NH Housing will provide a cash assistance grant equal to a maximum of 3% of the loan amount to help borrowers defray the cost of down payment, closing costs, and prepaid escrow expenses associated with purchasing a home. Borrowers must contribute a minimum of 1% (based on purchase price) using their own funds (excluding gifts). Seller can help with closing costs (as long as the borrower has their required 1% into the transaction). No cash back is allowed at closing.
Income limits and all other NH Housing guidelines apply. Borrowers do not need to be first time homebuyers but you cannot own other real estate (ok to sell and buy on the same day).
There is no monthly payment on the cash assistance grant portion. If the homeowner stays in the house then after 48 months, the full amount of the grant is forgiven.
For more information, go to www.nhmortgages.com I am happy to provide you with an estimate of what financing would look like using this program if you have a particular home or price range in mind!
NH Housing loans can be used in combination with FHA or RD (aka Rural Development or USDA), FHA 203Ks, RD rehab or VA.
Author: Renee Duval -- I am a top ten loan officer for NH Housing loans and I am a Certified Mortgage Professional (CMP) with the NH Mortgage Bankers & Brokers Association. I am licensed to originate loans in both NH and Massachusetts. NMLS# 97937
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