Maine Housing’s First Home Program provides low-interest mortgage loans to help low and moderate-income homebuyers buy homes of their own – often with little or no down payment. First Home is available to first-time homebuyers and people who have not owned their own homes in the past 3 years.First Home interest rates are usually lower than conventional mortgage interest rates, so your monthly payments are lower. And interest rates are fixed, so your principal and interest payments will not increase. You can save thousands of dollars over the life of your loan. First Home Program options can make homeownership even more affordable for eligible borrowers:
Maine Assist – can help with your down payment and closing costs. You may be eligible for up to 3% of your mortgage amount — up to $4,000 — credited toward the cash needed for closing. Borrowers using Maine Assist will have a slightly higher interest rate on their loans and must complete a hoMEworks homebuyer class to be eligible. (If you are interested in Maine Assist you may also be interested in the Maine American Dream Initiative Program (MADI).)Purchase Plus Improvement – If you would like to purchase a home that needs repairs, but are worried about the costs, the Purchase Plus Improvement option may be for you. The Purchase Plus Improvement option allows homebuyers who qualify for a Maine Housing First Home Loan to purchase and repair a home with one transaction. If you are eligible, you may include between $500 and $15,000 for repairs in your mortgage, as long as the cost of the home and repairs does not exceed the Maine Housing purchase price limits. Eligible repairs include heating, plumbing, or electrical systems, additions and other upgrades.
Maine Housing has been a trusted source for mortgage financing for over 30 years. In 2006 alone, we provided more than 1,000 First Home mortgages at an average interest rate of 5.21%, and we provided down payment and closing cost assistance (an average benefit of $3,562) to nearly half of our buyers.
Read the rest of the details here at: http://www.mainehousing.org/PROGRAMSFirstHome.aspx?ProgramID=31
Information provided by mainehousing.org