First-Time Homebuyers in Maine Are Getting Homes With No Money Down

Sick and tired of renting and dreaming of your own place, but don’t think it’s in the cards? I've heard it quite a bit lately. I feel like there are still a lot of Mainers who are not aware of MaineHousing’s First Home Loan Program. I have been a fan of this program for a while now, but after taking a realtor-continued education class on this program, I felt that I needed to do my part in getting the word out a little more.

This is a great option for those who want that dream to come true without turning their wallet into a black hole. First off, let’s define how MaineHousing defines “first-time homebuyer.” It sounds pretty self explanatory, right? Well, it’s even better than it sounds. This program is designed for first-time homebuyers, but you qualify even if you’re a previous homeowner, as long as you haven't owned a home in the last three years.

Now, let’s get into all the perks…

Great Mortgage Deals

Interest rates are finally beginning to go down, but they still aren't where we want them to be. This program offers special fixed-rate mortgages. Yup, you heard that right; a special, lower fixed rate for those who qualify. And it gets even better, because it requires little or no down payment. So, if your savings are more like pocket lint and loose change, you’re still in the game.

Still sweating the upfront cash that comes with buying a home? MaineHousing has your back, offering down payment and closing cost assistance. Think of it as your financial fairy godmother, basically handing you up to $5,000 to ease the load. Nope, it's not a loan. It's free money for those who qualify.

Learning the Ropes

Now, here’s the “catch.” And, let’s be honest, it’s really not even a catch. You’ll just need to take a homebuyer education class. Trust me, it’s worth it. You’ll learn the ins and outs of buying a home, managing credit and debt, budgeting, and picking the best mortgage option. Plus, homebuyer education helps you avoid shady lenders and helps keep you from losing your home. These are available in-person or from your favorite spot on the couch. All you have to do is apply through one of their approved lenders, and you’re on your way.

After reading this article, hopefully getting your own home in Maine is less of a far-fetched idea and more of a 'time to make it happen' moment. Please feel free to reach out to me here if I can be of any assistance in helping you find your first home. And good luck!