Dear MaineHousing mortgage holders:
MaineHousing is pleased to announce our partnership with Mortgage Servicing Solutions (MSS), a company that provides residential mortgage customers with innovative servicing solutions. If you are a MaineHousing customer who received a "transfer of servicing notice" to Mortgage Servicing Solutions, please take a few minutes to review its website for more information on how to make your mortgage payment, plus learn about new services available to you. Thank you!
MaineHousing’s First Home Loan 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 Loan 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.
MaineHousing mortgage options include:
MaineHousing has been a trusted source for mortgage financing for over 40 years.
- - 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.
- down payment and closing cost assistance - can provide $3,500 toward the cash you need for closing. Applicants choosing Advantage also must take a hoMEworks-approved homebuyer education class prior to closing and must make a minimum borrower contribution of 1% of the loan. The cost of the homebuyer education class counts towards the 1%.
- - 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.
- - 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.