GRANT FOR BUYERS BOOSTED $1,500 TO $5,000 FOR DOWN PAYMENT AND CLOSING COSTS
AUGUSTA – MaineHousing is pleased to announce it will increase its Advantage down payment assistance grant available to first time homebuyers from $3,500 to $5,000. The increase will add to the savings of hopeful first-time homebuyers to help overcome one of the biggest hurdlest to securing financing for a mortgage.
While MaineHousing's base interest rate is increasing slightly going from 2.85 percent to 3.50 percent, the rate remains well below the current private market rate average of nearly 5 percent.
“MaineHousing remains committed to keeping our interest rates as low as possible to help as many Mainers as we can find the route to home ownership,” said MaineHousing Director Daniel Brennan. “We are hopeful our low rates combined with increasing down payment assistance will be the key to that first home for many Mainers.”
MaineHousing’s low interest rates can save the average homebuyer thousands of dollars over the full term of their loan. MaineHousing's First Home Loan mortgage options include a low interest rate and little or no down payment.
This new low rate, effective Monday, April 11, coupled with the $5,000 Advantage grant toward down payment and closing costs, makes it a great choice for first-time homebuyers.
As always rates are subject to daily changes based on market conditions.
More information about MaineHousing's current rates and First Home programs can be found at: mainehousing.org.