New Hampshire Housing Finance Authority programs for first time home buyers are subject to income limit and purchase price limit. Income limits depend on household size, purchase price limits are set by the number of units in the dwelling and both vary by the county the property is located in.
Income and price limits:
Most of Hillsborough and Rockingham County allow a maximum of $77,600 income for 2 and $89,200 for 3 or more family members. Property price is limited at $299,500 for single family homes, $359,000 for duplexes and $399,500 for 3 and 4 unit multi family properties. Goffstown, Manchester, Newmarket and Portsmouth enjoy higher limits for both income and house price.
Federal aid for first time home buyers:
For homes purchased after 12/31/2008 and before 12/1/2009, a home buyer may qualify for the $8,000 federal first-time home buyer tax credit under the American Recovery and Reinvestment Act of 2009. (see MLScast tax credit 2009) New Hampshire Housing loans can be combined with this new federal tax credit. Currently this can amount to a total of about $18,000 - $20,000 in tax credits and grants from federal and state programs.
First time home buyer savings:
Max purchase price: $299,500 (single family home in Rockingham and Hillsborough counties).
Home buyer investment: $3,000 (1% of home purchase price)
NHHFA cash assistance: $11,860 (4% of the loan amount)
Federal tax credit: $8,000 (income limit $75,000 single, $150,000 joint tax return)
Buyer incentives minus investment: $16,860 (net amount given to first time home buyer).
First time home buyer loans:
NNHFA loans for first time home buyers can be obtained through participating lenders. Various grants and loan programs are available as first time home buyer incentives. With the exception of 15 targeted communities you do have to be a first-time home buyer to qualify for these loan assistance programs.
Qualifications for first time home buyers:
How much money do you need to have? First time home buyers must contribute a minimum of 1% (based on purchase price) using their own funds (excluding gifts). Purchaser may not have owned a pricipal residence in 3 years previous to purchase.
First time home buyer grants, assistance, incentives in New Hampshire:
Cash Assistance grant:
Single Family Mortgage Program provides a cash assistance grant equal to a maximum of 4% of the loan amount to help borrowers to pay for the cost of down payment, closing costs, and prepaid escrow expenses associated with purchasing a home.
provides down payment and closing cost assistance, for the purchase of a principal residence, to families eligible for financing through New Hampshire Housing's Single Family Mortgage Program. Maximum subsidy amount is $10,000, non-amortizing and interest free.
helps new home buyers purchase a home in need of repairs. This program can Provide up to $40,000 for repairs, renovations and improvements designed to address obsolescence, improve energy efficiency, improve safety and extend the useful life of the property.