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Our Home Flex Plus

(FHA, VA & RD) and Home Preferred Plus program provides cash assistance for up to 4% of the loan amount to help with the down payment and closing cost.

The Cash Assistance comes in the form of a second mortgage and is forgiven in full after staying in the property for 4 years unless the borrower: 1) sells; 2) refinances; or 3) files for bankruptcy, in which case the borrower must repay the Cash Assistance.

Requirements

• 620 minimum credit score
• Must complete homebuyer education course (online or in-person)
• Must meet New Hampshire Housing income limit, which is $135,300

Property Requirements

• Can be a one- to four-unit home (owner-occupied), townhome, condominium, modular home or certain manufactured homes (depending on the loan program)
• Must be in New Hampshire
• Must be a primary residence

Program income limits:

• Home Flex Plus – incomes up to $137,400.
• Home Preferred Plus – serves borrowers with incomes up to 80% Area Median Income (AMI).
• Home Preferred Plus Over 80% AMI -Provides conventional financing for borrowers whose income exceeds 80% of the Area Median Income (AMI) as determined by Fannie Mae.  The maximum income limit for all Home Preferred Over 80% AMI products is $137,400.

New Hampshire Housing Home Preferred Plus program

New Hampshire Housing, in conjunction with Fannie Mae, is offering Home Preferred Plus. This program offers up to 97% LTV with low mortgage insurance coverage along with “Cash Assistance” of 3% of the base loan amount. This program is ideal for borrowers with limited funds for the down payment and closing costs.

Borrower Requirements

• 620 minimum credit score
• Maximum household income up to 80 percent of AMI; if income exceeds this amount, the maximum household income is $135,300
• Home Buyer Education is required for all first-time homebuyers
• 2-4 units require Landlord and Homebuyer Education
• Home Preferred Plus / Home Ready rules apply; follow the findings
• If borrowers currently own property, borrowers will then need to qualify under Home Ready Guidelines
• Non-borrower title holders acceptable – if allowed by mortgage insurer

Property Requirements

• Can be a one- to four-unit home (owner-occupied), townhome, condo, modular home, or certain manufactured homes
• Must be in New Hampshire and be a primary residence

Mortgage Credit Certificate (MCC) Program

The Homebuyer Tax Credit is a federal Mortgage Credit Certificate (MCC) program designed to provide you with a long-term tax benefit to help you afford homeownership. An MCC program allows you to claim a tax credit for a portion of the mortgage interest paid per year up to $2,000 for the life of the original mortgage, for as long as you live in the home.

To reserve your Homebuyer Tax Credit, contact a New Hampshire Housing-approved Participating Lender.

Requirements

National First-Time Homebuyer Loan Programs

• FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
• Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
• USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
• VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
• HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Helpful Resources

Getting Started

Buying a Home

Owning and Maintaining Your Home