Best New Hampshire First-Time Homebuyer Programs

You’ve been saving up for a down payment, shopped around for houses and you’re finally considering buying your first home in New Hampshire. But deciding to buy property is not the only step. Next comes the hard part: figuring out how you're going to finance your first home. 

New Hampshire has several first-time homebuyer programs to help make the process more affordable. Here are some of the best New Hampshire first-time homebuyer programs to access. 

Quick Look: Best First-Time Homebuyer Programs in New Hampshire

• Best for Primary Homes: New Hampshire Housing Home Flex Plus Program
• Best for First-Time Single-Family Homebuyers: New Hampshire Housing House First Program
• Best for Maximum Financing: New Hampshire Housing Home Preferred Plus Program
• Best for Home Improvements: New Hampshire Housing Purchase Rehab Program
• Best for First-Time Generational Buyers: 1st Generation Homebuyer (1stGenHomeNH)
• Best for Young Buyers: Homebuyer Tax Credit

Best New Hampshire First-Time Homebuyer Programs

The following programs are designed to assist first-time homebuyers in New Hampshire. Each program has its own eligibility requirements and benefits.

1. Best for Primary Homes: New Hampshire Housing Home Flex Plus Program

This state agency offers affordable housing options for low- and moderate-income residents who are first-time homebuyers. The program comes with Veterans Affairs (VA), Federal Housing Administration (FHA) and United States Department of Agriculture (USDA) loans, which have low down payment requirements.

Requirements:

• Credit score: The minimum credit score requirement is 620.
• Homebuyer education course: The borrower has to complete a homebuyer education course online or in person. 
• Housing income limit: The maximum income limit for 2023 was $169,900, and it changes every year based on the median income of the state. 
• Property requirements: The property must be your primary residence. 

The property can be an owner-occupied home (one to four units), a modular home, a townhome or a condominium. Some manufactured homes are also covered. 

2. Best for First-Time Single-Family Homebuyers: New Hampshire Housing House First Program

The New Hampshire Housing House First Program is a mortgage revenue bond program that offers below-market interest rates and cash assistance. Borrowers can get a fixed $10,000 in cash assistance for their down payment. 

Requirements:

• Buying specificity: The borrower should be a first-time homebuyer. They shouldn't have owned a house in the past three years, or they could buy a home in a targeted area. 
• Income minimum: The borrower must meet the income limit for the area where they are buying a home. 
• Primary residence: The property should be a single-family (one-to-four unit) house owned by the borrower and occupied as their primary residence. 

3. Best for Maximum Financing: New Hampshire Housing Home Preferred Plus Program

The New Hampshire Housing Home Preferred Plus Program is ideal for low-to-moderate income first-time homebuyers who need maximum financing options. It couples your conventional home loan with closing cost assistance and a forgivable down payment. 

Depending on your case, you can get up to 97% financing. For borrowers whose income is under 80% of the median income for their area, discounted mortgage insurance is also available. 

Requirements:

• Household income: The borrower's maximum household income should be up to 80% of the area's median income. 
• Credit score: A minimum credit score of 620 is required to qualify for this home assistance program. 
• Property requirements: The property must be in New Hampshire and should be the borrower's primary residence. 

The property may be a townhome, modular home, condo or, in some cases, manufactured home.

4. Best for Home Improvements: New Hampshire Housing Purchase Rehab Program

The New Hampshire Housing Purchase Rehab program lets first-time homebuyers add $35,000 or less to their loan for home improvements. You can use the funds for improvements like safety upgrades and energy efficiency. 

The funds are not available for structural repairs. You can combine the Rehab Program with the Home Flex Plus program.

Requirements:

• Income: The borrower's income should not be more than $169,900 to use this program. 
• Residence type: The program is only available on single and two-unit primary residences. Manufactured homes are not covered. 
• Credit score: The minimum credit score required to qualify for this program is 620. 

The borrower must also use one of the Rural Development first mortgage or FHA 203k loan products. 

5. Best for First-Time Generational Buyers: 1st Generation Homebuyer (1stGenHomeNH)

The 1st Generation Homebuyer program offers $10,000 as down payment assistance to people who are the first in their family to buy a home. As the amount qualifies as a second mortgage, it is forgivable after five years, provided the borrower doesn't refinance, sell the house or file for bankruptcy.

Requirements:

• 1st generation buyer: The borrower or their parents should not have previously owned a home in the U.S. 
• Non-borrowing spouse: If the borrower is married, their spouse (borrowing or non-borrowing) should not have owned a home in their lifetime. 
• Single-family residence: The property should be a single-family primary New Hampshire residence. 
• Prior financial assistance: The borrower must use a mortgage program from New Hampshire Housing to finance their home purchase. 

Borrowers also have to take an in-person education course for homebuyers. 

