Policy & Research
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:
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
While home purchase price limits apply and vary by location and property type, most Maine homes are price eligible.
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: