NH Housing provides cash assistance up to a maximum of 4% of the base loan amount to help borrowers defray the cost of down payment, closing costsClosing costs are the fees and charges due at closing beyond the down payment itself — the collection of costs that pay for all the work, insurance, and government processes required to originate a loan and transfer (or refinance) a property. They... More, and prepaid escrow expenses associated with purchasing a home. The cash assistance can be used in combination with an FHA, RD or VA loan as well as in combination with NH Housing’s Home Preferred products. There are three cash assistance options, 4%, 3% and 2%. Income limits and all other NH Housing restrictions/guidelines apply. There is no monthly payment on the cash assistance and the lender treats it like a second lienLien: a legal claim against a property that secures repayment of a debt — it gives a creditor the right to be repaid from the property's value, not ownership of it. More at zero percent interestInterest: the cost of borrowing money, charged as a percentage of the outstanding balance and paid in arrears (unlike rent, which is paid in advance). More; the cash assistance lienLien: a legal claim against a property that secures repayment of a debt — it gives a creditor the right to be repaid from the property's value, not ownership of it. More can be forgiven if you stay in the home for a minimum of four years and make all your payments on time.
Buyers can also negotiate for the seller to help pay closing costsClosing costs are the fees and charges due at closing beyond the down payment itself — the collection of costs that pay for all the work, insurance, and government processes required to originate a loan and transfer (or refinance) a property. They... More further reducing the total required outlay.