NH Housing Increases Downpayment Assistance For Some Homebuyers

CONCORD, NH — A housing public corporation is changing and increasing its offerings to qualified buyers to simplify its downpayment assistance program.

New Hampshire Housing, a public corporation that has helped tens of thousands of families attain homeownership, changed its cash assistance program earlier this month. Previously, first-time homebuyers and others could apply for assistance and be awarded between $5,000 and $10,000 via a percentage-based model. The new process will offer a fixed amount. Those amounts will be awarded at $5,000, $10,000, and $15,000 to provide more significant support for homebuyers.

The org said the change should make homeownership more accessible and straightforward.

?Our goal with these changes is to increase both the affordability and availability of mortgage options for buyers in New Hampshire,? Julie Jussif, the managing director of homeownership at NH Housing, said. ?We recognize that coming up with a downpayment is one of the top barriers to achieving homeownership. By making these adjustments, we can better support a wider range of homebuyers, ultimately helping more families achieve their dreams of owning a home.?

The change also aligns three of the corporation?s mortgage products to ensure consistency and understanding for homebuyers. The company said the allowances were not just for first-time homebuyers or residents of targeted communities. The change eliminates ?the need for complex calculations? while also ?providing clear and predictable support,? the org said.

The public corporation, which is self-sustaining and promotes, finances, and supports housing solutions, has helped 55,000 families purchase their own homes and financed the creation of 16,000 multi-family housing units, it said. It was established in 1981 but receives no operating funds from the government. New Hampshire Housing estimated 24,000 housing units were needed last year to stabilize the market in the state. Another 90,000 units will be needed by 2040, it estimated.

The organization?s programs helped more than 800 households purchase a home in the fiscal year 2023, with $2.9 million awarded in downpayment assistance.

For more information about New Hampshire Housing?s homeownership programs and qualification details, visit NHHomeownership.org or speak with an approved lender.

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