Homebuyer Tax Credit
The Home Start Homebuyer Tax Credit Program (HBTC) makes homeownership more affordable for first-time homebuyers.
To qualify, eligible homebuyers must receive a Mortgage Credit Certificate (MCC) from New Hampshire Housing. The Homebuyer Tax Credit can decrease the income taxes you owe and boost your take-home pay, which helps you qualify for a mortgage and make your mortgage payments. The Homebuyer Tax Credit is not a one-time credit. It is an annual tax credit of up to $2,000 each year for the life of the original mortgage, as long as you live in the home.
Please note that in order to receive the Homebuyer Tax Credit you must reserve it with us prior to your loan closing. It is your responsibility to make sure your lender properly requests and executes the MCC documents prior to the MCC expiration date.
To qualify for the Homebuyer Tax Credit you must:
- Complete the online Home Start Homebuyer Tax Credit training.
- Be a first-time homebuyer (have not owned a home in three years) or are purchasing a home in a "targeted area."
- Be qualified for a new mortgage. MCCs cannot be used with existing loans.
- Intend to occupy the home as your principal residence.
- Be purchasing a house that is a single family residence and that meets certain purchase price limits.
- Meet certain income limits.
Once you have completed the required online HBTC course, to apply for the Homebuyer Tax Credit:
- If you are currently working with a New Hampshire Housing Participating Lender, please provide them with a copy of your certificate of completion of the online HBTC course. Ask your lender to reserve your Homebuyer Tax Credit with New Hampshire Housing for you. It is important to follow up with your lender to make sure that they did this for you. In order to receive the tax credit, the homebuyer tax credit must be reserved with us before you close on your new home; or
- If you are not working with a New Hampshire Housing lender, or if your current lender is unfamiliar with the advantages of the Homebuyer Tax Credit, please have them contact us by email or by phone at 1-800-649-0470 today to reserve your Homebuyer Tax Credit.