Does New Hampshire offer first-time home buyer programs?
Yes. New Hampshire Housing offers first-time buyer mortgages — Home First, Home Flex Plus, and Home Preferred — paired with up to $15,000 in down payment and closing-cost assistance, structured as a 0% interest, no-payment second mortgage. First-generation buyers may add a separate $10,000 1stGenHomeNH benefit, and the Home Start Homebuyer Tax Credit can turn part of your mortgage interest into up to $2,000 a year in federal tax credit. I'm an approved lender for these programs and I'll tell you exactly which ones you can combine.
Key takeaways
Most first-time buyers come to me convinced they'll never own a home. Then we look at the numbers together and they realize there's a clear path. New Hampshire Housing offers down payment assistance that many realtors don't even know about, and I've had clients leave the closing table with money back. My favorite part of this job is handing someone the keys to a home they thought was out of reach.
How to buy your first home in New Hampshire
Most first-time buyers come to me convinced they'll never own a home — and then we look at the numbers together and a clear path appears. New Hampshire offers some of the most generous first-time buyer help in the country, and a lot of it hides in plain sight. Here's everything that's actually available to you, and how the pieces fit together.
You don't need 20% down
The single biggest myth in home buying is the 20% down payment. You don't need it. Here's what the major loan programs actually require:
| Loan type | Minimum down payment | Notes |
|---|---|---|
| VA (veterans) | 0% | No monthly mortgage insurance |
| USDA (eligible areas) | 0% | Property must be in a USDA zone |
| FHA | 3.5% | 580+ credit score |
| Conventional | 3% | Best pricing at 680+ |
And that's before any down payment assistance — which in New Hampshire can cover most or all of what's left.
New Hampshire Housing — the programs many realtors forget
New Hampshire Housing offers help that many buyers, and even some agents, don't know about:
- Down payment & closing-cost assistance — up to $15,000. Available with the Home First, Home Flex Plus, and Home Preferred programs. It's structured as a second mortgage with 0% interest and no monthly payment — nothing is due unless you sell, refinance, or reach the end of the term. It's repaid, not forgiven, and comes with below-market interest rates.
- 1stGenHomeNH — $10,000 for first-generation buyers. You may qualify if neither you nor your parents have owned a home during your lifetime. It's a limited-funding pilot, so timing matters.
- Home Start Homebuyer Tax Credit (MCC). Often missed: it converts part of your annual mortgage interest into a dollar-for-dollar federal tax credit worth up to $2,000 a year, for as long as you keep the loan.
NH Housing's first mortgages can be FHA, VA, USDA, or conventional, and most buyers need to stay under an income limit of about $176,200. These loans tend to take 40–45 days to close because the state does real work to deliver the assistance — well worth the patience.
Do you actually qualify? The three-year rule
Here's the part that surprises people: "first-time buyer" usually doesn't mean you've never owned a home. For most NH Housing programs you simply can't have owned a home in the past three years — so plenty of previous owners re-qualify. Beyond that you'll need to stay under the income and purchase-price limits, use the home as your primary residence, and meet credit guidelines.
The homebuyer class — quick, and worth it
NH Housing requires a short homebuyer education course (online or in person) before you close with their assistance. It takes an afternoon, and I'll point you to an approved class early so it never slows your timeline.
Massachusetts buyers
I also have access to MassHousing down payment assistance, which can range from roughly $25,000 to $50,000 depending on where you fall. The rates aren't quite as low, but for the right borrower it's a great path to ownership.
What about the earnest money deposit?
Don't let it scare you off. In our market I typically see $1,000 to $5,000 as a deposit when you make an offer — and it's credited back to you, not an extra cost. Keep in mind New Hampshire also charges a real estate transfer tax of 1.5%, normally split so the buyer pays about 0.75% at closing. I build that into your numbers up front.
What I'll show you on our first call
We'll look at your whole picture — income, savings, credit, and the towns you're considering — and I'll run a real monthly payment so you can see exactly what's possible. No cost, no obligation, no pressure — just a clear plan to get you the keys.
Frequently asked questions
Does New Hampshire offer first-time home buyer programs?
Yes. New Hampshire Housing offers first-time buyer mortgages (Home First, Home Flex Plus, and Home Preferred) paired with up to $15,000 in down payment and closing-cost assistance, plus a $10,000 1stGenHomeNH benefit for first-generation buyers and the Home Start Tax Credit worth up to $2,000 a year. I'm an approved lender for these programs and can tell you which ones you can combine.
Who qualifies as a first-time home buyer in New Hampshire — and what disqualifies you?
For most NH Housing programs you just can’t have owned a home in the past three years, so plenty of previous owners re-qualify. You’ll also need to fall under the area income limit (around $176,200 for many programs), buy under the purchase-price limit, use the home as your primary residence, and meet credit guidelines. The most common things that disqualify a buyer are owning another property now, exceeding the income limit, or buying an investment property — let’s check your specifics before you rule yourself out.
Do I have to take a homebuyer class to use NH down payment assistance?
Yes — New Hampshire Housing requires a homebuyer education course (online or in person) before you close with their assistance. It only takes an afternoon, and I’ll point you to an approved class early so it never holds up your timeline.
How much down payment do I need for a $300,000 house in New Hampshire?
On a $300,000 home, 3% down is $9,000 (conventional), 3.5% is $10,500 (FHA), and VA or USDA can be $0 down. With up to $15,000 in New Hampshire Housing assistance, many buyers cover most or all of that — so your actual out-of-pocket can be far less than the sticker math suggests.
How much income do I need to qualify for a $400,000 mortgage?
As a rough guide, many buyers need somewhere around $90,000–$110,000 in household income for a $400,000 mortgage — but it really depends on your other debts, credit, down payment, and your town’s property-tax rate, which varies widely in New Hampshire. Rather than guess, I’ll run your actual numbers so you see the real monthly payment and the income you’d need.
Do I really need 20% down to buy a home in Southern New Hampshire?
No. Conventional loans allow as little as 3% down, FHA is 3.5%, and VA and USDA can be zero down. With up to $15,000 in New Hampshire Housing assistance — and a separate $10,000 benefit for first-generation buyers — many buyers cover most or all of their down payment and closing costs.
Who qualifies as a first-generation homebuyer in New Hampshire?
You may qualify if neither you nor your parents (or legal guardians) have owned a home during your lifetime. Buyers who were in foster care, or who are in the U.S. as a refugee or under asylum, can also qualify. The 1stGenHomeNH benefit is worth $10,000, and it's a limited-funding pilot, so reach out early.
Is the down payment assistance forgiven?
No — it’s repaid, not forgiven. It’s a second mortgage with no monthly payment and 0% interest. You repay it only when you sell, refinance, file for bankruptcy, stop living in the home as your primary residence, or reach the end of the 30-year term.
How long does a New Hampshire Housing loan take to close?
Typically 40 to 45 days. New Hampshire Housing is doing a lot of work to deliver down payment assistance, so it takes a little longer than a standard conventional loan — well worth the wait.
What credit score do I need to buy a first home in New Hampshire?
It depends on the loan: FHA starts at 580 (and 500 with 10% down), most conventional and NH Housing programs want roughly 620–680, and the higher your score the cheaper your mortgage insurance. Don't disqualify yourself — bring me what you have and I'll tell you exactly where you stand and how to improve it if needed.
Are property taxes high in New Hampshire, and how do they affect my payment?
New Hampshire has no state income or sales tax, so towns lean on property taxes — and rates vary widely from one town to the next. That’s why two identical homes in different towns can have very different monthly payments. I always pull your specific town’s tax rate into the real monthly number, so there are no surprises after you move in.