Last Updated on August 23, 2023 by Hannah Stevens
Mortgage Assistance for Homebuyers in Maine
Maine Housing’s First Home Loan Program is designed to make it more affordable and easier for residents to purchase a home. It offers low fixed-rate mortgages. You also have options that require little to no down payment.
This programme is quite different from the First-Time Homebuyer Assistance Programs in Louisiana, the state of Maine decided to go in a different path to assist the First-Time Homebuyers.
First Home Loan Program provides assistance through low-interest mortgages, and down payment and closing costs assistance. The Advantage option offers $3,500 towards closing costs.
Applicants for First Home Loan Program must be first-time homebuyers who have a minimum credit score of 640. Furthermore, they must not hold an ownership interest of their principal residence in the last 3 years. While household income limits may apply, most Maine households are income-eligible for the program. Additionally, Advantage applicants must complete a homebuyer education course before closing. They must also contribute a minimum of 1% to the loan.
The program guidelines require that any property purchased must be the applicant’s primary residence. These property types include condominiums, new or existing 2- to 4-unit apartment buildings, as well as permanently attached mobile homes built in the past 20 years. Moreover, mobile homes can be situated on leased or owned land. Limitations on home purchase prices apply. They vary depending on location and property type. However, most Maine homes are price-eligible.
Are you interested in the First-Time Homebuyer Assistance Programs in Maryland?