First Time Home Buyers
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First Time Home Buyer

 Programs in New Hampshire


Complete First Time Home Buyer Programs Available in New Hampshire.


The state agency created by the legislature in New Hampshire to offer first time home buyer programs is the New Hampshire Housing. Here is a summary of the current first time home buyer programs that are offered:

Cash Assistance Option

This easy option to our Single Family Mortgage Program provides a cash assistance grant equal to a maximum of 4% of the loan amount to help borrowers defray the cost of down payment, closing costs, and prepaid escrow expenses associated with purchasing a home. Borrowers must contribute a minimum of 1% (based on purchase price) using their own funds (excluding gifts). No cash back is allowed at closing. Income, purchase price and all other guidelines follow the Single Family Mortgage Program. There is no monthly payment on the cash assistance grant portion.

First Time Home Buyer Grants in Every State

Up To $10,000 Down Payment Assistance

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If the mortgage is paid off within the first 48 months, the full amount of the grant is due. After 48 months, the full amount of the grant is forgiven.

Single Family Mortgage Program

The Single Family Mortgage Program is designed primarily for first-time home buyers and provides 30-year mortgages with below market interest rates, options with points or with no points, low down payment requirements, new cash assistance option, and other flexible underwriting criteria. The interest rate available is usually below conventional mortgage interest rates. To qualify for the program, borrowers must meet certain income limits and purchase price limits.

2-Under Option

The 2-Under Option, an easy fourth option to the Single Family Mortgage Program, is targeted to borrowers making 60% or less of statewide median income. Offered through New Hampshire Housing's network of Participating Lenders, 2-Under provides financial assistance to low-income borrowers to be used toward the purchase of their first home. New Hampshire Housing provides a subsidy to buydown the current Single Family Mortgage Program interest rate by two percent (2%) for the first three years and one percent (1%) for the next two years. The subsidy is a 0% non-amortizing mortgage rider due upon sale if the property is sold within the first 10 years, or forgiven after 10 years.

The 2-Under Option follows the rules and guidelines of the Single Family Mortgage Program with the following additional requirements:

Household must have at least one dependent child
Borrower must be a first-time home buyer (both in targeted and non-targeted areas)
Borrower must not be receiving mortgage assistance from any other source
Home ownership education/counseling is required
Total household income cannot exceed 60% of statewide median income. (currently $42,600)

Purchase/Rehabilitation Program

The Authority also offers a Purchase / Rehab Program that helps new home buyers purchase a home in need of repairs. This program can provide up to $25,000 to make improvements to enhance the livability of the buyer's new home.

For complete details on these first time home buyer programs available to New Hampshire residents, visit the New Hampshire Housing website.

It is highly recommend that you also visit the First Time Home Buyer Grants page for free  assistance with the down payment.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, search for a lender that has great rates, an easy online application, and welcome first time home buyers. Additionally find one that has not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

 

Other First Time Home Buyer Programs & Resources

   
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