MaineHousing’s First Home Program provides low fixed rate mortgages to help Maine people buy homes of their own – often with little or no down payment. Mortgage options are available with no points and low points – you choose what’s right for you.

All First Home mortgages also come with payment protection for unemployment. If you are a MaineHousing borrower in good standing and become unemployed, Maine HOPE – HomeOwnership Protection for unEmployment – may be able to help by making four MaineHousing mortgage payments, including taxes and homeowners insurance. The amount paid becomes a junior mortgage lien, with no interest, that is repaid when you pay off your MaineHousing mortgage or stop using the home as your primary residence. It’s a little added protection for you and your home.

• No point and low point options - Discount points may be paid at closing to reduce your interest rate. MaineHousing offers both a zero point and a two point mortgage option. Whether payment of points makes financial sense for you may depend on how long you think you’ll stay in your home without refinancing your mortgage.
• Advantage - down payment and closing cost assistance - For a 0.25% add-on to the 0 point rate options, Advantage can provide $2,000 toward the cash you need for closing. A minimum borrower contribution of 1% of the loan amount is required and may be a gift. Borrowers choosing Advantage also must take a hoMEworks-approved homebuyer education class. 
• Home improvements included in your loan amount - The Purchase Plus Improvement option finances the purchase and repair of a home with one loan. If you are eligible, you may include between $500 and $35,000 for home improvements in your mortgage, as long as the cost of the home plus improvements does not exceed program purchase price limits.
• Financing for mobile homes - MaineHousing offers mortgages for single- and double-wide mobile homes located on owned or leased land. The Mobile Home Self-Insured option provides financing for mobile home property types that are ineligible for private or federal mortgage insurance. With this program option, there is a purchase price limit of $150,000 statewide, interest rates will be a little higher, and the term of the loan is based on the age of the mobile home.