Steps to Homeownership
This Article is Compliments of New Hampshire Housing's Homeownership Division and Andy Cadorette
New Hampshire Housing offers a number of different homeownership programs to help make homeownership more affordable. While the specific programs may have different income limits, in general, we serve borrowers with incomes up to $135,300.
We offer low downpayment requirements, down payment assistance (up to 3% cash to help with downpayment and closing costs), the homebuyer tax credit (HBTC) (Must be a first-time homebuyer or buying in a targeted community) and low-mortgage insurance options;
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Below are the steps to your path to homeownership:
Sometimes, the hardest part of the home buying process is just figuring out where to begin. We have outlined some steps below to help you more easily navigate your path to homeownership:
- Find Help! Attend a face-to-face homebuyer seminar or online education and meeting with a Homeownership Counselor. A homebuyer seminar will help you understand the mortgages process and provide you with techniques to find and purchase the home you want. In addition, working with a Homeownership Counselor will help you to not only find the perfect home, but help you to keep it.
- Find Your Perfect Mortgage. Check out our great mortgage programs designed to help you become a successful homebuyer. Our programs provide for:
- Great fixed rates and low downpayment requirements;
- Cash of up to 3% to help with downpayment and closing costs;
- Up to $35,000 in Purchase Rehab programs to help with that fixer-upper;
- Low-mortgage insurance options;
- and the Homebuyer Tax Credit can help you reduce your federal tax return liability by up to $2,000 per year. Check out our great programs today!
- Find the perfect Lender. Contact one of our Participating Lenders and ask to be pre-qualified for a mortgage loan. Once you are pre-qualified for a loan amount, you will be able to determine which homes are in your price range.
- Find a real estate professional you trust. Choose an experienced real estate professional to show you properties in the area you want to live. Your real estate agent will help you make an offer on a home and negotiate the purchase price on a property.
- Get a Home Inspection! It's generally a good idea to have a licensed home inspector look at the property you plan to purchase. A home inspector will identify any serious issues with a home that could be cause for further negotiation with the seller.
- Purchase your home. At the closing, you will sign all of the mortgage documents and receive a deed and the keys to your new home. Be sure to read and fully understand all closing documents since they are legal and binding once you have signed them.
- Stop and ask if you have questions! Never be afraid to stop and ask questions at any time during the process. The more you know the better prepared you will be for homeownership!
If you have more questions about the home buying process, please contact us directly at 1-800-649-0470 or e-mail us.