MaineHousing offers a 2 hour training for participating lenders who offer MaineHousing mortgages. The class covers core guidelines for MaineHousing's First Home Program and is designed primarily for Loan Officers/Originators. Key elements covered during the training class include:
- Definition of a first-time homebuyer and income eligibility guidelines.
- Eligible property types and purchase price limits.
- Down payment and closing cost assistance.
- Government MI options (RD, FHA, VA) when combined with MaineHousing programs.
- MaineHousing's self-insurance option for Mobile Homes, (MHSI).
- The Purchase Plus Improvement option (PPI), allowing the borrower to finance both the home purchase and necessary repairs in one transaction.
- Payment protection for borrowers who become unemployed, (Maine HOPE).
- Explaining recapture, and why it is rarely a concern for borrowers.
To arrange a training at a location of your choice, contact your assigned MaineHousing loan officer or contact MaineHousing's Partner Outreach Officer, Lisa McKenna at 207-626-4641 or firstname.lastname@example.org.