First Home Loan Program
MaineHousing’s First Home Loan Program makes it easier and more affordable to buy a home of your own by providing low fixed interest rate mortgages. There are options with little or no down payment required, and if you still need help with the cash for closing costs, we also offer a down payment and closing cost assistance option called Advantage.
You must apply for a MaineHousing loan at one of our approved lenders.
MaineHousing has prepared 6 steps to simplify the home-buying process and give you the info you’ll need to know on your road to homeownership. Click on the graphic below to read more about each step.
ARE YOU READY TO OWN A HOME?
Mortgage Calculator
Estimate monthly payments, the cost of mortgage insurance, what you might need at closing for a down payment and determine if you can afford a home.
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Rent vs Own
Does homeownership make sense at this point in your life? Learn about the relative costs, benefits, and challenges of owning versus renting a home.
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Steps To Homeownership
MaineHousing has prepared 11 steps to simplify the home-buying process and give you the info you’ll need to know on your road to homeownership.
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PROGRAM ADVANTAGES
Click on a title below to expand each section and learn more about the advantages of keeping your mortgage in Maine with a mortgage from MaineHousing.
Little or No Downpayment
Low Fixed Interest Rates
Payment Protection
Home Improvements Included
Financing Mobile Homes
Multi-Unit Advantage
First Generation Program
If you have never lived in a home owned by your biological parents, or legal guardians, or have been in foster care at some point in your childhood, then you may qualify for $10,000 in down payment and closing cost assistance through the First Generation Program.
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Military Personnel Discount
If you are an active duty, veteran, or retired military personnel, you may qualify for a .50% discount on our already low First Home Loan 30-year fixed interest rate with the SaluteME program, whether or not you are a first-time home owner.
Liam Takes Ownership
Meet Liam who became a first-time homeowner and the first in his family to own a home with MaineHousing's First Generation Loan Program.
Catherine Is Home
Meet Catherine, who thought she would never be able to afford a home in this market and had all but given up on ever owning a home until she heard about the First Home Loan Program.
Watch
Ronn Finds A Way
Meet Ronn who broke the cycle of housing instability in his family by taking a homebuyer education class and purchasing a home with a MaineHousing First Home Loan Program mortgage.
Watch
Renee Puts Down Roots
Discover Reneé and Tiahna’s story of putting down their roots with the help of a Maine hoMEworks Homebuyer Education Class and a MaineHousing First Home Loan.
Watch
The Slomas Get Settled
Meet the Slomas who moved from Alaska to Maine with the hope of finding a new home. MaineHousing First Home Loan was able to make that home a reality.
AM I ELIGIBLE FOR A FIRST HOME LOAN?
Am I a First Time Homebuyer?
If you have not held an ownership interest in your principal home within the past 3 years, you qualify as a first-time homebuyer. That means even if you have owned a home before you may still be eligible.
Can I afford a home?
You must have an acceptable credit history with a minimum credit score of 640 and generally, you should plan to use no more than 30 - 33 percent (30 -33 %) of your income for a monthly mortgage payment. A MaineHousing-approved First Home Lender can help you determine how much home you can afford and identify any credit issues you may need to work on before buying.
Is my income within the limits?
Although household income limits apply, most Maine households are income-eligible for the program. Limits vary depending on how many people live in your household and where in Maine you plan to buy your home.
Does my potential home qualify?
- New and existing single family homes.
- Owner-occupied, 2- to 4-unit apartment buildings.
- Condominiums.
- Permanently attached mobile homes built within the last 20 years.
(Mobile home may be located on owned or leased land.)
While home purchase price limits apply and vary by location and property type, most Maine homes are price eligible.
If you're still looking for a home consider working with a MaineHousing First Home Finder, real estate professionals who sold three or more houses that were purchased with the First Home Loan in the previous year.
HOW DO I APPLY?
Find A Participating Lender
MaineHousing First Home Loans are only offered through our participating lenders. Take a step in the right direction by finding a lender near you and getting pre-qualified today.
Get Started
Take A Homebuyer Education Class
A homebuyer education class can help you learn the ins and outs of buying a home. This class is mandatory for MaineHousing borrowers that receive our Advantage downpayment & closing cost assistance.
Find A Class
MORE INFO
MaineHousing offers First Home Loan mortgages through a statewide network of banks, credit unions and mortgage companies. A MaineHousing First Home Lender will help determine what you can afford to pay, what mortgage options are right for you, and help guide you from loan application through closing.
Apply for a MaineHousing First Home Loan at one of our more than 40 First Home Lenders.
Contact Information
For more information see the Documents & Links section of this page, download our First Home Loan brochure, or contact the MaineHousing Homeownership Department:
Documents & Links
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