Maine First Home Loan Program
MaineHousing
Program Overview
MaineHousing's flagship First Home Loan Program provides low fixed interest rate mortgages with little or no down payment. Most Maine households qualify. Benefits include below-market rates that save thousands over loan term, little/no down payment when combined with FHA, VA, USDA, or approved PMI, 30-year fixed terms for stable payments, zero or two point options, Maine HOPE unemployment payment protection included, and no prepayment penalties. Eligible properties: single-family homes, owner-occupied 2-4 unit buildings, condos, mobile homes. Special features: Maine HOPE Protection (up to 4 payments if job loss), Purchase Plus Improvement ($500-$35,000 for repairs), mobile home financing up to $200,000.
Eligibility Requirements
• First-time buyer (no ownership in principal home within past 3 years)\n• Income limits vary by household size and location (most households qualify)\n• Purchase price limits vary by location and property type (most homes qualify)\n• Minimum 640 credit score\n• Generally 30-33% of income for mortgage payment (debt-to-income)\n• Primary residence requirement
Additional Requirements
• Apply through MaineHousing-approved lender\n• Minimum 640 credit score\n• Income and employment verification\n• Property appraisal
How to Apply
1. Check eligibility and income/price limits\n2. Find one of 40+ MaineHousing-approved lenders\n3. Complete loan application with lender\n4. Lender determines affordability and processes\n5. Complete home inspection and appraisal\n6. Close on your home