NH Housing

– In most communities in NH, the buyer must be a first time buyer

–Not limited to first time homebuyers  in a targeted community (but you cannot own any other real estate)

–Income limits and geographical limitations apply

– Sales Price limitations apply

depending on the community the max sales price ranges from $236,000 to $349,000

–NH Housing loans must be combined with FHA or RD and the rules for the FHA or RD must be followed.

–Seller can pay all closing costs and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and is limited to the lesser of actual expenses or 6% (whichever is less).

– Minimum of 620 credit score required by Merrimack Mortgage Company for NH Housing loans

– Available for 1- 4 unit  properties and NH Housing approved condos

– Both a  2% grant and 4% grant is also available for all borrowers who fall within the income limits of NH Housing.  The grant can be used for down payment and/or closing costs.  

–Up to $35,000 in rehab funds available if combined with FHA (FHA 203Ks)  

–Up to $40,000 in rehab funds available if combined with RD