Berlinnhrealestateblog.com: NH Housing launches Home Advantage!

Home Advantage provides down payment and closing cost assistance, for the purchase of a principal residence, to families eligible for financing through New Hampshire Housing's Single Family Mortgage Program.

Borrower Eligibility:

• Must be eligible for a mortgage through the Single Family Mortgage Program.
• Complete a first-time home buyer education course acceptable to New Hampshire Housing.
• Have household income that does not exceed 100% of statewide median income.
• Contribute at least 1% of borrowers own funds into the transaction.
• Have no more than $3,500 in liquid assets remaining after payment of down payment and closing costs.

Property Eligibility:

• One and two unit residences, condominium units, or manufactured housing in a resident owned park or on land owned by the borrower (depending on mortgage insurer guidelines). 
• Purchase price may not exceed the New Hampshire Housing Purchase Price limit.

Terms of Subsidy:

• Maximum subsidy amount is $10,000, non-amortizing and interest free.
• Rider or other lien is added to the mortgage stating repayment of subsidy if the property is sold or refinanced.
• Must be combined with New Hampshire Housing's current 0-point program. 
• No cash back at closing.  

Eligible Uses:

• Down payment, closing costs and prepaid escrow amounts.   
• Closing costs may include Single Premium Mortgage Insurance.  This includes FHA Up-front MIP, RD Guaranty Fee and VA Funding Fee as well as private mortgage insurance.
• Funds cannot be combined with any other New Hampshire Housing subsidy funds.

For more information on this amazing program visit New Hampshire Housing online.