Down Payment Assistance Programs in NH
Are you ready to buy a home but having a little trouble coming up with the funds needed for a down payment? You may qualify for down payment assistance in NH with a program from New Hampshire Housing Finance Authority (NHHFA). Their cash assistance programs give you a grant equal to between 1% and 4% of the loan amount. Even with the cash assistance, expect to contribute from your own funds a minimum of 1% of the purchase price. There are income limits, purchase limits, and other requirements for these and all other NHHFA programs.
NHHFA's Home Flex Plus (Cash Assistance) is a 3.5% down program that includes 2%, 3%, or 4% of the loan amount as cash assistance. On a $300,000 loan amount, that’s as much as $12,000 of cash assistance.
How does this work? Here’s how: The homebuyer is given a 0% interest, 0 payment cash-assist second mortgage for the amount of the assistance. This cash-assist second mortgage is forgivable after 4 years. There are no income limits and to sweeten the pie even more, the less cash assistance you need, the lower the interest rate.
Source: NHHFA 3/3/22. $300,000 loan amount; 700 FICO
4.25% (4.825% APR) based on 0 points, 30-year term, 96.5% LTV, including Mortgage Ins. 2% cash assist .
4.875% (5.947% APR) based on 0-point, 30-year term, 96.5% LTV, including Mortgage Ins. 4% cash assist
Even if you don’t qualify for a NHHFA down payment/cash assistance program, you have other options to minimize your cash requirements:
- $0 down programs
- Seller-paid closing costs
- Lender-paid closing costs
Get the details & see if you qualify:
If you are interested in finding out more about down payment assistance, NHHFA programs, zero-down programs, or other first-time home buyer programs please call Charley at (603) 471-9300 or send an email.