You can qualify for a conventional mortgage with up to 97% financing, lower mortgage insurance rates, and receive up to $15,000 in cash to cover your down payment and closing costs.
Verify Your Home Preferred Plus Program Eligibility
The Home Preferred Plus program helps low- to moderate-income buyers in New Hampshire become homeowners.
The program helps buyers who don’t have a lot saved up by offering a mortgage with just 3% down and giving an extra 3% cash to help with the down payment and closing costs.
It’s a great option for people earning 80% or less of the Area Median Income because they get lower mortgage insurance rates.
You can use this program to buy single-family homes, multi-family homes with up to four units, condos, and manufactured homes on permanent foundations.
Backed by the New Hampshire Housing Finance Authority and Fannie Mae’s HomeReady program, it makes buying a home easier and more affordable.
Funding is limited and can end at any time. To use it, you need to work with an NHHFA-approved lender, and rates are updated daily on their website.
This program has many great benefits to help you buy a home:
Low down payment: Pay as little as $0 down for single-family homes or 3% down for 2-4 unit homes.
Extra cash: Get 3% of your loan amount to help pay for your down payment and closing costs.
Lower mortgage insurance costs: Save money each month if your income is at or below 80% of the Area Median Income.
Easy approval process: Uses flexible rules to help more people qualify.
No price limit: You can use this program to buy homes at any price (some other programs may have limits).
Many property types allowed: Buy a single-family home, multi-family home, condo, or manufactured home in a Resident Owned Community.
The program gives you extra cash equal to 3% of your loan amount. For example, if your mortgage is $97,000, you get about $2,910 in cash assistance.
You can use this money for your down payment, closing costs, or prepaid expenses like taxes and insurance.
You don’t have to pay this money back as long as you follow the program rules, like living in the home as your main residence.
For single-family homes, you don’t need any of your own money because the 3% assistance can cover your whole down payment.
For 2-4 unit homes, you need to put in at least 3% of the property price yourself, and the assistance can help cover the rest.
Here’s what you need to meet to qualify for this program:
Open to first-time and repeat homebuyers.
Minimum credit score of 620 FICO for all borrowers.
Homebuyer education required for first-time buyers (NHHFA’s online course is accepted).
For 2-4 unit properties, both Homebuyer and Landlord Education are required.
If you already own property, you must qualify under Fannie Mae’s HomeReady guidelines.
Non-borrower title holders allowed if the mortgage insurer permits.
Household income must be at or below 80% of the Area Median Income (AMI).
All borrower incomes (occupant and non-occupant) are included.
For 2-4 unit properties, rental income counts towards income calculations.
No set purchase price limit, but limits may apply if using other programs like the Homebuyer Tax Credit.
Getting started is easy. Follow these three simple steps:
Check your eligibility online with us right now for free.
Connect with an NHHFA-approved lender to start your application.
Receive your cash assistance and buy your new home.
The following FAQs highlight lesser-known but critical details about the New Hampshire Home Preferred Plus Program to help potential homebuyers navigate its unique aspects effectively.
The 3% cash assistance can also cover prepaid items like escrow for taxes or insurance, which can significantly reduce out-of-pocket expenses at closing. Always confirm with your NHHFA-approved lender to ensure proper allocation.
If a private well fails the mandatory test for E.coli, Total Coliform, Lead, Nitrate, or Nitrite, you may need to install a treatment system or repair the well to meet standards before closing. This requirement can delay closing, so plan for testing early.
Manufactured homes in ROCs are eligible, but they must be double-wide, on their own land, and meet Fannie Mae’s 95% LTV guidelines, which may require additional documentation like community agreements. Check with your lender to confirm ROC-specific compliance.
The discounted mortgage insurance rates (e.g., 18% for 95–97% LTV) are locked in based on your income at the time of application, so post-closing income increases won’t affect your rates. This ensures long-term savings even if your financial situation improves.
Yes, you can combine it with Fannie Mae-eligible community seconds (e.g., additional loans for down payment assistance), allowing a Combined Loan-to-Value (CLTV) up to 105%. Confirm with your lender, as this can increase your borrowing power but requires careful coordination.
If the condo’s master policy lacks walls-in coverage or has a deductible of $5,000 or more, you’ll need an HO6 policy to cover interior fixtures, which could increase your costs. Ask your lender if escrow for the HO6 policy is optional to manage expenses.
Rental income from 2-4 unit properties must be included in your income calculations for the 80% AMI limit, which could push you over the threshold if not carefully planned. Work with your lender to assess how rental income impacts eligibility.
Since NHHFA does not use the Mortgage Electronic Registration Systems (MERS), loan processing may take slightly longer due to manual title tracking, so plan for potential delays in closing. Ensure your lender is experienced with NHHFA’s process to avoid complications.
Non-occupant co-borrowers (e.g., parents) can help you qualify, but their income counts toward the 80% AMI limit, potentially disqualifying you if the combined income is too high. Discuss this with your lender to ensure compliance with Home Ready guidelines.
NHHFA requires tax transcripts to verify income, which can delay approval if not readily available or if discrepancies exist between your application and IRS records. Request transcripts early from the IRS to streamline the process.
We know buying a home can feel overwhelming, especially when you’re trying to figure out down payment programs and loan options. That’s why thousands of homebuyers have trusted us to guide them through the process.
We specialize in programs like Home Preferred Plus and have deep experience helping first-time and repeat buyers qualify for cash assistance and affordable mortgage rates.
Our team works quickly to give you clear answers and fast approvals, so you don’t miss out on your dream home.
We’re known for our honest advice, personalized support, and proven track record of getting buyers into homes with less money upfront.
When you work with us, you get a partner who is committed to making homeownership possible for you.
