First time home buyer New Hampshire programs give you leverage in the real estate market that many other states do not. As the seventh richest state in the United States by median household income ($49,467 per household), New Hampshire itself has more leverage to move, and it passes these advantages along to its residents. Here are some of the programs that first time home buyers can take advantage of in New Hampshire.
What is the state agency that is responsible for bringing home buyers into New Hampshire?
New Hampshire Housing is the state agency that works with various federal agencies to provide the maximum benefit to first time home buyers in the state.
Can I utilize federal programs in conjunction with New Hampshire Housing?
Some of the most effective New Hampshire programs work in conjunction with the Federal Housing Administration (FHA), the United States Department of Veterans Affairs (VA), and the United States Department of Agriculture (USDA). If you qualify for one or more of these programs, you will have a much easier time with the state programs.
In order to qualify for a first time home buyer FHA, VA, or USDA loan, you will need at least a 620 credit score and eligibility as a first time home buyer under the federal definition. The federal definition of a first time home buyer is a buyer who has not owned a primary residence for three years or more. Yes, this means that you can actually qualify as a first time home buyer even though you have bought homes in the past throughout the United States. FHA programs are the most broad in terms of eligibility. VA loans are available only to veterans, veteran spouses, and reservists after six years of service. USDA loans are only available for properties in certain areas of New Hampshire. Check the USDA website to see if the property that you are looking at qualifies.
What types of housing are eligible under a New Hampshire first time home buyer’s program?
Single family unattached homes are eligible for most first time home buyer programs in New Hampshire along with condos and multi unit properties up to four units.
What are some of the advantages of getting a loan through New Hampshire Housing?
Becoming eligible for New Hampshire Housing first time home buyer programs will give you access to zero down payment programs, programs that may relieve you of the need to pay private mortgage insurance (PMI), and even programs that may defer or completely remove your closing costs.
Are there any additional requirements to qualify for a New Hampshire residents?
Would be New Hampshire residents will need to qualify for loans by income and property value as well as by federal standards. Income limits and property values are different for every county. Check the website or talk with a local, reputable real estate agent in order to determine the exact levels that give you eligibility.
What is the Home Start Homebuyer Tax Credit program?
The Home Start Homebuyer Tax Credit program gives the borrower up to $2000 per year over the entire term of the mortgage as long as the home remains your primary residence. This credit can drastically reduce your tax burden based upon the mortgage interest that you are paying.
In order to be eligible for this program, the New Hampshire Housing program must first issue you a Mortgage Credit Certificate. The home must also be a single family residence, and you must also complete a training online.
Are there any down payment assistance programs in New Hampshire?
Depending on the federal program that you qualify for, you may not have any use for a down payment assistance program. However, if you can only reduce and not completely eliminate your down payment, the New Hampshire state program can put you completely in the clear, ensuring that you pay nothing up front.
The New Hampshire Housing Finance Authority can give you a grant that does not need to be paid back. This grant may be between one and four percent of the total loan amount. You must put in at least one percent of the total purchase price yourself, and you must fall into the eligibility categories of the previously mentioned federal and state programs. You may also be able to take advantage of seller or lender paid closing cost programs alongside the down payment assistance.
What is the Voucher Assisted Mortgage Option?
The Voucher Assisted Mortgage Option in New Hampshire gives you more opportunity as a low income family. This program is also known as the Section 8 program, and the voucher can pay a certain amount of the monthly mortgage payment. Vouchers target families that are in the Family Self Sufficiency program along with the GOAL program.
What is the Emergency Home Repair Loans (EHRL)Â program?
First time home buyers in New Hampshire have exclusive access to the EHRL program for unexpected emergency situations. New Hampshire Housing distributes this benefit, so call them if something happens to your real estate after the initial purchase.
What are the PMI options that are available to New Hampshire first time home buyers?
There are two New Hampshire Housing programs that will give you up to 97 percent of your financing for a home: the Home Preferred and Home Preferred No MI programs. These programs may give you the option to completely rid yourself of a PMI payment.
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However, if you can only reduce and not completely eliminate your down payment, the New Hampshire state program can put you completely in the clear, ensuring that you pay nothing up front.
First time home buyers in New Hampshire have exclusive access to the EHRL program for unexpected emergency situations.
