FHA Federal Housing Administration

This program is designed specifically for low- to moderate-income groups. Compared to many conventional loan programs, the down payment is low. The eligible credit score is low, too. It is a great first-time home buyer program in Maine. Characteristic features are -

• 3.5% down payment
• Can provide $5,000 toward a down payment or closing cost assistance.
• A minimum borrower contribution is a must that is 1% of the loan amount.
• The borrower needs to complete a Homebuyer Education class from a hoMEworks-approved provider.

RD Rural Development

This housing program is a significant advantage for people from rural areas in Maine. Homeowners can take loans to purchase or refurbish their existing homes. The loans are meant for families that do not have adequate housing or finances to own a house upfront but can afford to pay the mortgage rates in Maine. The down payment is 0%. Other inclusions are -

• 30-year fixed rate on all property types except mobile homes
• Up to $35,000 in home improvements, including ENERGY STAR® appliances

VA Veterans Administration Loan

As the name suggests, this home-buying assistance is for veterans and military personnel still active in the profession. The benefits are plenty. Some of these are -

• No down payment is required.
• Flexible credit requirements.
• Private mortgage insurance is not required.
• Property types - Existing 1-4 units, new 1-units, condos, mobile homes ≤ 20 years old on owned land
• Borrowers will be offered $5,000 toward a down payment or closing cost assistance.

MaineHousing Conventional No MI

MaineHousing Authority offers this program where homebuyers can secure a loan minus mortgage insurance. Thus, the monthly payments are comparatively low. This program is perfect for those who have purchase and income limits. The other inclusions are -

• 20% down payment assistance
• Property type - Existing 1-4 units, new 1-units, condos, mobile homes ≤ 20 years old on owned land
• Borrowers need to complete a Homebuyer Education class from a hoMEworks-approved provider.

MaineHousing Self-Insurance for Mobile Homes

This is a self-insurance loan program for mobile home borrowers. If you are looking for a non-conventional housing scheme like mobile homes, up to 5% down payment assistance is provided. The property type requirement is that the mobile home be less than 20 years old and on owned or leased land. The purchase price and loan limits are $200,000 on leased land and $250,000 on owned land.

Arch PMI

In this program, the down payments are as low as 3%. The monthly premiums are risk-rated. At the same time, Financed MI is not allowed. There is a 30-year fixed rate on all property types. Additionally, home buyers are offered up to $35,000 for home improvements, including ENERGY STAR® appliances.

MaineHousing First Home Loan Program

This MaineHousing first-home loan program gives borrowers a 30-year fixed-rate mortgage on conventional loans or VA, FHA, or USDA loans. Almost no down payment has to be paid. The interest rate is either 0% or 2%. There is payment protection in case the buyer loses their job.

MaineHousing Salute ME

This program by MaineHousing Authority is focused on active-duty, retired, and veteran military personnel. A 0.5% discount with a 30-year fixed-rate mortgage on home loans exists.

MaineHousing Purchase Plus Improvement Program

The PPI program from MaineHousing finances between $500 and $35,000 for home improvements. Home purchase financing options are also provided.

MaineHousing Advantage

In this program, borrowers receive up to $5,000 down payment and closing cost assistance. They must combine the program with a MaineHousing loan program.

First Generation Program

This program is specifically aimed at people who have mostly spent their childhood in foster care or have hardly been in a home owned by their biological parents or guardians. Fixed-rate mortgages and closing cost funds of up to $10,000 are offered for applicants who have done the educational requirements.

USDA Loan

Homeownership is affordable with this loan program from USDA. It is best for home buyers with low and moderate incomes. It is aimed at borrowers residing in particular rural areas who need help affording conventional mortgage requirements.