![\"first](\"https:\/\/s3.amazonaws.com\/movoto-foundation\/Foundation+Articles\/2016\/03\/first-time-home-buyer-maine-incentives-programs-and-grants\/first-time-home-buyer-maine-incentives-programs-and-grants-1.jpg\" "\\"first")
<\/p>\nThe state of\u00a0Maine offers plenty of help for the first\u00a0time home buyer, and has even stretched the definition of \u201cfirst\u00a0time\u201d to help out some deserving citizens. Some of that help comes in the form of low fixed rates, some of it comes as special homeowners insurance packages, and some of it comes in the form of good-to-know information that will give homeowners a decided\u00a0advantage in the market.\u00a0MaineHousing also offers special programs that help veterans, including National Guard members, to locate and finance\u00a0new homes in Maine.<\/p>\n
<\/p>\n
MaineHousing\u2019s First Home Loan Program helps first-time home buyers by giving them a low fixed-rate mortgage, sometimes with low or even no down payment. The buyer can go with low points or even no points, and it\u2019s totally up to the buyer to decide the right approach.\u00a0First Home Loan mortgages include payment protection for unemployment, which works like this: If the borrower has kept up with payments, Maine HOPE (which stands for \u201cHomeOwnership Protection for unemployment\u201d) will make up to four monthly mortgage payments, including homeowners insurance and taxes. Those four payments become an interest-free mortgage lien, that the borrower receives when they pay off their mortgage or stop using the home as a primary residence.<\/p>\n
There are a number of options to consider:<\/p>\n
Points. <\/strong>The decision to pay no points or low points should be based on how long you plan to remain in the home. Paying discount points at closing will give you reduced interest rates.<\/p>\n Down payments. <\/strong>When combining a MaineHousing mortgage with a government guaranty (FHA\/RD\/ VA) or United Guaranty private mortgage insurance, little or no down payment is required.<\/p>\n Advantage. <\/strong>With the Advantage option, down payment and closing cost assistance can provide up to $3,500 toward closing costs. Applicants must take a hoMEworks-approved homebuyer education class to qualify.<\/p>\n Repairs\/Improvements. <\/strong>With the Purchase Plus Improvement option, first time home buyers can finance the purchase of a home and pay for the repair or improvement of that home at the same time. Eligible buyers can get from $500 up to $35,000 toward those improvements.<\/p>\n Mobile homes. <\/strong>Mortgages for single- and double-wide manufactured homes can be obtained through MaineHousing. Purchase\u00a0price is limited to $150,000, and the terms of the loan will be based on the age of the home.<\/p>\n To qualify for MaineHousing\u2019s First Home Loan Program, you must be a first-time homebuyer, or you must not have had an owning interest in your home within the past three years. There are household income limits, of course, but most Maine households will qualify. Some consideration will be made for the number of people within your household and where the home itself is located. This applies to new and existing single-family homes, condominiums, owner-occupied homes, two- and four-unit apartments, and mobile homes that have been built within the last 20 years, and are located on owned or leased land.<\/p>\n MaineHousing offers two programs for eligible active duty and retired military home buyers: Salute, ME, which gives qualifying veterans\u00a0an additional 0.25 percent\u00a0off MaineHousing\u2019s low 30-year fixed interest rate, and Salute Home Again, which gives the same\u00a00.25 percent discount to\u00a0veterans who have previously owned homes.<\/p>\n To be eligible for these special veterans programs, veterans must be<\/p>\n To qualify for any of the\u00a0MaineHousing \u00a0programs listed above, prospective homeowners are required to take\u00a0hoMEworks\u00a0Homebuyer Education classes.\u00a0The\u00a0classes give prospective buyers essential and in-depth information about the home-buying process. People who have taken those classes have reported that they had gained confidence in speaking the language of the real estate world, and that they had confidence in the decisions they made along the way.\u00a0Classes may be taken online, or in person at several locations throughout the state. People who have gone through both classes have agreed that\u00a0one gets more information and more help by attending class in person.<\/p>\n The classroom version takes 10 hours to complete, and is taught by real estate industry professionals such as real estate agents, lenders, and home inspectors. The online version is offered through eHomeAmerica, and takes eight to 10 hours to complete. Online classes offer the prospective homebuyer the option of starting or stopping at any time. Note that the eHomeAmerica online course may not be acceptable to lenders or mortgage assistance programs that require the borrower to attend a “HUD approved” home buyer education class. Prospective home buyers should check with their lenders before signing up for a class.<\/p>\n For more information, visit\u00a0www.mainehousing.org.<\/p>\n MaineHousing\u2019s First Home Loan Program helps first-time home buyers by giving them a low fixed-rate mortgage, sometimes with low or even no down payment.<\/p>\n With the Purchase Plus Improvement option, first time home buyers can finance the purchase of a home and pay for the repair or improvement of that home at the same time.<\/p>\n","protected":false},"excerpt":{"rendered":" The state of\u00a0Maine offers plenty of help for the first\u00a0time home buyer, and has even stretched the definition of \u201cfirst\u00a0time\u201d to help out some deserving citizens. Some of that help comes in the form of low fixed rates, some of it comes as special homeowners insurance packages, and some of it comes in the form of good-to-know information that will give homeowners a decided\u00a0advantage in the market.\u00a0MaineHousing also offers special programs that help veterans, including National Guard members, to locate and finance\u00a0new homes in Maine. What Is\u00a0MaineHousing\u2019s First Home Loan Program? MaineHousing\u2019s First Home Loan Program helps first-time home buyers […]<\/p>\n","protected":false},"author":3,"featured_media":4161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[],"class_list":["post-4160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-loans","post--single"],"yoast_head":"\nHow Is Eligibility Determined?<\/h2>\n
What Special Programs for Veterans\u00a0Are\u00a0Available?<\/h2>\n
How Is\u00a0Salute Home Again Eligibility Determined?<\/h2>\n
![\"first](\"https:\/\/s3.amazonaws.com\/movoto-foundation\/Foundation+Articles\/2016\/03\/first-time-home-buyer-maine-incentives-programs-and-grants\/first-time-home-buyer-maine-incentives-programs-and-grants-2.jpg\" "\\"first")
<\/p>\n\n
What Is\u00a0hoMEworks\u00a0Homebuyer Education?<\/h2>\n
![\"first](\"https:\/\/s3.amazonaws.com\/movoto-foundation\/Foundation+Articles\/2016\/03\/first-time-home-buyer-maine-incentives-programs-and-grants\/first-time-home-buyer-maine-incentives-programs-and-grants-3.jpg\" "\\"first")
<\/p>\n2 Point Highlight<\/h2>\n