Maine Mortgage Guide
Getting a Maine mortgage is an important step; after all, it?s usually the largest debt a person incurs.? Not knowing what mortgage programs are available today can cost you a considerable amount of money and time.? This quick reference guide informs you of home mortgage programs available to those residents who qualify, and that?s worth taking a look at!
Programs from Maine State Housing Authority (MSHA)
If you aren?t familiar with the various programs MSHA offers, you need to be aware of them.? MaineHousing provides several low fixed rate mortgages and provides other assistance to help make homeownership affordable for more Maine people. No point and low point options are available. There are options with little or no down payment required, though if you still need help with the cash needed for closing, they also offer down payment and closing cost assistance. A MSHA Maine mortgage even comes with payment protection for unemployment.
Gift of Green – MaineHousing is offering eligible borrowers who use a MaineHousing mortgage:? A grant of $2,000 to help with the cash needed for closing, such as any required down payment, closing costs, and pre-paid items; plus, a coupon worth up to $500 for a 2-part home energy audit. The Gift of Green really is a gift; it will not be added to the loan amount and does not need to be paid back.? Because the Gift of Green promotion is part of MaineHousing?s mortgage program, you also may be able to use the Purchase Plus Improvement Option to fund home energy improvements as part of your mortgage.
Purchase Plus Improvement Mortgage – This Maine mortgage finances the purchase and the repairs of a home with one loan with competitive low mortgage rates.? ?If you are eligible, you may include between $500 and $35,000 for home improvements in your mortgage, as long as the cost of the home plus improvements does not exceed program purchase price limits.
Mobile Home Loan Program – MaineHousing offers mortgages for single and double-wide mobile homes located on owned or leased land. The Mobile Home Self-Insured option provides financing for mobile home property types that are ineligible for private or federal mortgage insurance. With this program option, there is a purchase price limit of $150,000 statewide, interest rates will be a little higher, and the term of the Maine mortgage is based on the age of the mobile home.
First Home Program – Provides a low fixed mortgage rate to help Maine people buy homes of their own, often with little or no down payment. Mortgage options are available with no points and low points; you choose what?s right for you.? All First Home mortgages also come with payment protection for unemployment. If you are a MaineHousing borrower in good standing and become unemployed, Maine HOPE ? HomeOwnership Protection for UnEmployment may be able to help by making four MaineHousing mortgage payments, including taxes and homeowners insurance. The amount paid becomes a junior mortgage lien, with no interest, that is repaid when you pay off your MaineHousing mortgage or stop using the home as your primary residence. It?s a little added protection for you and your home.
There are many other home mortgage programs available to residents, too many to list here.? At mortgage.org we can help find the right Maine mortgage for you, we help thousands of people just like you each and every day.? Contact us now and let us help you too!
