First-Time Home Buyer Programs in New Hampshire 2026
In New Hampshire, first-time buyer financing comes from New Hampshire Housing, the state housing finance authority. Its bond-funded Home First loan is the one limited to buyers with no ownership in the past 3 years, unless you buy in a targeted town or are a qualified veteran. Home First Plus, Home Flex Plus and Home Preferred Plus add a fixed $5,000, $10,000 or $15,000 second mortgage, depending on availability.
NH Housing’s 30-year fixed first mortgages split on that ownership test. The table sorts them by it, from the agency’s Homeownership Program Comparison Matrix (effective 07/06/2026) and its loan fact sheets dated 07.27.26.
| NH Housing program | First mortgage type | First-time buyer rule | Income ceiling |
|---|---|---|---|
| Home First / Home First Plus | FHA, VA or USDA RD, or a Fannie Mae conventional loan | Required, except in Targeted Communities and for qualified veterans | Town-by-town Home First limits, plus a purchase-price limit |
| Home Flex / Home Flex Plus | FHA, VA or USDA RD | “Not limited to first-time homebuyers” | $184,500 |
| Home Preferred / Home Preferred Plus | Conventional | “Not limited to first-time homebuyers” | 80% of AMI as Fannie Mae publishes it; the over-80% track tops out at $184,500 |
The “Plus” in each name means the loan carries NH Housing’s cash assistance. Without the Plus, you get the first mortgage alone.
Home First: the bond loan that checks the last three years of deeds
Home First is paid for with Mortgage Revenue Bond proceeds. That funding source is why it has a first-time buyer test, and why the mortgage-programs page calls it “a rate-advantaged mortgage.” Its fact sheet sets the test at no ownership interest in “(not listed on the deed of) their principal residence during the previous three years prior to the date the mortgage is executed.”
Two groups can skip the test entirely:
- Buyers in the 15 Targeted Communities that HUD has designated in New Hampshire: Berlin, Claremont, Concord, Dover, Goffstown, Laconia, Lancaster, Littleton, Manchester, Newmarket, Pittsfield, Portsmouth, Rochester, Somersworth and Whitefield.
- Qualified veterans. The limits sheet says “First-time homebuyer requirement waived for qualified veterans,” and the lender adds an Affidavit of Veteran to the file.
Home First also caps your gross annual compliance income and the price of the house. Both limits change by town. The Home First Program Limits sheet, effective 07/06/2026, has one worked row: in Manchester, the income limit is $158,100 for a household of 1-2 and $184,500 for 3 or more, and a single-unit home can cost up to $645,000. The Targeted Communities carry the higher figures; check your own town on the sheet.
The bond money brings conditions that Home Flex doesn’t have:
- You can buy with Home First only. It can’t be used to refinance.
- A 2-4 unit building must be at least 5 years old. The exception is a 2-unit in a targeted area.
- No more than 15% of the home can be used for a trade or business.
- Land over 10 acres needs a Land Use Borrower Affidavit.
- The fact sheet warns that loans “may be subject to Recapture Tax,” and the closing file includes a Recapture Disclosure Statement.
Home Flex and Home Preferred skip the ownership question
Both fact sheets use the same words: “Not limited to first-time homebuyers.” Home Flex runs on FHA, VA or USDA Rural Development insurance and must stay under NH Housing’s income limit. NH Housing sets no Home First-style price table for it; the fact sheet says only “Conforming loan limits apply.” Home Preferred is the conventional line. It needs 3% down (5% for 2-4 units), and buyers at or below 80% of AMI, as published by Fannie Mae, get discounted mortgage insurance. Home Preferred can also finance a manufactured home in a resident-owned community.
NH Housing’s cash assistance is a second mortgage, not a grant
Each Plus loan comes with a Cash Assistance Mortgage. The fact sheets describe it as “a fixed $5,000, $10,000 or $15,000,” offered “based on program availability.” The terms: “Secured by a second mortgage. No interest. No periodic payments. 30-year term.” The whole amount comes due if you pay off or refinance the first mortgage, sell or transfer the home, file for bankruptcy, or stop living there as your primary residence. It can pay the down payment, closing costs and prepaids, on purchases only. The lender reserves it automatically along with the first mortgage, so there is no separate application.
