The N.H. Community Loan Fund has begun offering loan and grant packages aimed at making homeownership affordable even for people and families with low incomes.
Depending on the borrower’s situation, Your Turn homebuyer assistance may include interest-free loans, or a grant, that can be applied to the purchase, down payment, closing costs, or upgrade of a home.
The Community Loan Fund has promoted manufactured homes as affordable housing for more than three decades. Its award-winning Welcome Home Loans are the nation’s first fair, fixed-rate, long-term mortgage loans for manufactured homes.
“We’ve seen with Welcome Home Loans that homeownership remains barely beyond the reach of some borrowers, even though we require a very low down payment and base our lending decision on people’s ability to pay, as opposed to their credit score,” said Jennifer Hopkins, the Community Loan Fund’s director of Single-Family Housing. “We also know that in many New Hampshire communities, owning a manufactured home is increasingly the most-affordable housing option.”
“As with all our lending programs, Your Turn assistance attempts to deliver the right kind of help at precisely the right time—when it might make the difference between buying an affordable home or continuing to rent,” said Hopkins.
To qualify for Your Turn assistance, homebuyers must intend to buy a manufactured home that already is, or will be, sited in a New Hampshire resident-owned community or on land they own or are buying, have household earnings that qualify as low-income and be approved for a Welcome Home Loan.
Your Turn homeowner assistance and Welcome Home Loans are supported by Bank of New Hampshire, the Federal Home Loan Bank of Boston and the N.H. Housing Finance Authority.
A full list of ROCs in New Hampshire is available at www.communityloanfund.org.
For more information on the Community Loan Fund, go online to www.communityloanfund.org or call (603) 224-6669.