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The Home Advantage Program closed as of 12/7/09.
Home Advantage provides down payment and closing cost assistance, for the purchase of a principal residence, to families eligible for financing through New Hampshire Housing's Single Family Mortgage Program.
Borrower Eligibility:
- Must be eligible for a mortgage through the Single Family Mortgage Program.
- Complete a first-time home buyer education course acceptable to New Hampshire Housing.
- Have household income that does not exceed 100% of statewide median income.
- Contribute at least 1% of borrowers own funds into the transaction.
- Have no more than $5,000 in liquid assets remaining after payment of down payment and closing costs.
Property Eligibility:
- One and two unit residences, condominium units, or manufactured housing in a resident owned park or on land owned by the borrower (depending on mortgage insurer guidelines).
- Purchase price may not exceed the New Hampshire Housing Purchase Price limit.
Terms of Subsidy:
- Maximum subsidy amount is the lesser of $10,000 or 10% of the purchase price.
- Subsidy amount is non-amortizing and interest free.
- Rider or other lien is added to the mortgage stating repayment of subsidy if the property is sold or refinanced.
- No cash back at closing.
Eligible Uses:
- Down payment, closing costs and prepaid escrow amounts.
- Closing costs may include Single Premium Mortgage Insurance. This includes FHA Up-front MIP, RD Guaranty Fee and VA Funding Fee as well as private mortgage insurance.
- Funds cannot be combined with any other New Hampshire Housing subsidy funds.
