Within my 20+ years while the a profitable financial manager, We helped tens and thousands of first time home buyers pick the first residential property. Now since the owner of a real estate department, I still have to show consumers how simple it is so you’re able to purchase the earliest house and how to get help from new Condition to take action! Investigate guidance less than to acquire a quick suggestion about how precisely you should buy very first home, and then send me a contact!

MaineHousing’s Basic Financial Program makes it easier plus sensible to order a house of one’s by giving reasonable repaired rate of interest mortgages. Discover choices with little to no if any down payment needed, if in case you nevertheless still need advice about the money to possess closure costs, we also offer a down payment and closure rates direction solution titled Advantage.

Very little down-payment – When an effective MaineHousing mortgage was and a federal government guarantee (FHA/RD/ VA) otherwise having good MaineHousing recognized private financial insurance company, almost no down-payment becomes necessary.

MaineHousing is currently providing an exclusive home loan insurance policies airplane pilot system which have Arch MI for 1 Tool Solitary Family unit members qualities and you will approved Condominiums found in the urban centers of Bangor, Lewiston, Auburn, Westbrook, Portland otherwise Southern Portland only. MaineHousing Small Guide Advantage down payment and you may closure prices guidelines – The main benefit alternative also have $step 3,500 to your the money you need getting closing. People choosing Advantage must take good hoMEworks-accepted homebuyer degree group prior to closure and really should make an excellent lowest debtor sum of 1% of your own financing. The expense of this new homebuyer education category matters toward step one% sum. Advantage Conclusion Sheet

Low repaired interest levels no point and you may reasonable part options – MaineHousing’s low interest can save our very own mediocre homebuyer tens and thousands of dollars across the full term of one’s mortgage

MaineHousing even offers each other a zero point and you can a two part home loan option. Whether commission regarding things renders monetary feel for your requirements get depend about how a lot of time you think you’ll be able to stay static in your residence instead refinancing their financial. Most recent Rate Sheet

Renovations used in your loan number – The purchase Together with Improve alternative profit the purchase and you can requisite repairs out of property which have you to mortgage. If you find yourself qualified, you can were anywhere between $five-hundred and you can $thirty-five,000 to have renovations on your own home loan, so long as the cost of our home as well as advancements do maybe not surpass program cost limitations. Purchase As well as Improve Summation Layer

• Financial support to own cellular property – MaineHousing even offers mortgages to own unmarried- and you may twice-large cellular property found on had otherwise hired belongings. Using this type of program option, you will find a price limitation of $175,000 statewide, interest levels are a tiny large, plus the term of your own financing will be based upon this of the cellular home. Cellular Family Self-Insured Bottom line Piece

Qualifications

• Are I a first-day homebuyer? For those who have perhaps not held a control demand for the prominent household within the past installment private loans Miami three years, you meet the requirements since a primary-day homebuyer. It means even if you possess had a property before you could might still be eligible.

• Have always been We a veteran, resigned military or into the certified energetic obligation? In this case, the original-time homebuyer criteria is waived and MaineHousing provides an interest rate reduction. Salute Me Summation

• Even in the event house income constraints apply, extremely Maine home are money-entitled to the applying. Constraints will vary based on how many people live-in your family and you may in which inside the Maine you intend order your household.
• You really need to have a fair credit rating that have a minimum borrowing from the bank get away from 640.
• Can i manage a house? Basically, you really need to plan to use just about 29 – 33 percent (29 -33 %) of the money to own a monthly mortgage repayment. A MaineHousing-acknowledged First House Financial can help you regulate how far house you really can afford and you will pick any credit circumstances needed to work to your prior to purchasing.

• New and you can existing unmarried nearest and dearest belongings.
• Owner-filled, 2- to 4-product flat buildings.
• Condominiums.
• Forever attached cellular belongings oriented over the past two decades.(Mobile domestic tends to be found on owned otherwise rented belongings.)