Your Guide to New Hampshire FirstTime Home Buyer Programs in 2021

home buyer programs

Are you a first-time home buyer in New Hampshire? Don’t worry, we’ve got you covered! Our guide will walk you through the exclusive mortgage programs offered by New Hampshire Housing Finance Authority (New Hampshire Housing). With our expert tips, you’ll gain valuable insights and turn your home ownership dreams into a reality. Check out our guide to New Hampshire First Time Home Buyer Programs in 2021 now!

Discover the exclusive mortgage programs offered by New Hampshire Housing Finance Authority (New Hampshire Housing) for first-time home buyers. Gain valuable insights and make your home ownership dreams a reality.

New Hampshire Housing Finance Authority offers programs to help make buying a home more affordable in the Granite State.

If one of those isnt a fit, a nationally available mortgage program might get you in the door. National options feature low down payment or low credit score requirements, making them good choices for many first-time home buyers.

Check out these national and state mortgage programs as you begin your homebuying journey.

National first-time home buyer programs

These nationally available mortgage programs offer low-down-payment or low-credit-score options.

 
 
 
 

New Hampshire Housing highlights and eligibility requirements

New Hampshire Housing Finance Authority offers programs to repeat and first-time home buyers to help them become successful homeowners. Explore these New Hampshire Housing programs to see if one of them might meet your needs.

Highlights

  • Down payment and closing cost assistance available.

  • Condominiums and up to four-unit homes are allowed.

Eligibility

  • Income must generally be at or below $137,400.

  • Available for borrowers with credit scores of 620 and higher.

  • Must complete a home buyer education class for some programs.

» MORE: Tips for first-time home buyers

New Hampshire first-time home buyer programs

Home Flex Plus

Best for:

Down payment assistance, closing cost assistance

What you need to know:

The program provides down payment and closing cost assistance for up to 4% of the loan amount for an FHA, USDA or VA mortgage. The help comes in the form of a second mortgage, which is forgiven after four years if the borrower doesnt refinance, file for bankruptcy or sell the home.

Home Preferred Plus

Best for:

Low down payment, closing cost assistance

What you need to know:

This conventional mortgage requires a down payment as low as 3% with discounted mortgage insurance. The program also provides down payment and closing cost assistance for up to 4% of the loan amount. The cash is provided through a loan thats forgiven after four years as long as the borrower doesnt refinance, file for bankruptcy or sell the home.

Purchase Rehab

Best for:

Home improvements

What you need to know:

Designed for fixer-uppers, this government-insured loan lets you add up to $35,000 to the purchase mortgage to help with repairs and upgrades. The mortgage can be combined with down payment and closing cost assistance from New Hampshire Housing.

Home Start Homebuyer Tax Credit

Best for:

Tax credit

What you need to know:

The program provides an annual tax credit for a portion of the mortgage interest for a tax savings of up to $2,000. You must apply for the tax credit during the loan process; if you qualify, it decreases the federal income taxes you would owe while in your home, effectively increasing your take-home pay on your mortgage application. The tax credit is available for as long as you live in the home, until the mortgage is paid off.

Home Preferred Manufactured Housing ROCs

Best for:

Low down payment, low mortgage insurance, low mortgage rates

What you need to know:

Created for buyers and current homeowners in qualified New Hampshire Resident-Owned Communities, or ROCs, this program provides conventional mortgages with low fixed rates, low down payment requirements and low-priced mortgage insurance options.

Summary: 2021 New Hampshire first-time home buyer programs

  • Home Flex Plus mortgage with down payment and closing cost assistance.

  • Home Preferred Plus mortgage with down payment and closing cost assistance, as well as discounted mortgage insurance.

  • Purchase Rehab mortgage with low down payment and closing cost assistance.

  • Home Start Homebuyer Tax Credit for long-term tax savings on mortgage interest.

  • Home Preferred Manufactured Housing Resident-Owned Communities mortgage with low down payment requirements and low-priced mortgage insurance.

You can learn more about the mortgage process by meeting with a homebuying counselor and attending a seminar or taking an online course. Details are available on the New Hampshire Housing website.

Once youre familiar with the mortgage programs available — and before you start shopping for homes — contact one of the agencys participating lenders to get prequalified for a mortgage.

More from NerdWallet

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  • Compare New Hampshire mortgage rates

  • See the best mortgage lenders for first-time home buyers

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