First-Time Homebuyer Assistance Program

What is First-Time Homebuyer Assistance Program?

First-Time Homebuyer Assistance Program is a grant for homebuyers in Nashua, New Hampshire.

• City of Nashua FTHB DPA grant: up to $10,000 forgivable lien for first-time low-to-moderate-income homebuyers purchasing in Nashua. 5-year HOME affordability period. 80% AMI limit. City-Specific (Nashua only).
• City of Nashua's First-Time Homebuyer Assistance Program is a HOME-funded forgivable grant providing up to $10,000 in down-payment / closing-cost assistance for income-eligible first-time homebuyers purchasing in the City of Nashua, NH. Grant is structured as a 5-year recoverable lien that converts to a true grant if the buyer remains in the home as primary residence for the full 5-year affordability period (HOME-required). Funded via HUD HOME entitlement allocation to the Nashua Community Development Division. Pairs with FHA, USDA-RD, VA, conventional, or NH Housing first mortgage from any qualifying lender. Income limits up to 80% AMI for the Nashua HOME service area: $64,900 (1-person) - $122,300 (8+ person household). Borrower contribution $1,500 minimum. Homebuyer education required.
• Funding comes from Federal and Local.

Do you have to pay it back?

First-Time Homebuyer Assistance Program is structured as a grant, so it is not repaid.

• Repayment is triggered by 5-year recoverable lien (HOME affordability period). If borrower sells, refinances with cash-out, transfers title, or vacates as primary residence within 5 years, full grant is repayable. After 5 years of continued owner-occupancy, lien is released and grant is fully forgiven.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

First-Time Homebuyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First-Time Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• City of Nashua / HUD HOME income limits at or below 80% AMI: $64,900 (1-person) to $122,300 (8+ person) per HUD MFI table for Nashua, NH-MA HUD Metro FMR Area.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

First-Time Homebuyer Assistance Program caps the purchase price as follows: Per HOME-set maximum acquisition price (95% of area median single-family purchase price for Nashua MSA - typically updated annually by HUD).

• Eligible property types include Single-family detached, condominium, townhouse, 2-unit owner-occupied (per HOME). 3-4 unit on case-by-case review.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

First-Time Homebuyer Assistance Program names veterans, active-duty service members, reservists and National Guard members, surviving spouses, and buyers with disabilities among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

First-Time Homebuyer Assistance Program serves buyers purchasing in Nashua, New Hampshire.

How do you apply?

Applications for First-Time Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-certified homebuyer education providers including NeighborWorks Southern NH, The Way Home, and AHEAD..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved directly with City of Nashua Community Development Division upon application; subject to fund availability., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.