First Home Loan Program

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. 

You must apply for a MaineHousing loan at one of our approved lenders. 

MaineHousing mortgage options include: 

• 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 for one Unit Single Family properties and approved Condominiums located in the cities of Bangor, Lewiston, Auburn, Westbrook, Portland or South Portland only. MaineHousing Quick Guide
  
  
• Advantage down payment and closing cost assistance - The Advantage option can provide $5,000 toward the cash you need for closing. Applicants choosing Advantage 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% contribution. Advantage Summary Sheet
  
  

• Multi-Unit Advantage – The Multi-Unit Advantage option can provide $5,000 in closing costs and down payment assistance for each residential unit in two to four unit properties. For two units Advantage is $8,000, three units is $11,000, and four units is $14,000. Applicants must complete an approved landlord education course in addition to a hoMEworks-approved homebuyer education class prior to closing and must make a minimum borrower contribution of 1% of the loan as accepted by the mortgage insurer. Multi-Unit Advantage Summary Sheet

• Low fixed interest rates with no point and low point options - MaineHousing’s low interest rates can save our average homebuyer thousands of dollars over the full term of the loan.
  
  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. Current Rate Sheet

• Home improvements included in your loan amount - The Purchase Plus Improvement option finances the purchase and needed repairs 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. Purchase Plus Improvement Summary Sheet
  
  
• 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 statewide of $250,000 for mobile homes on owned land and $200,000 on leased land. Interest rates are a little higher, and the term of the loan is based on the age of the mobile home. Mobile Home Self-Insured Summary Sheet