Homebuyer Program Details

Program Summary

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.


HOPE House Icon 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:

  • 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 - 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%.
  • 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. 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.
  • Little or no down payment - When a MaineHousing mortgage is combined with a government guaranty (FHA/RD/ VA) or with a MaineHousing approved  private mortgage insurance company, little or no down payment is required. MaineHousing is currently offering a private mortgage insurance pilot program with Arch MI and United Guaranty for 1 Unit Single Family properties and approved Condominiums located in the cities of Bangor, Lewiston, Auburn, Portland or South Portland only.
MaineHousing has been a trusted source for mortgage financing for over 40 years.

Am I Eligible

You may be eligible if you:
  • Are a first-time homebuyer.
  • Have not had an ownership interest in your home within the past three years.
Although household income limits apply, most Maine households are income-eligible for the program. Limits vary depending on how many people live in your household and where you plan to buy your home.

Most types of homes qualify for a First Home mortgage, including:
  • New and existing single family homes.
  • Owner-occupied, 2- to 4-unit apartment buildings.
  • Condominiums.
  • Permanently attached mobile homes built within the last 20 years. (Mobile home must be located on owned or leased land.)
Home purchase price limits apply, but vary by location and are seldom a limiting factor.

More Info

Apply for a MaineHousing First Home Loan at one of our more than 30 Green Key Lenders.

For more information see related information at the top right of the page, download our First Home Loan brochure, or contact:

Homeownership Department

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