First-time home buyers in Maine get a house with no down payment

You’re tired of renting and dream of owning your own place, but don’t think it’s an option. I’ve been hearing about it quite a bit lately. I feel like there are still a lot of Maine residents who aren’t aware of MaineHousing’s First Home Loan Program. I’ve been a fan of this program for a while, but after taking a real estate agent education course on the program, I felt like I needed to do my part to spread the word a little.

This is a great option for those who want to make that dream come true without their wallet becoming a black hole. First, let’s define what MaineHousing means by “first-time homebuyer.” That sounds pretty self-explanatory, right? Well, it’s even better than it sounds. This program is designed for first-time homebuyers, but even if you already own a home, you’re eligible as long as you haven’t owned a home in the last three years.

Now let’s look at all the benefits…

Great mortgage offers

Interest rates are finally starting to come down, but not yet where we want them to be. This program offers special fixed-rate mortgages. Yes, you heard right – a special lower fixed-rate mortgage for those who qualify – and it gets even better, there’s little or no down payment required, so if your savings are more like pocket change and spare change, you’re still in the game.

Assistance with down payment and closing costs

Still dreading the upfront payment that comes with buying a home? MaineHousing is here to help with down payment and closing costs. Think of it as your financial fairy godmother, basically handing you up to $5,000 to ease your burden. No, not a loan, just free money for those who qualify.

Learning the basics

Now comes the “catch.” And let’s be honest, there’s actually no catch. All you have to do is take a home buying course. Trust me, it’s worth it. You’ll learn everything about buying a home, dealing with credit and debt, budgeting, and choosing the best mortgage option. Plus, home buying education will help you avoid shady lenders and not lose your home. These courses can be taken in person or from your favorite spot on the couch. All you have to do is apply to one of the approved lenders and you’re good to go.

Hopefully, after reading this article, purchasing a home in Maine will no longer be a far-fetched idea, but a moment when it’s time to make it a reality. Please contact me here if I can be of any assistance in your search for your first home, and good luck!