MaineHousing also offers Earliest Mortgage mortgages owing to a great statewide network of banks, borrowing from the bank unions and home loan organizations
System Bottom line
MaineHousing’s Very first Home loan Program makes it easier and more reasonable to find a property of one’s giving lowest repaired interest mortgage loans. You will find choices with little or no down payment requisite, assuming you still need advice about the bucks to own closing will set you back, we also offer a deposit and you may closing rates direction option named Advantage.
Very little deposit – Whenever an effective MaineHousing mortgage are alongside a government guaranty (FHA/RD/ VA) or having an effective MaineHousing approved private home loan insurance provider, hardly any down-payment becomes necessary.
MaineHousing is giving an exclusive mortgage insurance coverage pilot program that have Arc MI for starters Unit Unmarried Family unit members services and you may acknowledged Condos found in the cities of Bangor, Lewiston, Auburn, Westbrook, Portland or South Portland simply. MaineHousing Quick Publication
Advantage down payment and you will closure pricing assistance – The advantage alternative provide $5,100 into the the money need to have closure. People opting for Advantage must take a good hoMEworks-approved homebuyer training class prior to closing and must build a minimal borrower sum of 1% of mortgage. The price of the fresh homebuyer education classification matters for the step one% contribution. Virtue Conclusion Sheet
Multi-Tool Advantage – The fresh new Multi-Device Advantage alternative also have $5,000 to summarize costs and you may deposit advice for each home-based unit in 2 to help you four product characteristics. Read More
