Summary

Buying a home in New Hampshire is made easier through programs offered by the New Hampshire Housing Finance Authority. These programs provide assistance with down payments, closing costs, and other benefits for first-time and repeat buyers. National mortgage programs are also available, offering options for buyers with low down payments and credit scores.

🏠 National First-Time Home Buyer Programs

National mortgage programs are accessible across the U.S. and are great for buyers seeking low-down-payment options or flexibility with credit scores. These include conventional loans, VA loans, FHA loans, and USDA loans. Conventional mortgages, for instance, allow down payments as low as 3% and provide the benefit of removing mortgage insurance once sufficient equity is reached. VA loans, backed by the Department of Veterans Affairs, are especially generous with no down payment required. FHA loans cater to buyers with credit scores as low as 500, though higher down payments are necessary for lower scores. For those buying in rural or suburban areas, USDA loans offer zero-down mortgages but come with income limitations and property location requirements.

Takeaways:

• National programs include Conventional, VA, FHA, and USDA loans.
• These programs offer flexibility for buyers with low credit scores or limited savings.
• USDA loans are targeted at rural or suburban home buyers.

Key Terms

• Conventional Loan: A mortgage not backed by the federal government, with flexible down payment and insurance options.
• VA Loan: A loan for service members, veterans, and spouses, offering competitive rates with no down payment.
• FHA Loan: A loan insured by the Federal Housing Administration, with low down payment options for buyers with lower credit scores.
• USDA Loan: A zero-down mortgage program for eligible rural and suburban buyers.

🏡 New Hampshire Housing Programs

The New Hampshire Housing Finance Authority offers a variety of programs tailored to first-time and repeat buyers. These programs provide down payment and closing cost assistance, discounted mortgage insurance, and tax benefits. For instance, the Home Flex Plus program assists buyers with up to 4% of the loan amount in down payment and closing costs, and the loan is forgiven after four years if certain conditions are met. Similarly, the Home Preferred Plus program requires just a 3% down payment and also offers mortgage insurance discounts. For buyers interested in fixer-uppers, the Purchase Rehab mortgage allows funds to cover repairs and upgrades alongside their purchase mortgage. Additionally, programs like the Home Start Homebuyer Tax Credit provide annual tax credits of up to $2,000, helping buyers save money over time.

Takeaways:

• Programs like Home Flex Plus and Home Preferred Plus provide assistance with down payments and closing costs.
• Purchase Rehab helps buyers finance home repairs along with their mortgage.
• Tax credits are available for long-term savings through Home Start Homebuyer Tax Credit.

Key Terms

• Home Flex Plus: Provides forgivable loans for down payment and closing cost assistance.
• Home Preferred Plus: Offers low down payment options and reduced mortgage insurance.
• Purchase Rehab: Combines mortgage financing with funds for home repairs and upgrades.
• Home Start Homebuyer Tax Credit: Annual tax credits for mortgage interest to save buyers up to $2,000.

🔑 Conclusion

New Hampshire first-time home buyer programs offer a variety of options to make homeownership more affordable. Whether you need help with down payments, closing costs, or financing home improvements, the state and national programs provide flexibility for buyers at all levels. Exploring these programs and working with an approved lender can help you take the next steps toward achieving your dream of homeownership.