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Home Preferred

Statewide, New Hampshire

Last verified
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Assistance

4%

Of the purchase price, as the program sets it

Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$950,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 4 years

What is Home Preferred?

Home Preferred is a forgivable loan for homebuyers in Statewide, New Hampshire.

  • NH Housing's HFA conventional FTHB first-mortgage product (Fannie Mae HFA Advantage / Freddie Mac HFA Preferred). Reduced MI, 97% LTV. Pairs with up to 4% Cash Assistance forgivable DPA. 620 FICO. 80% AMI income limit. Statewide.
  • NH Housing's Home Preferred is a 30-year fixed HFA Advantage / HFA Preferred CONVENTIONAL first-mortgage product (Fannie Mae / Freddie Mac HFA conventional) with reduced mortgage insurance and up to 97% LTV. 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). Designed for borrowers at or below 80% area median income (AMI) - lower-income tier than Home First / Home Flex. Income limits range $70,500-$132,950 by county and household size. Acquisition cost up to $950,000 in higher-cost counties / $505,000 non-targeted. 620 minimum FICO. First-time-homebuyer required. Reduced MI provides significant monthly payment savings vs. standard conventional 97% products.
  • Funding comes from State and Bond.

How much assistance does it provide?

Home Preferred provides assistance worth 4% of the purchase price, as set by the program.

  • Buyer contribution: Per HFA conventional product overlays (3% borrower contribution; may be sourced from Cash Assistance).
  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Home Preferred is forgiven after 4 years, so a buyer 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.

Who qualifies?

Home Preferred is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: FTHB requirement waived in federally designated targeted census tracts and for qualifying veterans under IRS Section 143(d)(2)(B).
  • The home is occupied as a primary residence
  • On credit: 620 minimum FICO for HFA Advantage / HFA Preferred conventional product.
  • A completed homebuyer education course, through NH Housing-approved homebuyer education course (Framework online or in-person via AHEAD, NeighborWorks Southern NH, The Way Home).
  • Residency: 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 HFA conventional product overlays.
  • First-time homebuyer required. Owner-occupied primary residence. 620 minimum FICO. Maximum 45% DTI. Household income at or below 80% AMI for the county / household size (range $70,500-$132,950). Maximum purchase price $505,000 non-targeted / up to $950,000 higher-cost counties. Homebuyer education required. Borrower must use HFA Advantage / HFA Preferred conventional first mortgage with reduced MI.

The program excludes

  • Manufactured homes
  • Purchases above the $950,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Home Preferred limits household income to 80% of the area median income, which varies by county and household size.

  • NH Housing Home Preferred income limits at or below 80% AMI by county and household size. Range $70,500 (low-AMI 1-person county) to $132,950 (higher-cost 4+ person county).
  • 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?

Home Preferred caps the purchase price at $950,000.

  • Eligible property types include Single-family detached, 2-4 unit owner-occupied (per HFA conventional overlays), condominium (project-approved), townhouse, PUD, modular.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Is there eligibility for specific groups?

Home Preferred 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.

Where does it apply?

Home Preferred serves buyers purchasing in Statewide, New Hampshire.

  • The program targets specific areas: Federally designated targeted census tracts where MRB FTHB requirement is waived. Higher-cost counties (Rockingham, Strafford, Hillsborough) have higher acquisition-cost limits up to $950,000.

How do you apply?

Applications for Home Preferred go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through NH Housing-approved homebuyer education course (Framework online or in-person via AHEAD, NeighborWorks Southern NH, The Way Home)..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Reserved through NH Housing's online lender portal (Lender Online) at time of rate lock by approved participating lender., and are subject to availability.

  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.

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