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First Time Homebuyer Programs in New Hampshire

By Tiffany Raiford

Everyone is a first time homebuyer once in their life. It's an exciting moment in anyone's life when it's time to buy your first house and make yourself at home. It's also intimidating. Houses are not inexpensive and many people have a difficult time coming up with the down payment needed to buy a new house. Fortunately for first time homebuyers in New Hampshire, there are a number of programs available that can provide assistance and guidance.

New Hampshire Homebuyer Tax Credit

This is program allows first time homebuyers throughout the state to turn a portion of the home mortgage interest paid on their new home into a tax credit. This is a tax credit first time homebuyers can use for the life of their loan. Additionally, some first time homebuyers might be eligible to use the remainder of the mortgage interest paid as a federal income tax deduction, further lowering their tax liability.

House Cash Assistance Program

This program helps buyers pay for their down payment. What happens is that buyers are given as much as 3 percent of the total amount of their loan to use as a down payment. Buyers are required to pay 1 percent of the total loan out of their own pocket; this money cannot be gifted from a friend or family member to use as a down payment. You are not required to pay a monthly payment to refund the cash assistance given to you, but you will have to pay it back if you sell your home before living their four years. Each year you live in your home you eliminate the need to pay back 25 percent of the down payment assistance offered to you.

Single Family Mortgage Program

This is a program designed to help with the exorbitant cost of purchasing a home. Loans are offered in 30 and 40 year terms at interest rates that are well below the market price. Additionally, there are also cash assistance programs available through this program provided that buyers meet a few minimum criteria as far as income levels are concerned.

Being a first time homebuyer can be stressful, but it doesn't have to be a financial impossibility. Many New Hampshire lenders offer first time assistance programs that are designed to ensure that you, too, can live the American dream with a house to call your very own.

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