6. Best for Young Buyers: Homebuyer Tax Credit

The New Hampshire government offers cuts in income tax through the Homebuyer Tax Credit or mortgage credit certificate (MCC). The annual credit of up to $2,000 can be used for the mortgage's lifetime, provided the property is your primary residence. 

Requirements:

• Household income: The government sets a minimum income limit that varies depending on the county and household size. 
• Education course: A homebuyer education course is mandatory. 
• Credit reservation: The borrower has to reserve the credit before the house purchase via a New Hampshire Housing Approved Lender. 

The Homebuyer Tax Credit program is primarily for first-time buyers. However, if you're an experienced homebuyer or are buying in a targeted area, you may still qualify. 

Best National First-Time Homebuyer Programs in New Hampshire

First-time homebuyers in New Hampshire can benefit from a variety of national programs designed to make homeownership more attainable. 

Best for Low Credit Scores: FHA Loans

An FHA loan is a mortgage insured by the Federal Housing Administration that allows first-time homebuyers to purchase, renovate or build a house. The loan can also be used for refinancing. 

FHA loans are ideal for borrowers with low credit scores. These loans are available from different lenders such as independent mortgage companies and banks. 

Requirements:

• Credit scores: Borrowers with credit scores as low as 580 can also qualify. 
• Down payment: You must pay 3.5% as a down payment if your credit score is 580. Borrowers with credit scores between 500 and 579 pay a 10% down payment.
• Occupancy: The home must be your primary residence. 
• Debt-to-income ratio: The debt-to-income ratio should be 43%. 

FHA loans have a loan limit, depending on the area. Higher-cost areas have a higher limit. 

Best National FHA Lender: Rocket Mortgage® (formerly Quicken Loans)

Rocket Mortgage® (formerly known as Quicken Loans) is a reputable national FHA lender that offers competitive rates and a streamlined application process, including eClosing. 

The lender offers a range of loans, including FHA, Purchase Plus, home equity loans and VA. 

Requirements:

• Credit score: For FHA loans, the credit score should be 580. 
• Down payment: A down payment of 3.5% is necessary. 

Rocket Mortgage has quite a user-friendly online experience. It will take you just a few minutes to complete the initial application. 

Best for Rural Homebuyers: USDA Loans

A USDA home loan is backed by the U.S. Department of Agriculture and is available for people who want to buy a home in a rural area. You can check the USDA's website to see which areas are eligible. 

Requirements:

• Income requirements: The USDA has strict income limits. 
• Rural area: The home must be in a designated rural area. 
• Median income: Your household income should be equal to or less than 115% of the median income for the area. 
• Credit history: Although there's no format credit score requirement, a credit history that shows a responsible repayment pattern is necessary. 

For borrowers without a credit score, the USDA uses alternative evaluation methods. 

Best National USDA Lender: CrossCountry Mortgage

CrossCountry Mortgage is a nationwide lender offering multiple loans, including VA, FHA, USDA, refinancing and conventional. The lender offers financing to homebuyers across the country, including New Hampshire. 

Requirements:

• Credit score: There's no specified credit score requirement, but a higher credit score can help you get a better interest rate. 
• Minimum down payment: USDA loans do not have a minimum down payment requirement. 
• Area: The home must be in a rural area. 

CrossCountry Mortgage also lets you refinance your existing USDA loan into a new one with better terms. 

Best for Veterans: VA Loans

VA loans are available to active-duty service members, eligible veterans and surviving spouses. The U.S. Department of Veterans Affairs guarantees these loans. 

Some benefits of these loans include no down payment and competitive interest rates. 

Requirements:

• Minimum service requirements: The borrower should be an active-duty service member or have served for the required amount of time. 
• Service: The borrower should have served for over six years in the Selective Reserve or National Guard, served for 180 consecutive days during times of peace or served for 90 consecutive days in war. 
• Spouse: The borrower's spouse died while on duty. 

Borrowers need a Certificate of Eligibility (COE) to qualify for a VA loan. You can get this certified from the VA eBenefits portal online. 

Best National VA Lender: Veterans United

Veterans United originates most of the VA home loans in the nation. Besides home purchases, the lender also allows refinancing. 

Veterans United also offers a real estate agent match program that connects borrowers with an agent who can guide them through the homebuying process. 

Requirements:

• Service: You should have served for over six years in the Selective Reserve or National Guard, served for 180 consecutive days during times of peace or served for 90 consecutive days in war. 
• COE: You need a COE to qualify. 

You may still qualify for a VA loan if you don't meet these requirements. For that, you should fall into one of the eligible discharge categories. 

Find Your First Home

Now that you have a round-up of New Hampshire first-time homebuyer programs, you can select one that you qualify for. These loans are available for low- to middle-income individuals who find it difficult to afford a home on their own. 

Some of these options also include refinancing and renovation options. If you already have a home mortgage, you can still benefit from these programs to improve your ownership experience. 

Frequently Asked Questions