Beginning December 1, 2009, the revised Gift of Green promotion will provide all MaineHousing borrowers with $2,500 – to help with down payment, closing costs, and prepaid escrow expenses, after the borrower contributes 1% of the mortgage loan amount to the transaction. Eligible home buyers need to act quickly to take advantage of the current Gift of Green offer before it changes. Loans registered on or before November 30, 2009 will receive a grant of 4% of the first mortgage loan amount, up to a max of $5,000. Loans reserved on or after December 1, 2009 receive a grant of $2,500.
Information provided by: Maine Association of REALTORS
MaineHousing yesterday closed its sale of tax-exempt bonds to Maine investors, pulling in $38.7 million to finance its homebuyer program.
The agency put the bonds on the market last week exclusively for Maine investors, with a goal of selling $23 million, according to the Kennebec Journal. The bonds are exempt from state and federal income taxes, and the interest rates ranged from 3.5% on a two-year bond to 6.25% on a 15-year bond. MaineHousing plans to put longer-maturing bonds on the national market in about three or four weeks, according to the paper.
The money will fund the agency’s first-time homebuyers program, which provides low fixed-rate mortgages and other assistance to people who qualify.
Effective March 3, the Maine State Housing Authority is offering more mortgage options to homebuyers using their mortgage program. Options include a choice of 0 or 2 points, and a 30 or 40 year mortgage term. These new options join other recent program changes that include expanding the program to veterans and active duty military (even if not first-time homebuyers), and Maine HOPE program that provides payment protection for program borrowers. For more info: http://www.mainehousing.org/NEWSPressReleases.aspx?PageCMD=newsDetail&NewsID=181
MSHA NEWS: The Maine State Housing Authority (MSHA) provides these notable updates – a) for the month of February 2008 their First Home Rate remains 4.95% and Maine Assist at 5.25%; b) beginning March 3, MSHA will offer 0 point, 2 point and 40-year term options. The current 3 seller point requirement will be discontinued. Program guidelines, webinar training dates and marketing initiatives will be announced during February. Will apply to first-time homebuyers, veterans and active duty military; c) MSHA borrowers who lose their jobs now have Maine HOPE (Home Ownership Protection for umEmployment). Maine HOPE may be available to assist borrowers who become unemployed by making 4 of their MSHA mortgage payments, including taxes and homeownership insurance. The Maine HOPE loan is interest free and repaid when the borrower pays off their MSHA mortgage or stops using the home as their primary residence. For more info – (800) 452-4668 or http://www.mainehousing.org/HomeLoan/
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
This just In… the Maine State Housing Authority indicates, “A federal law was passed which enables housing finance agencies to waive the first-time homebuyer requirement for veterans who: a) served in active military, naval or air service; and b) have been honorably discharged, and c) have never received a mortgage financed in any state with Mortgage Revenue Bonds (which MSHA uses to finance loans).” MSHA has announced their expansion of the exception to include active duty military personnel who have owned a home within the last three years. Effective immediately, veterans and active duty military (including their spouses) who are non-first time homebuyers, but meet the above requirements and all other MSHA eligibility requirements will qualify for MSHA financing. The waiver applies to all MSHA programs. MSHA is unable to determine the number of bonds that will be issued in 2007 or how long eligible funds will be available. Therefore, the funds for eligible veterans/active duty military are on a first-come, first-serve basis.
We all owe a debt of gratitude to our Vets. I wish our government would do more to help improve those programs already in place, mainly, health care.