Home First

Home First is a forgivable loan for homebuyers in Statewide, New Hampshire. NH Housing's first-time-homebuyer first-mortgage product (FHA / VA / USDA-RD / HFA Conv). Pairs with up to 4% Cash Assistance forgivable DPA. 620 FICO government / 680 conventional. Statewide. NH Housing's Home First is a bond-funded first-time-homebuyer first-mortgage program (30-year fixed FHA, FHA 203(k), VA, USDA-RD, or HFA Advantage conventional). Pairs with the standard NH Housing Cash Assistance second mortgage providing up to 4% of the base loan amount as a 0%-interest forgivable second (1%/year over 4 years). Borrower must be a first-time homebuyer (no ownership of a primary residence in past 3 years. waived in federally targeted areas and for qualifying veterans). Income limits up to $176,200 in targeted/high-cost counties / $125,900-$144,785 non-targeted by household size. Acquisition cost up to $950,000 in higher-cost counties / $505,000 non-targeted. 620 minimum FICO government / 680 conventional. Homebuyer education required. Funding comes from State and Bond.

Home First is forgiven after 4 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by First mortgage: standard 30-year amortizing. Cash Assistance second: 0% interest, 1%/year forgiveness over 4 years and unforgiven balance due on sale/refinance/transfer/non-owner-occupancy before 4 years. The assistance is recorded in 1st Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home First is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time-homebuyer requirement waived in federally designated targeted census tracts and for qualifying veterans under IRS Section 143(d)(2)(B). On credit, the program states: 620 minimum FICO for FHA / VA / USDA-RD; 680 minimum FICO for HFA Advantage conventional. A homebuyer education course is required, through NH Housing-approved homebuyer education course (Framework online or in-person via AHEAD, NeighborWorks Southern NH, The Way Home). Residency requirement: Property must be located in New Hampshire and be the borrower's primary residence. Statewide eligibility. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. First-time homebuyer required (no ownership of a primary residence in the past 3 years); waived in federally targeted census tracts and for qualifying veterans (per IRS Section 143(d)(2)(B)). Owner-occupied primary residence. 620 minimum FICO government / 680 conventional. Maximum 45% DTI. Household income at or below NH Housing limits ($125,900 1-2 / $144,785 3+ non-targeted; $151,080 / $176,200 targeted). Maximum purchase price $505,000 non-targeted / up to $950,000 higher-cost counties. Homebuyer education required.

Home First limits household income to $176,200. 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.

Home First caps the purchase price at $950,000. Eligible property types include Single-family detached, 2-4 unit owner-occupied (per first-mortgage overlays), condominium (project-approved), townhouse, PUD, modular, and manufactured home on permanent foundation. New construction is eligible. Manufactured homes are eligible.

Home First names veterans, active-duty service members, reservists and National Guard members, and surviving spouses 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.

Home First serves homebuyers purchasing in Statewide, New Hampshire. The program targets specific areas: Federally designated targeted census tracts where MRB FTHB requirement is waived and higher income / acquisition-cost limits apply. Higher-cost counties (Rockingham, Strafford, Hillsborough) have higher acquisition-cost limits up to $950,000.

Applications for Home First go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved through NH Housing's online lender portal (Lender Online) at time of rate lock by approved participating lender. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.