safety improvements
  • Can fund additional repairs that may add value to the existing property

Eligibility

  • This program does not allow for structural changes.

How it works

This is a government-insured mortgage option that can be combined with the state’s Home Flex Plus program. Start the process by contacting a participating lender.

Home Preferred No MI

Features

  • No mortgage insurance
  • Down payment can be as low as 3%

How it works

Start the process by contacting a participating lender.

Home Preferred Manufactured Housing ROCs

Features

  • Low, fixed-rate mortgage
  • Down payments as low as 5%
  • Low mortgage insurance

Eligibility

  • Attendance of homebuyer education classes
  • Only available in Fannie Mae-approved resident-owned communities (ROCs)

How it works

An ROC is a cooperatively owned community of manufactured homes. Start the process by contacting a participating lender.

National first-time homebuyer programs

Along with state assistance programs, there are many national programs available for first-time homebuyers. Agencies offering such assistance include the FHA, Fannie Mae and Freddie Mac, USDA and the VA. Among other features, these programs can help buyers with lower credit scores or those who cannot afford a 20% down payment. Here is a general guide to national first-time homebuyer programs.


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