NEW HAMPSHIRE HOUSING MORTGAGES NO LONGER JUST FOR FIRST-TIME BUYERS

Organization now offers new mortgage options to help more New Hampshire residents purchase homes.

BEDFORD, N.H. – June 21, 2012 – (RealEstateRama) — For the first time in its 35 years of mortgage lending, New Hampshire Housing Finance Authority will offer affordable mortgage loans and downpayment assistance to all income qualified homebuyers throughout the state – not just first-time buyers.

Since 1976, New Hampshire Housing has provided nearly 39,000 mortgage loans to low- and moderate-income families and individuals. Approximately 90 percent of those loans have been to first-time buyers who were able to take advantage of the many benefits of the agency’s programs, such as homebuyer education, cash assistance for downpayment and closing costs, and low downpayment requirements.

Now, with the launch of the agency’s newly revamped loan programs, those same benefits are available to current homeowners who wish to purchase a new home. The revised program structures will also benefit New Hampshire Housing’s lending partners and real estate professionals through more streamlined application, underwriting and closing processes.

“We are very excited to be able to expand the number of people we can serve,” said Ignatius MacLellan, Managing Director, Homeownership. “We will continue to work with first-time homebuyers, of course, but we now have the flexibility to reach a wider range of buyers throughout New Hampshire with competitive mortgage options, including downpayment assistance. We made these changes to ensure borrowers have safe, effective and affordable home financing options, despite the challenges in the larger financing market.”

New Hampshire Housing’s new mortgages, which are available from a statewide network of participating lenders, include 30-year, fixed-rate mortgages; low downpayment requirements; cash assistance to help with closing costs and downpayment; and government as well as private mortgage insurance options. In keeping with New Hampshire Housing’s mission to serve low- and moderate-income buyers, income limits will still apply. Homebuyers can also take advantage of New Hampshire Housing’s free, comprehensive homebuyer education seminars.

“For more than three decades, the state’s lenders and Realtors have relied upon us as a preferred source for mortgage programs for first-time buyers,” said Dean Christon, Executive Director of New Hampshire Housing. “We remain committed to serving New Hampshire borrowers, lenders and Realtors in these changing and challenging economic times. Therefore, we are eager to share these new options with a broader population across our state. The new loan programs preserve several beneficial elements, such as downpayment assistance, while providing new flexibility to serve more borrowers who may not have fit within our previous mortgage programs.”

For more information about New Hampshire Housing and the full range of services and mortgage products offered, please visit www.GoNewHampshireHousing.com.

About New Hampshire Housing Finance Authority: New Hampshire Housing is a self-supporting, public benefit corporation that operates a number of programs designed to assist low- and moderate-income persons with obtaining housing. Since its inception, New Hampshire Housing has helped more than 38,500 families purchase their own homes and has been instrumental in financing the creation of more than 14,000 multi-family housing units. More information about its programs can be found on the agency’s website at www.nhhfa.org.

Contact:
Jane Law
Phone: (603) 310-9255