News Detail


MaineHousing Drops Interest Rate to Attract More First-Time Homebuyers

Release Date: May 30, 2019

AUGUSTA - MaineHousing is excited to announce a drop in their base Interest Rate to 3.625% as of June 1, which kicks off National Homeownership Month.

“In keeping with our mission of creating pathways for Mainers to own their own home, we’re excited to decrease our rate just in time for Homeownership Month,” said MaineHousing Director Daniel Brennan. “In addition to the other aspects of our First Home Loan Program that help Mainers become homebuyers, we are committed to maintaining a low interest rate to make homeownership a reality for as many Mainers as we can.”

MaineHousing’s low interest rates can save the average homebuyer thousands of dollars over the full term of their loan. MaineHousing mortgage options include a low interest rate and little or no down payment. MaineHousing’s low rate, coupled with the Advantage Program, provides up to $3,500 toward down payment and closing costs, making it a great choice for first-time homebuyers. For more information about the First Home Loan Program, visit our website.

The previous base Interest Rate was 3.95%. Rates are always subject to change. Check mainehousing.org for the most up-to-date rate.

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MaineHousing is a $2 billion financial institution with the ability to issue bonds, to accept federal program dollars on behalf of the State of Maine, and to pursue other funding consistent with our mission. Our mission is to assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs. MaineHousing was created by the Legislature in 1969 and is governed by a 10-member Board of Commissioners appointed by the Governor and confirmed by the Legislature.


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