Prepare for your home-buying journey and secure your dream property
with these streamlined, step-by-step first-time home buyer guides.
Buying a home in New Hampshire is an exciting milestone, even if the market feels a bit daunting at first. With home prices shifting and properties often moving quickly, having a clear roadmap makes all the difference. This guide will walk you through the local real estate landscape — from state-specific programs and mortgage options to the essential steps you’ll need to confidently land your first home.
You might be wondering, Do I actually qualify as a first-time homebuyer? The answer might surprise you. Generally, the label includes anyone who hasn’t owned a principal residence in the last three years. This means you could still qualify if you’ve only owned a home with an ex-spouse or one that didn’t sit on a permanent foundation, such as certain manufactured homes. Understanding these rules is your first step toward unlocking the programs and advantages that can make your financing process much smoother.
New Hampshire first-time homebuyer assistance programs offer low-interest mortgages and assistance with down payments and closing costs. Some include options for no down payment.
There are several other advantages to buying your first home in New Hampshire. For example, you can apply for a down payment assistance program through New Hampshire Housing, which provides up to $15,000 as a second mortgage loan. This loan features 0% interest and requires no monthly payments while you live in the home as your primary residence.
Another option is the First and First Plus program, which offers a rate-advantaged mortgage and potential down payment assistance. There’s also a first-generation homebuyer program that assists eligible borrowers purchasing a single-family primary residence.
To help you understand more about these first-time homebuyer advantages, you can ask your Mortgage Loan Officer for more information about down payment assistance programs when you begin your mortgage application.
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Learning how to buy a house for the first time can feel overwhelming, but breaking it down can make it more manageable. This first-time homebuyer checklist provides you with 11 steps to take for a smoother home-buying experience.
You’ll want to assess your financial health before you begin looking at houses. See whether your budget can cover the down payment, mortgage payments, property taxes, homeowners insurance, and future maintenance costs.
In addition to reviewing your finances, having a strong credit score is a good indicator of readiness because it generally leads to more favorable loan terms. Your debt-to-income ratio should be no more than 50% to qualify for a government-backed loan and under 43% for a conventional loan.
If needed, you can explore tips on establishing credit before applying for a loan.
You already know that a realistic home-buying budget should include your down payment and a monthly mortgage payment that you feel comfortable with. But you’ll also want to factor in property taxes, homeowners association (HOA) fees, property maintenance, moving expenses, and immediate needs such as new furniture or appliances. It’s a lot to think about, but don’t worry. A home affordability calculator can be a useful tool to help you determine your price range.
Homebuyers often aim for 20% of the purchase price as a down payment to avoid paying private mortgage insurance (PMI). A higher down payment may also help you secure a better interest rate. However, the minimum down payment for first-time buyers with a conventional mortgage can be as low as 3%. And certain government loan options do not require any down payment from qualified borrowers. A down payment calculator can help you understand how much you’ll need.
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Familiarizing yourself with your available mortgage options is key to finding the right fit for your budget. Here’s a quick breakdown:
Once you understand the different mortgage loan options, the next step is comparing lenders. Shopping around for a mortgage lender can help you find the type of mortgage loan that fits your needs. Pay close attention to the annual percentage rate (APR). While the interest rate reflects the cost of borrowing, the APR includes the interest rate plus certain lender fees and discount points, providing a more complete picture of a loan’s overall cost. (Just know that the APR does not include all closing costs.) Beyond comparing loan costs, it’s also important to consider the lender’s customer service and response time.
There is a big difference between mortgage prequalification vs. preapproval. Prequalification provides an informal estimate of your borrowing budget based on unverified information you report.
In contrast, preapproval is a formal commitment in which a lender verifies your credit history, income, existing debt, and personal assets. The mortgage preapproval process establishes your actual borrowing capacity and demonstrates your financial capability to sellers.
Once you know your borrowing capacity, the next step is finding a buyer’s real estate agent to help you navigate the home-buying process. A buyer’s agent can help protect your interests throughout the negotiations and contract stages. They can also access new listings that are not yet on the market and may preview homes for you.
