Last Updated on August 23, 2023 by Hannah Stevens
Mortgage Assistance for Homebuyers in New Hampshire
New Hampshire Housing offers the Home Flex mortgage option together with the down payment and closing costs assistance through Home Flex Plus. This is an effort to increase homeownership, and help first-time homebuyers.
The New Hampshire’s Home Flex Plus program provides cash funds up to 3% of loan amounts to help homebuyers afford the initial costs of purchasing a new property. These accessible funds are for the down payment, closing costs and other prepaid items related to buying a home. Moreover, the Home Flex Plus program does not require repayment. This program also has flexible underwriting criteria and government insurance. So, it can be used to purchase or refinance a home. In addition, no rate adjustments for credit or other overlays.
Furthermore, applicants must follow the guidelines of the Home Flex mortgage program, and meet specific requirements in order to qualify. All applicants must also finish a Homebuyer Education course, and have a credit score of at least 620. In addition, the program’s maximum limit for the applicant’s annual household income is within $116,300. This is regardless of county or family size.
Property bought using funds from Home Flex Plus must be the applicant’s primary residence. There is no maximum price limit for eligible property types. However, these include existing or new one to four-unit homes, FHA/RD or VA approved condos, and manufactured homes built on their own land.
New Hampshire First-Time Homebuyer Programs
New Hampshire residents who purchase their first home can choose from a variety of loan options. It is important to understand the various mortgage options. This is similar to the First-Time Homebuyer Assistance Programs in Nevada.
The Federal Housing Administration insures FHA loans and protects lenders against financial risk. However, the 3.5% down payment requirement makes these loans a viable option to young homebuyers who don’t have the time or credit history to save for large down payments.
Conventional loans are mortgages that are not guaranteed by the government (such as FHA). These mortgages may have fixed or adjustable rates and require a downpayment of at least 20%. Conventional loans can also conform to Freddie Mac and Fannie Mae guidelines. These loans are also “conforming” loans that any agency can back.
You can access the VA Home Loans through the Veterans Affairs Department or backed by them. They are also available to eligible spouses, veterans and service members. Additionally, these loans have a low interest rate and are available to all qualified borrowers for no money down.
USDA-backed mortgages are provided by the USDA’s Rural Department of the United States Department of Agriculture (USDA). This department aims to create healthy, sustainable rural communities. You can use these home loans to help low- and moderate income residents get affordable housing.
Are you interested in the First-Time Homebuyer Assistance Programs in New Jersey?