Special Loan Program For 1st Time Buyers In ME
Looking to purchase your 1st residence in Maine but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Maine are provided by the Maine State Housing Authority (MSHA). Not only do they provide low fixed rates on your mortgage loan, they also provide other esteemed programs for 1st time home buyers.
Here are some details on MSHA’s loan program:
MaineHousing’s First Home Loan Program provides low fixed rate mortgages 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 Loan 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.
MaineHousing mortgage options include:
- No point and low point options – Discount points may be paid at closing to reduce your interest rate. MaineHousing offers both a zero point and a two point mortgage option. Whether payment of points makes financial sense for you may depend on how long you think you’ll stay in your home without refinancing your mortgage.
For complete details on this loan, including contact information and instructions on how to apply, please visit this MSHA loan information page.
More Maine First Time Buyer Resources
In addition to the above first time homebuyer loan from SONYMA, there are other resources available as well. Be sure to visit Maine down payment assistance, as well as our page that shares details about grants available in ME to purchase your first home.