Before working with an agent, read about how real estate commission fees are changing to understand how compensation works.
With a preapproval letter in hand and a great agent by your side, it’s time to start house hunting! Your search should be guided by your specific needs and budget. Take time to research neighborhoods — look at commute times, school districts, and the local cost of living. When you find a house you like, visit the neighborhood at different times of day to gauge traffic and noise levels.
Also remember that federal law protects you from housing discrimination based on race, national origin, religion, sex, or family status. You have the right to a fair, equitable search process.
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After you find the right home, your agent will help you prepare an offer that outlines your proposed purchase price, transaction timeline, and any protective contingencies, such as a home inspection or financing approval.
If the seller accepts your offer, you will move to the contract stage and submit an earnest money deposit. Held in an escrow account, this good-faith payment demonstrates your commitment to purchasing the home. If needed, your agent will also guide you through any counteroffers or price negotiations before the contract is finalized.
Hiring a certified home inspector to evaluate the structural integrity of the house is an important way to protect your investment. An independent inspection can uncover hidden defects before you finalize the purchase. The inspector will examine major components of the home, including the roof, foundation, plumbing, and electrical systems.
After the inspection, you’ll receive a detailed report outlining any needed repairs or potential safety hazards. You can use this information to negotiate repairs with the seller, request a credit, or adjust your offer if necessary. The cost of a home inspection is typically $300-$500.
Lenders require an appraisal to confirm that the home’s market value supports the loan amount. This protects the lender from financing more than the property is worth. Your lender will arrange for a licensed appraiser, who is typically selected at random, to provide an independent evaluation. Similar to a home inspection, the appraiser will visit the property, and you or your real estate agent will help coordinate access. The homebuyer pays the cost of the appraisal, which runs in the $300-$600 range.
An online calculator can be a big help in comparing home equity loan rates and terms. And it’s not the only calculator you’ll find helpful during your home equity loan process:
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Congratulations — you’re officially a homeowner! As you get ready to move in, a little preparation goes a long way. Creating a move-in checklist is the best way to keep things organized. Start by scheduling utility transfers for water, electricity, gas, and trash services well before your move-in date.
Once you’re settled, prioritize a few key maintenance tasks to keep your home running smoothly. Changing the exterior door locks is a great first step for peace of mind. It’s also wise to replace air filters for your HVAC system and clear out your gutters to protect your foundation from potential water damage.
Buying a home for the first time in New Hampshire requires careful financial preparation and a solid plan. Following a step-by-step process helps you manage each stage of the home-buying journey, from exploring assistance programs to securing an affordable mortgage. State grants and low down payment options may help you overcome any financial barriers.
To buy a house, you need enough money for your down payment and closing costs. Closing costs range from 2% to 5% of the mortgage amount. Down payments range from 3% to 20% of the purchase price for conventional loans, while government loans require 0%-3.5%.
The credit score needed as a first-time homebuyer depends on the type of loan. Conventional mortgage loans usually require a credit score of at least 620, while FHA loans allow you to qualify with a score between 500 and 579 with a 10% down payment. Specialized options such as VA loans don’t establish a set minimum credit score requirement, but lenders typically look for scores of at least 620.
It’s a good idea to begin the home-buying process by gathering your financial records and reviewing your monthly income and outstanding debts. Calculate your debt-to-income ratio to understand your realistic price range. Once you have a clear picture, you can contact mortgage lenders to compare available loan options and apply for a formal preapproval letter.
The general steps to buying a house involve reviewing your finances and credit score, then getting preapproved for a home loan with a lender. Next, you work with a real estate agent to search for homes and submit an official offer when you find the right property. After your offer is accepted, you complete a home inspection, secure homeowners insurance, and attend closing to finalize the purchase.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOHL-Q226-051Take the first steps to homeownership today. Get prequalified for an FHA loan online.
