NH Housing

–Not limited to first time homebuyers
–Income limit is $115,500 for Home Flex and Home Preferred products

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

–With HomeFlex, the 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).  Borrower must still have 1% of their own funds into the transaction.

–NH Housing Home Preferred loans are available with just 3% down with a lower mortgage insurance cost than the HomeFlex.

–With Home Preferred, the Seller can pay closing costs and prepaid expenses associated with a purchase but this needs to be negotiated into the contract and is limited to 3% when the down payment is 5% or less.  If the down payment is 10% or more then the seller can pay up to 6% of the sales price toward closing (provided the closing costs equal this much or more).    Borrower must still have 1% of their own funds into the transaction.

— MCC available for qualified buyers (lower income limits apply)
What is MCC?   It is a Mortgage Credit Certificate that provides the homeowner with a federal income tax credit equal to 35% of the interest
they pay on their loan each year or $2000 (whichever is less).

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

— Available for single family properties and NH Housing approved condos

—  3% cash assistance is also available for all borrowers who fall within the income limits of NH Housing ($110,000).
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 $35,000 in rehab funds available if combined with RD (0% down payment required)

Merrimack Mortgage Amazing Loan Ladies Mortgage Loans for Maine, New Hampshire and Massachusetts

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