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Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
No cash-investment required for single-family home purchase
Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home or certain manufactured homes
No purchase price limits
Open to first-time and repeat homebuyers
Cons
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Homebuyer education required for all first-time homebuyers
Income limit is 80 percent of area median income
Pros
Application allows non-occupant co-borrowers
No cash-investment required for single-family home purchase
Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home or certain manufactured homes
No purchase price limits
Open to first-time and repeat homebuyers
Cons
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Cash assistance must be repaid if the home is sold or refinanced before four years
Cash assistance must be requested by 12 p.m. two business days before closing or penalties apply
New Hampshire Housing Home Preferred Plus program
The Home Preferred Plus program through New Hampshire Housing works in partnership with Fannie Mae’s Home Ready program and provides up to 97 percent financing. The program includes cash assistance of between 2 percent to 4 percent of the loan amount along with discounted mortgage insurance. This program is available to both first-time and repeat homebuyers.
620 minimum credit
Must be a primary residence
Homebuyer education required for all first-time homebuyers
Income limit is 80 percent of area median income
Pros
Application allows non-occupant co-borrowers
No cash-investment required for single-family home purchase
Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home or certain manufactured homes
No purchase price limits
Open to first-time and repeat homebuyers
Cons
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Allows non-occupant co-borrowers on loan application
Can be a one- to four-unit home (owner-occupied), townhome, condominium or certain manufactured homes (depending on loan program)
No purchase price limits
Cons
Cash assistance must be repaid if the home is sold or refinanced before four years
Cash assistance must be requested by 12 p.m. two business days before closing or penalties apply
New Hampshire Housing Home Preferred Plus program
The Home Preferred Plus program through New Hampshire Housing works in partnership with Fannie Mae’s Home Ready program and provides up to 97 percent financing. The program includes cash assistance of between 2 percent to 4 percent of the loan amount along with discounted mortgage insurance. This program is available to both first-time and repeat homebuyers.
620 minimum credit
Must be a primary residence
Homebuyer education required for all first-time homebuyers
Income limit is 80 percent of area median income
Pros
Application allows non-occupant co-borrowers
No cash-investment required for single-family home purchase
Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home or certain manufactured homes
No purchase price limits
Open to first-time and repeat homebuyers
Cons
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Homebuyer education course required for at least one borrower on loan
Pros
Open to both first-time and repeat buyers
Doesn’t require repayment in most cases
Allows non-occupant co-borrowers on loan application
Can be a one- to four-unit home (owner-occupied), townhome, condominium or certain manufactured homes (depending on loan program)
No purchase price limits
Cons
Cash assistance must be repaid if the home is sold or refinanced before four years
Cash assistance must be requested by 12 p.m. two business days before closing or penalties apply
New Hampshire Housing Home Preferred Plus program
The Home Preferred Plus program through New Hampshire Housing works in partnership with Fannie Mae’s Home Ready program and provides up to 97 percent financing. The program includes cash assistance of between 2 percent to 4 percent of the loan amount along with discounted mortgage insurance. This program is available to both first-time and repeat homebuyers.
620 minimum credit
Must be a primary residence
Homebuyer education required for all first-time homebuyers
Income limit is 80 percent of area median income
Pros
Application allows non-occupant co-borrowers
No cash-investment required for single-family home purchase
Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home or certain manufactured homes
No purchase price limits
Open to first-time and repeat homebuyers
Cons
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
Thinking about buying your first home? It can be an exciting — and sometimes daunting — process, and where you buy can be as important as what you buy. New Hampshire is one of the smallest states by landmass, but it has lots to offer, including a booming economy, highly rated public schools and colleges, and natural amenities like access to the coast, mountains, lakes and more.
First-time homebuyers are likely to find a costly housing market in New Hampshire. As of Jan. 2025, home prices were up more than 9 percent year-over-year, according to Redfin. It’s also a fairly competitive market with only about two months’ supply of homes on the market, which means it’s more of a seller’s market.
If you’re a first-time homebuyer looking for property in The Granite State, consider starting with the New Hampshire Housing Finance Authority, the state’s agency for affordable housing and down payment assistance programs.
