New Hampshire

Home First Program Conventional

This loan program is offered by NH Housing and Fannie Mae, a version of the HomeReady product. It is only meant to finance home purchases, not refinances, and can be availed only for the purchase of your primary residence. The term is 30 years with a fixed rate of interest.

As far as the eligibility criteria are concerned, buyers need to -

• Be within the purchase price limits and not exceed Home First Income limits.
• This is a mandatory program for NH first-time home buyers. However, if you are buying as a qualified veteran or in a targeted community, there can be some flexibility.
• One of the borrowers must mandatorily complete the Homebuyer education, either online or in person. For 2 to 4 units, landlord education is also required.

The eligible properties under the loan program are -

• 1-, 2-, 3- or 4-unit properties, condos, PUDs, or manufactured housing.
• It can be a new construction or an existing one.
• If buying a multifamily unit, it must be a minimum of 5 years old.

Home First Government

For first-time home buyers in New Hampshire, the Home First Government program is characterized by down payment assistance and cash assistance. This is an NH Housing mortgage program, which is funded by proceeds from the Mortgage Revenue Bond. The downpayment is low, and the loan is offered only for purchase, not refinancing. It is a 30-year term with a fixed-rate interest rate. It is applicable only on the purchase of a primary residence.

Eligibility of borrowers include -

• It is applicable for first-time buyers in NH.
• Rules can be flexible for qualified veterans or buying property in a targeted community.
• Non-occupant co-borrowers need to meet the insurer's guidelines.

The loan can be used to buy 1-, 2-, 3—or 4-unit properties, condos, PUDs, or manufactured housing. A cash assistance option of $5,000 or $10,000 is offered as closing cost or down payment assistance NH.

1st GenHome NH – Down Payment Assistance Program

This program for first-time buyers in NH is used in conjunction with the NH Housing First Mortgage program. The program offers down payment assistance NH of $10,000, which can also be used to pay prepaid escrows and closing costs. It is applicable only for purchases and not refinancing. The loan can be used to buy a single-family unit for primary residence. Financing is received from approved lenders of NH Housing.

The borrower's eligibility criteria include -

• Need to be a first-gen homebuyer.
• Income and purchase price limits need to be met.
• The borrower, co-borrower, parent, non-borrowing spouse, or legal guardian does not currently own a house or has owned one.
• Additionally, the homebuyer must complete in-person homebuyer education through HOMEteam, AHEAD, or The Housing Partnership.

New Hampshire Housing's Home Flex Plus Program

This NH Housing mortgage program allows you to take FHA, USDA, and VA loans with down payment assistance NH and closing costs. It is offered as a second mortgage, and if the homeowner does not sell the home, refinance the primary mortgage, or, in case of bankruptcy, the loan can be forgiven after five years. Else, repayment is a must. The loan can be availed by first-time borrowers and homeowners who own a property. At least a credit score of 620 is required.

New Hampshire Housing's Home Preferred Plus Program

This conventional home loan program offers up to 97% financing. Homebuyers can receive forgivable assistance for closing costs and down payments. If the homebuyer earns less than 80% of AMI (Area Median Income), they can get reduced mortgage insurance rates. Buyers need to have a credit score of more than 620. First-time home buyers in New Hampshire must complete a homebuyer education course

FHA Loans

Applicants must have a credit score of more than 580 to take advantage of NH FHA mortgage loans. The Federal Housing Administration offers the loans and has a minimum down payment of 3.5%.

USDA Loans

One of the best programs for down payment assistance NH. It is meant for applicants planning to buy a home in rural New Hampshire.

VA Loans

Veterans and personnel actively engaged in military duties can apply for this housing loan with zero down payment and low mortgage rates in New Hampshire.