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.
First Time Home Buyer Grants in Every State
Up To $10,000 Down Payment Assistance
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
It is highly recommend that you also visit the
First Time Home Buyer Grants
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, search for a
lender that has great rates, an easy online application, and welcome first
time home buyers. Additionally find one that has 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