New Hampshire housing market statistics
Median home sales price, as of Jan. 2025 (Redfin): $488,000
Median down payment, as of Dec. 2024: (ATTOM): $89,800
Most affordable counties, as of Dec. 2024 (ATTOM): Cheshire, Coos, Sullivan
New Hampshire first-time homebuyer loan programs
Many of New Hampshire’s loan programs include down payment and closing cost assistance as well.
New Hampshire Housing Home Flex Plus program
The New Hampshire Housing Finance Authority (also known as New Hampshire Housing) offers several mortgage programs, including Home Flex Plus, which comes with an FHA, VA or USDA loan and down payment and closing cost assistance.
The assistance comes as a second mortgage that can be forgiven in full after the fourth anniversary of the closing date, unless you sell your home, refinance the first mortgage or file for bankruptcy, in which case the loan must be repaid.
Open to first-time homebuyers and repeat buyers
Must meet income limit of $167,800.
Home must be a primary residence
620 minimum credit score
Homebuyer education course required for at least one borrower on loan
Pros
Open to both first-time and repeat buyers
Doesn’t require repayment in most cases
Allows non-occupant co-borrowers on loan application
Can be a one- to four-unit home (owner-occupied), townhome, condominium or certain manufactured homes (depending on loan program)
No purchase price limits
Cons
Cash assistance must be repaid if the home is sold or refinanced before four years
Cash assistance must be requested by 12 p.m. two business days before closing or penalties apply
New Hampshire Housing Home Preferred Plus program
The Home Preferred Plus program through New Hampshire Housing works in partnership with Fannie Mae’s Home Ready program and provides up to 97 percent financing. The program includes cash assistance of between 2 percent to 4 percent of the loan amount along with discounted mortgage insurance. This program is available to both first-time and repeat homebuyers.
620 minimum credit
Must be a primary residence
Homebuyer education required for all first-time homebuyers
Income limit is 80 percent of area median income
Pros
Application allows non-occupant co-borrowers
No cash-investment required for single-family home purchase
Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home or certain manufactured homes
No purchase price limits
Open to first-time and repeat homebuyers
Cons
Must provide 3 percent cash investment when purchasing two- to four-unit properties
New Hampshire Housing House First program
This is the agency’s mortgage revenue bond program, which gives buyers lower-than-current-market rates on conventional and government-insured or -guaranteed loans. There’s also an option to add from $5,000 to $15,000 in down payment assistance.
Must be a first-time homebuyer unless buying in a target area or a qualified veteran
Home must be a primary residence
Eligible properties include 1 to 4 units, condos and manufactured homes
Must meet income limits, which vary by household size and location
Must meet purchase price limits, which vary based on location and property type
620 minimum credit score
Must take a homebuyer education course
Pros
Non-occupant co-borrowers allowed
Open to multi-family properties, condos and manufactured homes
No borrower investment required when purchasing a single-family home
Cons
Only available for purchases, not refinances
3 percent cash-investment required by borrower for three- to four-unit properties
5 percent cash-investment required for manufactured homes
New Hampshire Housing Purchase Rehab program
The New Hampshire Housing Purchase Rehab mortgage program is insured by the Federal Housing Administration (FHA) or guaranteed through Rural Development. The FHA 203(k) limited program provides up to $75,000 for your home rehabilitation costs, while the RD Rehabilitation option offers up to $35,000 to help cover improvements. The rehab programs are only available for use with the Home Flex and Home Flex Plus mortgage options.
Homes must be owner-occupied
Mortgage must be insured by FHA or USDA Rural Development
Program participants must meet Home Flex and Home Flex Plus income limit requirements
620 minimum credit score
Homebuyer education and purchase rehab education required
Pros
Open to first-time and repeat homebuyers
Non-occupant co-borrowers allowed
Open to single- and multi-family properties and condos
Cons
Only available with Home Flex and Home Flex Plus mortgage options
Manufactured homes not eligible
Loan origination fee of 1.5 percent of total rehab amount or $350
New Hampshire down payment assistance and grants
1st Generation Homebuyer (1stGenHomeNH)
New Hampshire Housing provides $10,000 for first-generation homebuyers that can be used to cover down payment, closing costs and prepaid escrow expenses. The funds come in the form of a second mortgage with no payments and no interest. Funds must be repaid if you sell, refinance, file for bankruptcy or the home is no longer your primary residence.
Funding for this program is limited, so be sure to check on its current status.
