New Hampshire Housing Authority Program

Financing is the cornerstone of home buying. Whether you are a first-time homebuyer or a seasoned veteran, it is important to take advantage of the best financing options available.

Although most New Hampshire home buyers are aware of their private mortgage options, few realize that the state’s New Hampshire Housing agency offers special loan and cash assistance programs. New Hampshire Housing has various public programs designed to help home buyers overcome common financial obstacles such as the down payment, credit requirements, high interest rates, closing costs and renovation expenses.

New Hampshire’s Single Family Mortgage Program is at the core of the state’s home buyer programs. It provides first-time and repeat home buyers with low-down payment, 30-year mortgages at below-market rates and allows for flexible credit requirements. These loans, which New Hampshire Housing insures, are made by participating lenders throughout the state. Income and purchase price limits vary by the property’s location and the number of units it contains. In most areas participants must be low to moderate income and cannot have owned a home in the past three years. Additionally, in certain cities and towns, the agency only extends financing to first-time home buyers.

Home buyers who meet the requirements of the Single Family Mortgage Program are also eligible for the New Production Initiative. This program assists home buyers who would like to purchase newly constructed affordable housing unit in specifically-awarded affordable housing developments. Participants are provided subsidy-based down payment and closing cost assistance of up to $20,000 in the form of a non-amortizing second mortgage. In order to qualify for this program the homebuyer’s first mortgage must be with New Hampshire Housing.

For first-time homebuyers only, New Hampshire Housing offers its Cash Assistance Option. This program provides grants of two to four percent of the buyer’s loan amount to defer the down payment, closing costs and prepaid escrow expenses. The Cash Assistance Option’s income and purchase price guidelines follow those of the Single Family Mortgage Program; however, homebuyers do not need to have a mortgage with New Hampshire Housing to obtain cash assistance. In addition to meeting income and purchase price guidelines, borrowers must contribute a minimum of one percent of the purchase price from their own funds (gifts are not allowed). No payment is required on the cash assistance grant unless the home is sold within the first four years of ownership. After four years of ownership the grant is forgiven.

Finally, for those interested in buying a fixer-upper, the New Hampshire Housing Authority offers two programs to assist with property renovation costs: the Purchase/Rehab Program and the FHA 203k Program. The Purchase/Rehab Program provides a loan of up to $40,000, and the FHA 203k streamlined program allows a loan of up to $35,000. Both of these loan programs are combined with the Single Family Mortgage Program. They offer the same loan term benefits and have the same borrower requirements.

Although New Hampshire home buyers have many public and private financing options available to them, it can be difficult to decipher which one is best. Choosing the wrong option can cost a homebuyer thousands of dollars extra. It is important to seek the help of a real estate professional who knows New Hampshire’s most current options and requirements and understands your specific needs. An exclusive buyers agent who represents you and your financial interests can help explain your financial options and negotiate the purchase of your new home.

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Our coverage area includes: Barnstable County, Bristol County, Essex County, Middlesex County, Norfolk County, Plymouth County, Suffolk County, and Worcester County in Massachusetts. Rockingham County, and Hillsborough County in New Hampshire. The following are just some of the Massachusetts cities and towns where we provide real estate buyer agent services: Acton, Abington, Amesbury, Andover, Ashland, Ayer, Avon, Barnstable, Bellingham, Belmont, Berlin, Beverly, Billerica, Bolton, Bolyston, Boston (including, East Boston, Charlestown, North End, South Boston, Dorchester, West Roxbury, Roxbury, Roslindale, Jamaica Plain, Chinatown, South End, West End, Back Bay, Allston, Brighton and Beacon Hill), Bourne, Boxborough, Boxford, Bradford, Braintree, Bridgewater, Brockton, Brookline, Burlington, Cambridge, Canton, Carlisle, Carver, Chelmsford, Chelsea, Cohasset, Concord, Danvers, Dedham, Dover, Dracut, Dunstable, Duxbury, Essex, Everett, Fall River, Falmouth Fitchburg, Foxborough, Framingham, Georgetown, Gloucester, Grafton, Groton, Groveland, Hamilton, Hanson, Harvard, Haverhill, Hingham, Holbrook, Holliston, Hopedale, Hudson, Hull, Ipswich, Kingston, Lakeville, Lawrence, Leominister, Lexington, Lincoln, Littleton, Lowell, Lunenburg, Lynn, Lynnfield, Malden, Manchester, Marblehead, Marlborough, Marshfield, Mashpee, Maynard, Medfield, Medford, Medway, Melrose, Mendon, Merrimac, Methuen, Middleton, Millbury, Millis, Milton, Nahant, Natick, Needham, New Bedford, Newbury, Newburyport, Newton, North Andover, Northborough, Northbridge, North Reading, Northbridge, Norfolk, Norton, Norwood, Norwell, Peabody, Pembroke, Pepperell, Plainville, Plymouth, Plympton, Quincy, Randolph, Reading, Revere, Rockland, Rockport, Rowley, Salem, Salisbury, Sandwich, Saugus, Scituate, Sharon, Shirley, Shrewsbury, Somerville, Southborough, Stoneham, Stoughton, Stow, Swampscott, Taunton, Tewksbury, Topsfield, Townsend, Tyngsborough, Upton, Uxbridge, Wakefield, Walpole, Waltham, Wareham, Watertown, Wellesley, Wenham, Westborough, West Boylston, West Bridgewater, Westford, West Newbury, Weston, Westwood, Westport, Weymouth, Whitman, Wilmington, Winchester, Winthrop, Woburn and Worcester, Wrentham, Yarmouth. The following are just some of the New Hampshire cities and towns where we provide real estate buyer agent services: Atkinson, Brentwood, Derry, Dover, Durham, East Kingston, Epping, Exeter, Greenland, Hampstead, Hampton, Hampton Falls, Hollis, Hudson, Kingston, Londonderry, Manchester, Nashua, New Castle, Newmarket, Newton, North Hampton, Pelham, Plaistow, Portsmouth, Raymond, Rye, Salem, Seabrook, Stratham and Windham.