Loan Modification Program
The Loan Modification Program offers owners of MaineHousing-financed multi-family properties the opportunity to restructure MaineHousing debt by modifying interest rates, extending loan terms, or both. Loan modifications generally lower debt service payments in return for extended project affordability.
Borrowers requesting modification of an eligible loan must modify all other eligible MaineHousing loans secured by the same project.
Loans subject to an existing prepayment restriction are not eligible for a reduction in interest rate, but may apply for a term extension. A loan may be modified only once.
Modified loan terms and conditions may vary by the type of loan refinanced. Any existing MaineHousing loan modified by this program is subject to the provisions of MaineHousing’s Multi-family Development and Supportive Housing Loans and Grants Rule.