Mortgage Programs
New Hampshire Housing makes homeownership more affordable with mortgages that offer great benefits that include:
- Up to $15,000 in downpayment and closing cost help
- 30-year fixed rates
- Low or no downpayment requirements
- Reduced mortgage insurance options
- No hidden fees
- Financing for single family homes, condos, manufactured housing and 1-4 unit owner occupied homes
- Convenient homebuyer education classes
- Mortgage refinancing for those who already own a home
While specific programs may have different income limits, in general we serve incomes up to $167,800. Explore all our programs below!
Learn more about our mortgage programs
Our mortgage programs provide cash assistance to help with your downpayment and closing costs.
Our mortgage programs provide and option for you to receive downpayment assistance up to $15,000. The cash assistance can be used towards your downpayment and closing costs.
The cash assistance is secured by a second mortgage, with zero % interest and APR, no periodic payments and a 30-year term. The cash assistance is due in full if you: 1) sell; 2) refinance; 3) file for bankruptcy; 4) no longer occupy the property as your primary residence; or 5) in 30 years.
Program income limits:
- Home First - Income and Purchase Price Limits
- Home Flex Plus - Incomes up to $167,800.
- Home Preferred Plus - Incomes up to 80% Area Median Income (AMI), as determined by Fannie Mae.
- Home Preferred Plus Over 80% AMI - Conventional financing for incomes exceeding 80% of the AMI up to $167,800.
To take advantage of this program, you must complete our homebuyer education.
Home First and Home First Plus is a Bond financed program that provides a rate-advantaged mortgage and the option to add a fixed $5,000, $10,000 or $15,000 in cash downpayment assistance. An eligible borrower must:
- Use a mortgage insured by either the Federal Housing Administration (FHA), Veterans Administration (VA), USDA RD or Fannie Mae (Conventional).
- Be a first-time homebuyer (no ownership in the past 3 years) or buying in a targeted area, or be a qualified veteran.
- Meet income and purchase price limits for the town/city in which the property is located.
- Be owner-occupied and a primary residence.
For 1st Generation Homebuyers, The Path To Homeownership Just Got $10,000 Easier!
A first-generation homebuyer is defined as:
-
A borrower and co-borrower (if applicable) that do not currently, nor have previously, owned a home;
-
The borrower’s and co-borrower’s (if applicable) parent(s)/legal guardian(s) do not currently, nor have they previously, owned a home in the homebuyer’s lifetime;
-
A non-borrowing spouse (if applicable) does not currently, nor has previously, owned a home.
Additionally, a person meeting the following criteria also qualifies as a “first-generation homebuyer” - The borrower or co-borrower (if applicable) was in foster care or legally resides in the United States as a refugee or under asylum status granted by USCIS.
1st Generation Homebuyer Requirements
To take advantage of 1stGenHomeNH program you must be:
-
A first-generation homebuyer
-
Purchasing a single-family primary residence (1- 4 units) in NH.
-
Financing through one of our mortgage programs and using one of our Approved Lenders.
-
Complete face-to-face homebuyer education through either AHEAD, HOMEteam or the Housing Partnership.
Important:
There is limited funding for this pilot program initiative. New Hampshire Housing reserves the right to suspend or terminate the initiative at any time.
Our Home Preferred program provides low down payment (as little as 3% downpayment) conventional mortgage financing with a reduced, discounted mortgage insurance option for borrowers under 80% Area median Income (AMI) This program can be used to finance manufactured homes is Resident Owned Communities (ROCs). Click here to find a ROC near you.
Maximum income for this program is up to 80% Area Median Income.
A conventional mortgage is a mortgage that is not backed by a Government agency. Borrowers only need to put 3% down (5% for multifamily (2-4 Units)). The maximum income limit for our Home Preferred program is $167,800.
If you're buying a fixer-upper, New Hampshire Housing offers a Purchase Rehab mortgage program that allows you to add up to a $35,000 to your purchase mortgage to assist with repairs and upgrades. Our Purchase Rehab program is a government-insured mortgage option that can even be combined with our downpayment assistance programs to help with your downpayment and closing costs.
Purchase Rehab can cover improvements like cosmetic repairs and upgrades, energy-efficiency improvements, safety improvements, and other repairs that add value to the property (please note: no structural repairs are allowed under this program). Benefits of this program include a one-time closing on your mortgage loan.
Maximum income for this program is up to $167,800.
If you’re a first-time homebuyer, the Homebuyer Tax Credit makes homeownership more affordable. It can decrease the federal income taxes you owe by up to $2,000, thereby boosting your take-home pay, which may help you qualify for a mortgage and make your payments. The Homebuyer Tax Credit is not a one-time credit—it is an annual credit for the life of the original mortgage, as long as you live in the home.
Unfortunately the Homebuyer Tax Credit is not available with all NH Housing mortgage Programs. Contact an approved lender to learn more.