New Hampshire Home Preferred Program Guide

Guide to the New Hampshire Home Preferred Program

The New Hampshire Home Preferred Program is designed to help eligible homebuyers achieve their dream of homeownership by providing affordable mortgage options and down payment assistance. This program is tailored for low- to moderate-income families and offers competitive interest rates and flexible terms. Below is a detailed guide to the program’s benefits, eligibility requirements, and application process for 2025.

1. Program Overview:

• Purpose: The New Hampshire Home Preferred Program provides affordable financing options and financial assistance to make homeownership more accessible for eligible buyers.
• Down Payment Assistance: The program offers financial support to help cover down payment and closing costs, reducing the upfront expenses of purchasing a home.
• Flexible Loan Options: Borrowers can choose from various loan types to fit their financial situation, ensuring long-term affordability.

2. Eligibility Requirements for 2025:

Applicants must meet the following criteria to qualify for the New Hampshire Home Preferred Program:

• Income Limits: Household income must fall within the program’s limits, which vary based on location and household size. These limits are updated annually to reflect the area median income (AMI).
• Purchase Price Limits: The home’s purchase price must not exceed the program’s maximum limits, which are adjusted yearly to align with regional housing costs.
• Primary Residence: The property must be located in New Hampshire and used as the buyer’s primary residence. Second homes and investment properties are not eligible.
• Credit Requirements: A minimum credit score is required, typically 640 or higher. Specific requirements may vary depending on the loan type and lender.
• Homebuyer Education: Completion of a homebuyer education course is required to ensure buyers are prepared for the responsibilities of homeownership.

3. How to Apply:

The application process for the New Hampshire Home Preferred Program involves the following steps:

• Contact a Participating Lender: Start by reaching out to an approved lender offering the program. They will verify your eligibility and guide you through the application process.
• Gather Required Documentation: Be prepared to provide proof of income, tax returns, credit reports, and a certificate from the required homebuyer education course.
• Submit Your Application: Work with your lender to complete the application and submit all required documents for review and approval.

4. Program Benefits:

• Affordable Financing: Participants can access competitive fixed interest rates, ensuring predictable and manageable monthly payments.
• Down Payment Assistance: Financial assistance is available to cover a portion of the down payment and closing costs, reducing upfront expenses.
• Flexibility: The program offers various loan types and is available to first-time and repeat homebuyers, making it accessible to a broad range of applicants.

5. Assistance Details:

• Assistance Amount: Eligible buyers can receive financial support based on their financial situation and program guidelines. The assistance amount may cover a percentage of the purchase price or a set dollar amount.
• Repayment Terms: Assistance is typically provided as a forgivable loan, with repayment not required if certain residency conditions, such as living in the home for a specified period, are met.

6. Additional Considerations:

• Combination with Other Programs: The New Hampshire Home Preferred Program may be combined with other state or federal assistance programs to maximize benefits for eligible buyers.
• Program Fees: Some fees may apply during the application process, which your lender will disclose in detail.

The New Hampshire Home Preferred Program is an excellent opportunity for eligible buyers to secure affordable financing and reduce upfront costs associated with purchasing a home. With flexible options and financial support, the program makes homeownership more accessible in 2025. Contact a participating lender today to learn more and begin your application process.