New Hampshire Mortgage Credit Certificate Program Checklist
A comprehensive guide for applicants of the New Hampshire Mortgage Credit Certificate Program in 2025.
Assess Your Eligibility
- Confirm that you are a first-time homebuyer, defined as not having owned a primary residence in the past three years. Exceptions apply for purchases in targeted areas or for qualified veterans.
- Ensure your household income does not exceed the program's limits, which vary based on household size and property location. For example, as of October 22, 2024, specific income limits apply per county.
- Verify that the property's purchase price is within the program's maximum acquisition cost for your area.
- Plan to occupy the purchased property as your primary residence.
- Be prepared to complete a homebuyer education course approved by the New Hampshire Housing Finance Authority (NHHFA).
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the New Hampshire Mortgage Credit Certificate Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Homebuyer Education
- Enroll in a homebuyer education course approved by the NHHFA.
- Attend and complete the course prior to closing, as mandated by the program.
- Obtain a certificate of completion to include in your application package.
Submit Your Application
- Work closely with your Loan Officer to fill out your application for the New Hampshire Mortgage Credit Certificate Program.
- Provide all required documents to confirm your eligibility for the program.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the Mortgage Credit Certificate will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your Mortgage Credit Certificate benefits.