1.  What is my first step to purchase a home of my own?

As with any large financial decision, education should always be your first step.  There are a number of non-profit housing agencies that provide free home ownership education.

• For a complete list of home ownership seminars located in New Hampshire, click here.
• For a complete list of New Hampshire Housing's home ownership publications, click here.

 
2.  How much house can I afford?

You can use our mortgage calculators to estimate how much house you can afford.  It's easy!  Click here.

3.  How do I apply for a New Hampshire Housing loan?

To see if you qualify for a New Hampshire Housing loan, contact any of our participating lenders. Go to the list of participating lenders.

In order to qualify to use New Hampshire Housing funds, your lender will ask you four key questions:

What is your income?
What is the purchase price of the home you wish to buy?
Are you a first-time home buyer?
Will it be your primary residence?

What is your income?  In order to qualify for a New Hampshire Housing loan, your income must be below certain limits based on where the property is located.  Go to New Hampshire Housing's Income Limits.

What is the purchase price of the home you wish to buy?  In order to use New Hampshire Housing for your loan, the purchase price of the home you want to buy must be under certain purchase price limits based on where the property is located.  For New Hampshire Housing's Purchase Price Limits click here.

Are you a first-time home buyer?  With the exception of 15 targeted communities, you must be a first-time home buyer to qualify for a New Hampshire Housing loan.  New Hampshire Housing defines first-time home buyer as anyone who has not owned a house in the past three years. 

Targeted communities:  In the 15 targeted communities you do not have to be a first-time home buyer.  View the list of the 15 targeted communities.

Will it be your primary residence?  The property must be your primary residence.  New Hampshire Housing's single family home ownership program will not finance investor owned properties.

4.  I have heard that New Hampshire Housing loan is subject to a Recapture Tax.  What is this all about?

Because of how New Hampshire Housing gets it's money, you may have to pay a recapture tax if you sell your house within the first nine years of home ownership.  Go to an explanation of Recapture Tax and how it can affect you.

5.  What is mortgage insurance and will I have it on my New Hampshire Housing loan?

Mortgage Insurance (MI) is an insurance borrowers purchase to protect the lender in case of default.  Unless you put 20% down on your mortgage you will need mortgage insurance.  New Hampshire Housing has two ways of providing mortgage insurance, monthly or financed.  For more information on all your mortgage insurance options with New Hampshire Housing, click here.

6.  Can I use the federal home buyer tax credit with a New Hampshire Housing loan?

If you purchased your home after 12/31/2008, you may qualify for the $8,000 federal first-time home buyer tax credit under the American Recovery and Reinvestment Act of 2009 or the recently extended home buyer tax credit under the Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009. New Hampshire Housing loans can be combined with this new federal tax credit. To see if you qualify for the federal tax credit, please visit the IRS web site.