In my 20+ decades while the a successful home loan administrator, We helped tens and thousands of first-time homebuyers get the first belongings. Now as owner out of a genuine estate department, I nonetheless need to let you know consumers just how effortless it is so you can purchase its earliest domestic and how to rating help from the Condition to do so! Investigate guidance less than discover a short tip about you should buy your first house, and then publish me an email!

MaineHousing’s Earliest Home loan Program makes it much simpler and more affordable to buy a house of your by providing reduced fixed rate of interest mortgages. There are choice with little if any advance payment expected, assuming you still need assistance with the cash to possess closure can cost you, i also provide a down payment and you can closing pricing advice alternative entitled Advantage.

Hardly any downpayment – Whenever a beneficial MaineHousing financial is alongside a national guaranty (FHA/RD/ VA) otherwise with a MaineHousing recognized personal financial insurer, little or no advance payment is required.

MaineHousing is now giving a personal mortgage insurance coverage pilot program having Arc MI for 1 Unit Solitary Family unit members services and you can acknowledged Condos located in the urban centers off Bangor, Lewiston, Auburn, Westbrook, Portland or Southern area Portland simply. MaineHousing Brief Book Advantage advance payment and you can closing costs recommendations – The advantage option also provide $3,500 towards the the money you want getting closure. Applicants choosing Advantage must take a great hoMEworks-accepted homebuyer education class before closing and must make an effective minimum debtor share of just one% of your financing. The price of the homebuyer education class counts into 1% sum. Virtue Bottom line Layer

Lower fixed rates of interest no section and you can reduced area choice – MaineHousing’s low interest can save all of our average homebuyer tens of thousands of cash over the full term of your loan

MaineHousing has the benefit of each other a no area and you will a two section home loan choice. If percentage off affairs makes financial sense to you may count about how a lot of time do you really believe you’ll stay in your house rather than refinancing your own home loan. Latest Rates Layer

Home improvements utilized in your loan matter – The acquisition Including Improve option funds the purchase and you may requisite solutions away from property with one to loan payday loans locations in London. While qualified, you are able to tend to be anywhere between $five hundred and $35,000 for home improvements in your financial, so long as the cost of the home plus developments does perhaps not surpass system purchase price constraints. Pick Including Upgrade Summary Sheet

• Financial support getting mobile house – MaineHousing even offers mortgages having solitary- and you will twice-broad mobile homes found on had or hired house. Using this system choice, there’s a purchase price restrict from $175,000 statewide, interest rates was a little high, in addition to label of your financing lies in age of one’s cellular domestic. Mobile Family Self-Covered Summary Sheet

Eligibility

• Am We a primary-go out homebuyer? If you have not kept a possession need for your own principal domestic within the past 3 years, your qualify while the an initial-day homebuyer. This means even if you features had property before you might still qualify.

• Was I an experienced, resigned army or towards certified active obligations? In that case, the first-time homebuyer specifications try waived and you can MaineHousing brings mortgage reduction. Salute Myself Realization

• Although household earnings restrictions incorporate, really Maine home was income-qualified to receive the application. Limitations are different depending on how a lot of people live in your household and in which inside Maine you plan to purchase your family.
• You must have an acceptable credit rating that have the very least borrowing score from 640.
• Ought i manage a house? Basically, you should want to explore just about 31 – 33 per cent (30 -33 %) of income having a month-to-month mortgage repayment. Good MaineHousing-accepted First Domestic Financial makes it possible to determine how far domestic you really can afford and you can pick any borrowing things you may need to be effective into before you buy.

• The fresh new and current unmarried friends land.
• Owner-occupied, 2- so you’re able to 4-product apartment buildings.
• Condominiums.
• Forever affixed mobile homes founded over the past twenty years.(Mobile home are located on owned or rented homes.)