What is the New Hampshire Home Flex Plus Program?
The New Hampshire Home Flex Plus Program provides affordable mortgage options with down payment and closing cost assistance for eligible homebuyers in New Hampshire.
Who qualifies for the Home Flex Plus Program?
The program is available to first-time and repeat homebuyers who meet income, credit, and property eligibility requirements. Buyers must use the home as their primary residence.
How much down payment assistance is provided?
The program offers up to 4% of the loan amount in down payment and closing cost assistance, helping to reduce upfront costs for eligible buyers.
Is the down payment assistance a loan or a grant?
The assistance is provided as a forgivable loan, which does not need to be repaid if program conditions, such as occupying the home for a specific period, are met.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, though higher scores may improve eligibility and loan terms.
Are there income limits for the Home Flex Plus Program?
Yes, income limits apply and vary based on household size and the property’s location. These limits are updated annually to reflect market changes.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program requirements and are intended as the buyer’s primary residence.
Is homebuyer education required for the program?
Yes, completing a homebuyer education course is mandatory to prepare buyers for the financial responsibilities of homeownership.
What is the maximum purchase price allowed under the program?
The maximum purchase price is typically $400,000, though this may vary based on location and specific program rules.
Can the Home Flex Plus Program be combined with other assistance programs?
Yes, eligible buyers can combine this program with other state or local assistance programs to maximize financial benefits.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may apply based on other financial factors like credit history.
What fees are associated with the Home Flex Plus Program?
Standard loan-related fees, such as origination, appraisal, and processing fees, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home before meeting program requirements?
If you sell or refinance before fulfilling the program’s conditions, you may need to repay some or all of the down payment assistance provided.
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Get Started NowCan the program be used to refinance an existing home?
No, the program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in New Hampshire, and additional guidelines may apply based on whether the property is in a targeted or non-targeted area.
What are the benefits of the Home Flex Plus Program?
The program reduces upfront costs through down payment assistance, offers competitive interest rates, and includes homebuyer education to support long-term success.
How do I apply for the Home Flex Plus Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Home Flex Plus Program?
The program provides a 30-year fixed-rate mortgage, offering long-term affordability and predictable monthly payments for homebuyers.