First-generation buyers can add 1stGenHomeNH on top. It is a $10,000 second mortgage on the same zero-interest, 30-year terms. NH Housing’s fact sheet says it “can be combined with other downpayment assistance programs/cash assistance programs.” Every borrower, and any non-borrowing spouse, must be first-generation. That means you have never owned a home and your parents or legal guardians have not owned one in your lifetime. A borrower who was in foster care, or who is a refugee or asylee, also qualifies. The funding is limited: NH Housing calls it a pilot and “reserves the right to suspend or terminate the initiative at any time.” For the amounts in more detail, see New Hampshire down payment assistance. For the rest of the cash you’ll bring to closing, see New Hampshire closing costs.
What an NH Housing lender will check
- Credit and debt: a 620 minimum FICO across the programs. Total debt can reach 50% of income, and higher only with a 680+ score and an approve/eligible finding.
- Education: Home First requires the course for one borrower. Home Flex requires it for one borrower if you take cash assistance. Home Preferred requires it if you are a first-time buyer or take cash assistance. NH Housing’s own online course counts. 1stGenHomeNH is stricter: every borrower must attend a face-to-face class of at least 6 hours with AHEAD, HOMEteam or The Housing Partnership.
- Wells: if the house is on a private well, you need a water test covering arsenic, copper, E. coli, total coliform, lead, nitrate and nitrite. The well and septic must sit on the lot you are financing. The test can be waived if you complete NH Housing’s Water Wellness Course and the certificate is dated on or before the purchase and sale agreement. On FHA, VA and RD loans, that waiver also has to fit the insurer’s guidelines.
- Title and escrow: the loan cannot close in a trust. An escrow account for taxes and insurance is required on every loan.
Two New Hampshire options that are closed to new buyers
The Homebuyer Tax Credit is New Hampshire Housing’s name for its Mortgage Credit Certificate. It stopped taking reservations on December 13, 2024. The lender notice says the MCC allocation would expire at year-end and “NH Housing is not renewing the allocation.” There is no new MCC to add to a 2026 purchase. The Program Fact Sheets page also says NH Housing “is currently not accepting new reservations for our Home Flex Rehab program.” That is the FHA 203(k) Limited and RD rehab loan paired with Home Flex.
Where to start in New Hampshire
You don’t apply to NH Housing directly. You pick a loan officer from its approved lender and loan officer search, and that lender reserves the first mortgage, plus any cash assistance and 1stGenHomeNH funds, in NH Housing’s system. Rates change daily on NH Housing’s rate page. Compare lenders in our Northeast lender rankings. Try a price range with the affordability calculator or the mortgage payment calculator. Before you shop, get pre-approved.
Agency rules under NH Housing’s overlays, and nearby states:
- FHA loan requirements
- VA loan guide
- New Hampshire hub
- Nearby states: Vermont, Maine, Massachusetts
New Hampshire first-time buyer questions
I sold my condo in 2021. Am I a first-time buyer for NH Housing?
Yes, for Home First, as long as your name has not been on the deed of a principal residence in the three years before your new mortgage is signed. Home Flex and Home Preferred have no first-time requirement at all.
Does buying in Portsmouth or Concord change anything?
Yes. Both are on the list of 15 Targeted Communities, so Home First drops the first-time buyer requirement there, and the income and price limits on the sheet are higher than in most towns.
Is the $15,000 free money?
No. It is a zero-interest second mortgage with no monthly payment, and you repay the full amount when you sell, refinance, file for bankruptcy, move out, or reach the end of the 30-year term.
Can I still get the New Hampshire homebuyer tax credit?
Not through NH Housing. It stopped taking MCC reservations on December 13, 2024 and did not renew its MCC allocation.
My credit score is 630. Is that enough?
It clears NH Housing’s 620 floor. To go above 50% total debt-to-income, though, you would need a 680 score and an approve/eligible underwriting finding.