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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.
- 620 minimum credit score
- Must complete homebuyer education course (online or in-person)
- Must meet New Hampshire Housing income limit, which is $135,300
- 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.
- 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
- 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.
- Reserve the credit through a New Hampshire Housing Participating Lender
- Take a free online Homebuyer Tax Credit education course
- Be a first-time homebuyer or purchasing in a Targeted Community
- Meet the income and purchase price limits
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.
Statewide and Regional Programs
Programs by City/Town
- Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages
- Predatory lending – beware if you’re buying or refinancing your home; don’t become a victim of unfair lending practices
Buying a Home
Owning and Maintaining Your Home
Other New Hampshire Resources