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.