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
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.