Quantcast

Maine Housing designed the First Home Loan Program to help make the homebuying process more affordable for first-time homebuyers.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for October 24, 2021
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

First Home Loan Program

MaineHousing’s First Home Loan Program aims to make it easier and more affordable for residents to buy a home by providing low fixed-rate mortgages. There are options with little or no down payment required.

Available Assistance
The First Home Loan Program offers assistance in the form of low-interest mortgages, and also down payment and closing cost assistance. The Advantage option provides $3,500 toward the cash needed for closing.

Eligibility Requirements
First Home Loan Program applicants must be first-time homebuyers (those who have not held an ownership interest in their principal home within the past 3 years) with a credit score of at least 640. Although household income limits apply, most Maine households are income-eligible for the program. Applicants choosing Advantage must take an approved homebuyer education class prior to closing and must make a minimum borrower contribution of 1% of the loan.

Property Guidelines
Under the program guidelines, any home purchased must serve as the applicant’s primary residence. The property types include new or existing 2- to 4-unit apartment buildings, condominiums, and permanently attached mobile homes built within the last 20 years. Mobile homes may be located on owned or leased land. Home purchase price limits apply and vary by location and property type, but most Maine homes are price eligible. 

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.

First-Time Home Buyer Programs in Maine

Maine Housing designed the First Home Loan Program to help make the homebuying process more affordable for first-time homebuyers.

spacer

First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

spacer

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED