team Windham Pelham _________603-845-2121 BHHS Verani Realty

First time home buyer tips


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.

Home Advantage
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.

Purchase/Rehab Program
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.


First time home buyer program details

As Modified in the American Recovery and Reinvestment Act. Summary of changes, amount of tax credit, eligible property, income limit, first time home buyer qualification. Tax credit repayment, recapture and termination.
What’s this new homebuyer tax incentive for 2009? Who is eligible? How does a tax credit work? Is there an income restriction? Do individuals with incomes higher than the limits lose all the benefit of the credit? What’s the definition of principal residence? How do I apply for the credit?
The 2009 First-Time Homebuyer Tax Credit - brochure
The 2009 Tax Credit. Credit Details. Refundability –Why it’s Important. Who cannot take the credit? First-Time Homebuyer Definition. More on Income Limits. Recapture-3 Year Residency. When Can You Claim the Credit?
New Hampshire Housing - Income and Purchase price Limits
Income limits for 1-2 and 3+ house hold size. Purchase price limits for 1-unit, 2-unit and 3-4 unit properties for all counties in NH
NHHFA Recapture
Recapture history, Recapture tax scale, Federal recapture tax.
Purchase, rehab program New Hampshire housing
Borrower eligibility, loan terms, interest rate, eligible uses, maximum loan amount,
IRS First-time home buyer tax credit form 5405
Form to be filled out to claim your $8,000 tax credit.
First Name: 
Last Name: 
* * Maximum of 2000 characters

First Time Home Buyer Calculators

Find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.


Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
  Receive this Detailed Analysis

Your Monthly Payments
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

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