MaineHousing’s First Home Loan Program makes it easier and more affordable to buy a home of your own by providing low fixed interest rate mortgages. There are options with little or no down payment required, and if you still need help with the cash for closing costs, we also offer a down payment and closing cost assistance option called Advantage.
MaineHousing mortgage options include:
Am I eligible?
- Am I a first-time homebuyer? If you have not held an ownership interest in your principal home within the past 3 years, you qualify as a first-time homebuyer. That means even if you have owned a home before you may still be eligible.
- Am I a Veteran, retired military or on qualified active duty? If so, the first-time homebuyer requirement is waived and MaineHousing provides an interest rate reduction. Salute ME Summary
What kind of home can I buy?
- 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 in Maine you plan to buy your home.
- You must have an acceptable credit history with a minimum credit score of 640.
- Can I afford a home? Generally, you should plan to use no more than 30 - 33 percent (30 -33 %) of your income for a monthly mortgage payment. A MaineHousing-approved First Home Lender can help you determine how much home you can afford and identify any credit issues you may need to work on before buying.
- New and existing single family homes.
- Owner-occupied, 2- to 4-unit apartment buildings.
- Permanently attached mobile homes built within the last 20 years.
(Mobile home may be located on owned or leased land.)
While home purchase price limits apply and vary by location and property type, most Maine homes are price eligible.
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 advancing up to four of your mortgage payments, including taxes and homeowners insurance. The amount paid becomes a junior mortgage lien, with no interest and no monthly payments, that is repaid when you sell or pay off your MaineHousing mortgage or stop using the home as your primary residence. It’s a little added protection for you and the investment you’ve made in your home.
MaineHousing offers First Home Loan mortgages through a statewide network of banks, credit unions and mortgage companies. A MaineHousing First Home Lender will help determine what you can afford to pay, what mortgage options are right for you, and help guide you from loan application through closing.
Apply for a MaineHousing First Home Loan at one of our more than 40 First Home Lenders.
For more information see related information at the top right of the page, download our First Home Loan brochure, or contact the MaineHousing Homeownership Department: