The road to homeownership can be bumpy.
We can smooth it out.
Buying a home can be both exciting and stressful… this is especially true if you are a first‑time homebuyer. There are many programs that can help you make the transition from renter to owner.
Below are the most common programs designed to assist first‑time homebuyers. The knowledgeable Mortgage Specialists at The Merrimack County Savings Bank are happy to review these programs and others to help you find the best solution for you. We’ve built our reputation on knowledge, service, and giving our customers our undivided attention.
Federal Housing Administration (FHA) Mortgage
What is the FHA?
The FHA is a division of the US Department of Housing and Urban Development (HUD)
What is the benefit?
As little as 3% of the purchase price of the property may be required as a down payment!
Who qualifies?
FHA requires that certain criteria, such as employment, credit ratings, and income levels are met.
New Hampshire Housing Finance Authority (NHHFA) Loan
What are the benefits?
- Often the lowest rates available fixed for the term of your loan
- Minimal down payment
- Closing cost assistance
Who qualifies?
First-time homebuyers who meet certain income and purchase price criteria.
Rural Economic Development (RECD) Loans
What is RECD?
RECD is a division of the US Department of Housing and Urban Development (HUD)
What is the benefit?
You may qualify for a loan with no down payment!
Who qualifies?
RECD requires that certain criteria, such as employment, credit ratings, and income levels are met.
Do you qualify?
Let our knowledgeable Mortgage Specialists work with you to help you determine which of these programs you qualify for, and how they can be combined to obtain the best financing options available to you.
Information is accurate as of December 15, 2016, and subject to change.