Pros
Also open to individuals who were foster children and those legally residing in the U.S. as a refugee or under asylum status
No interest
No periodic payments
Cons
Non-borrowing spouse must also be a first-generation homeowner
Homebuyer education must be completed in face-to-face setting, not online
City specific homebuyer assistance programs
Nashua First-Time Homebuyer Assistance Program
If you plan to purchase a home in Nashua, you may qualify for a grant of up to $10,000 to put toward a down payment, closing costs, interest rate buy-down or the purchase price of the home.
The city’s website has an application for the program.
Must be a first-time homebuyer or not have owned a house in the previous five years
Household income must not exceed 80 percent of your area’s AMI, as determined by the U.S. Department of Housing and Urban Development (HUD)
Home must be a primary residence in city of Nashua
Purchase price cannot exceed 95 percent of the city’s median sales price, also determined by HUD.
Must complete homebuyer education
Pros
Can be a single-family home, duplex, three-family home, condo or townhouse in Nashua
Can be used toward down payment and closing costs
Displaced homemakers and single parents may qualify without meeting first-time homeowner requirement
Cons
Adjustable-rate and interest-only mortgage options not available
Portsmouth Home Town Program
The city of Portsmouth offers this program in partnership with Citizens Bank. It gives first-time buyers a no-interest, 10-year second loan, which they can use for a down payment or closing costs when purchasing a home in the city.
To join the program, call Citizens Bank at (518) 229-8766 or the Portsmouth Community Development Department at (603) 610-7281.
Be a first-time homebuyer or not have owned a house in the last three years
Earn less than 120 percent of the area’s median family income, as determined by HUD
Be a resident of Portsmouth and have lived there for the past two years; have lived in Portsmouth in the past for at least 10 years and currently live within 30 miles of the city; or be a permanent, full-time city employee with plans to become a resident
Complete homebuyer training
Pros
Second loan has no interest
Second loan repayment deferred for 10 years
Additional down payment assistance available in the form of a zero-interest third loan
Cons
Second loan must be repaid after 10 years
Must contribute 1 percent of own funds toward down payment
Other New Hampshire homebuyer assistance programs
Homebuyer Tax Credit
In New Hampshire, first-time homebuyers can decrease their federal income taxes through a mortgage credit certificate (MCC), known as the Homebuyer Tax Credit. This annual credit equals up to $2,000 and can be used for the life of your mortgage, as long as the property remains your primary residence. It cannot be combined with the Home First mortgage program.
There are minimum household income and purchase price limits to qualify for an MCC, and these vary according to the county where your home is located and the size of your household. While the credit is geared toward first-time buyers, it might be waived for experienced homeowners if they’re purchasing in a special targeted area.
Other New Hampshire first-time homebuyer loans
While you’re considering your options as a first-time homebuyer in New Hampshire, be sure to explore nationally available programs as well:
FHA loans: Insured by the Federal Housing Administration (FHA), these mortgages have looser eligibility criteria than conventional loans. If your credit score is 580 or above, the minimum VA loan down payment is just 3.5 percent.
VA loans: You might qualify for one of these loans if you’re an active-duty military member, veteran or surviving spouse. Guaranteed by the Department of Veterans Affairs (VA), these loans don’t have a down payment requirement. They usually have lower rates, too.
USDA loans: These mortgages, which are backed by the U.S. Department of Agriculture (USDA), don’t have a down payment requirement, either. However, to be eligible, you have to buy a home in a designated rural area and meet income limits.
HomeReady and Home Possible loans: HomeReady and Home Possible are loan programs created by government-sponsored enterprises Fannie Mae and Freddie Mac. They’re specifically for first-time homebuyers, requiring only 3 percent down and having more flexible income requirements.
Get started
Now that you know some of your options as a first-time homebuyer in New Hampshire, your next step might be to connect with a mortgage lender. While the New Hampshire Housing Finance Authority doesn’t make loans or financing decisions, the agency provides a list of participating lenders, and the organization also services loans after closing.
Regardless of which program you choose, it’s important to first shop around for loan offers and compare mortgage rates and terms to get the best deal when buying a home in New Hampshire.
It can be helpful to read mortgage lender reviews when comparing your options, as well as to shop around for homeowners insurance options in New Hampshire to get a better idea of your total projected housing costs.
