First Time Home Buyer

 Programs in Maine

Complete First Time Home Buyer Programs Available in Maine.

The state agency created by the legislature in Maine to offer first time home buyer programs is the Maine State Housing Authority. Here is a summary of the current first time home buyer programs that are offered:

Maine Assist is available to help cover your down payment, closing costs and prepaid escrow expenses. Eligible borrowers are awarded a grant equal to 3% of the mortgage amount, up to $5,000, which is credited at the time of closing. There is no monthly payment and no second mortgage on the Maine Assist grant portion.

The Maine Assist Option is available with private mortgage and FHA insured loans as well as MaineHousing’s Mobile Home Self-Insured and Uninsured programs.

To be eligible for Maine Assist, you are required to complete a 10-hour homebuyer education course, sponsored by hoMEworks, prior to closing.

MaineHousing also offers a Purchase Plus Improvement option that allows applicants to borrow more than the purchase price in order to make immediate repairs or improvements to the home. Details on Maine Assist, Purchase Plus Improvement, and our regular program are available from MaineHousing or from participating lenders.

For complete details on these first time home buyer programs available to Maine residents, visit the Maine State Housing Authority website.

It is highly recommend that you also visit the First Time Home Buyer Grants page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources