MaineHousing Mortgage Programs

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MaineHousing Mortgage Programs Midcoast
Redevelopment Area
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A MaineHousing mortgage offers

• Low interest rate
• No points or low point options
• Down payment and closing cost assistance
• Purchase plus improvements in one loan
• Payment protection for unemployment

3
Eligibility Guidelines First Home

• Must be a first-time homebuyer
• No ownership in principal residence within
  the last 3 years
• Household (gross) income is within
  MaineHousings income limits
• Sales price is within MaineHousings purchase
  price limits
• Buyer occupies property as principal residence

4
Single Family Properties

• Existing 1 4 units
• Single and double-wide mobile homes, not
  older than 20 years, on owned land or leased
  land
• Condominiums
• Permanent financing for newly constructed
  one-unit homes, modular and mobile homes
  (requires construction financing)

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Low and No Down Payment Options
MaineHousing programs combined with low or no
down payment federal programs FHA
VA RD Lender will determine homebuyer and
property meet both MaineHousing and loan
guarantor guidelines
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MaineHousing Mortgage ProgramsMidcoast
Redevelopment Area

• Gift of Green
• Midcoast Redevelopment Mortgage
• Operation New Home

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Gift of Green

• Grant -
• Used towards closing costs, down payment
  prepaid expenses
• Assistance amount -
• 4 of the mortgage amount
• Up to 5,000
• Not to exceed amount of funds required to close

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Gift of Green
Gift of Green borrowers receive a 2-part Coupon
(worth up to 500) towards an Energy Audit
(strongly recommended,
not required) Maine certified energy
auditors www.mainehousing.org/energyauditservices.
aspx
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Homebuyer Education

• Borrowers using Gift of Green must complete a
  hoMEworks homebuyer education class (preferably
  before search for a home or financing), but no
  later than loan closing

10
Homebuyer Education

• 10-hour class covers topics
• Understanding credit
• Shopping for a home
• Obtaining a mortgage
• Loan closing documents and costs
• Life as a homeowner
• Evening and Saturday classes
• Per person fee 0 - 30

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Homebuyer Education

• More than 120 hoMEworks-approved Homebuyer
  Education Classes are held each year
•  
• Go to www.mainehomeworks.org for current schedule

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Midcoast Redevelopment
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Midcoast Redevelopment Mortgage

• 10 million in mortgage funds set aside
• Waiver of the first-time homebuyer requirement
• Homebuyers of properties in 16 cities and towns
  affected by Brunswick Naval Air Station closing

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Midcoast Redevelopment Mortgage

• The 16 cities and towns include Arrowsic, Bath,
  Bowdoin, Bowdoinham, Brunswick, Dresden,
  Georgetown, Harpswell, Perkins Township,
  Phippsburg, Richmond, Topsham, West Bath,
  Westport, Wiscasset, and Woolwich.

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Midcoast Redevelopment Mortgage

• All other requirements, such as income limits and
  home purchase price limits, still apply
• Income limits by area and family size
• 1-2 person household range 69,500 to 73,600
• 3 person household range 79,900 to 84,700

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Operation New Home
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Operation New Home

• Veterans and active duty military who are
  non-first-time homebuyers.
• Meaning they have had an ownership interest in
  their principal residence within the last 3 years
• Not had a mortgage financed with mortgage
  revenue bonds

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How To Apply

• MaineHousing offers mortgages through more than
  30 participating lenders
• To find an approved lender, program details, and
  current interest rates
• 1-800-452-4668
• www.mainehousing.org/homeloan/