New Hampshire First-Time Homebuyer Support

Exploring Home Buying Assistance Programs in New Hampshire

Navigating the Options for First-Time Home Buyers

Purchasing your first home in New Hampshire may open doors to various grants, loans, and programs designed to assist first-time buyers. Here’s an overview of potential avenues to explore:

1. Housing Finance Authority Grant:
   The Housing Finance Authority in New Hampshire provides a grant offering up to 3% for first-time home buyers. Eligibility depends on meeting income and residency criteria.
2. USDA 100% Financing Mortgage:
   The USDA 100% financing mortgage offers full financing, covering the down payment and closing costs for those in rural areas. Availability is subject to USDA funding and adherence to their guidelines.
3. Guaranteed Mortgage by USDA:
   First-time home buyers in NH may benefit from a USDA-guarantee mortgage, featuring lower interest rates and a reduced down payment requirement. Meeting income guidelines and residing in a USDA-designated rural area are prerequisites.
4. Habitat for Humanity Assistance:
   Habitat for Humanity provides support to those in need of housing. Homeownership involves contributing “sweat equity” under professional supervision, allowing individuals to actively participate in building their homes.
5. NHHFA Home Rehabilitation Loans:
   The New Hampshire Housing Finance Authority offers loans of up to $35,000 for purchasing and rehabilitating old homes. Combining this with other NHHFA assistance is possible for eligible candidates.
6. NeighborWorks Program:
   The NeighborWorks program in New Hampshire aims to better prepare first-time home buyers by providing education on qualification, home purchase, and homeownership responsibilities.
7. Military Home Buyer Benefits:
   Military personnel qualifying for VA benefits may access home loans with lenient requirements. The VA-backed loans often feature favorable rates, with eligibility criteria to be met.

County-Specific Assistance:

Cheshire County:
Keene residents may access down payment and closing cost assistance by meeting community development requirements. Additionally, lower-priced homes may be available through the community development program.

Coos County:
The Berlin Housing Authority offers a home buyer choice voucher for very low-income individuals, allowing them to purchase homes instead of renting.

Hillsborough County:
Manchester and Nashua offer assistance with down payments and closing costs, subject to income and other qualifications.

Merrimack County:
The Concord Housing and Redevelopment Authority assists first-time home buyers in NH with down payment and closing costs, along with housing counseling options.

Rockingham County:
Derry residents may qualify for housing assistance and counseling resources, ensuring preparedness for homeownership.

Strafford County:
Dover residents can explore the community development loan for down payments, making it easier for first-time home buyers to purchase homes.

Sullivan County:
Claremont Housing Authority provides assistance programs, offering support for homeownership, closing costs, and home search for first-time buyers.

Conclusion:
As a first-time home buyer in New Hampshire, exploring these diverse options can significantly enhance your ability to secure a home, making the dream of homeownership more achievable.