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New Hampshire housing offers several different loan programs for first-time homebuyers to help make homeownership more affordable. They even provide loan programs for former homeowners in targeted areas. Veterans are exempt from the first-time home buyer rule and 100% mortgage programs are available. While the specific programs may have different income limits, in general they serve borrowers with incomes up to $167,800. Loan programs available at 3% or less down payment.
One of the most popular programs allow the buyers to choose between $5000, $10,000 or $15,000 of assistance if needed and can be used towards the down payment and closing costs. The assistance is structured as a zero interest 30-year second lien ballon loan. The homeowners could start making payments on the assistance loan if they would like, wait the 30 years, and pay it off at the end of that term, or it is paid off as part of a refinance or selling of the property in the future. Ask your loan officer for details.
If you are buying a fixer-upper, New Hampshire housing offers a Purchase Rehab mortgage program that allows you to add up to $75,000 to your purchase mortgage to assist with repairs and upgrades. The Purchase Rehab program is a government insured mortgage option that can even be combined with the down payment assistance programs to help you with your down payment and closing costs. Ask your loan officer for details.
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