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.
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
The Advantage option can provide $5,000 toward the cash you need for closing. Applicants choosing Advantage must take a hoMEworks-approved homebuyer education class prior to closing and must make a minimum borrower contribution of 1% of the loan. The cost of the homebuyer education class counts towards the 1% contribution. Advantage Summary Sheet
When a MaineHousing mortgage is combined with a government guaranty (FHA/RD/ VA) or with a MaineHousing approved private mortgage insurance company, little or no down payment is required.
MaineHousing is currently offering a private mortgage insurance pilot program with Arch MI for one Unit Single Family properties and approved Condominiums located in the cities of Bangor, Lewiston, Auburn, Westbrook, Portland or South Portland only. MaineHousing Quick Guide
Low Fixed Interest Rates
Home Improvements Included
Financing Mobile Homes
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.
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.
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.
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.
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.