Program Realization

MaineHousing’s Very first Home loan Program makes it easier plus reasonable to buy property of your own giving reduced fixed interest mortgage loans. You will find possibilities with little or no down payment needed, while you nonetheless still need advice about the bucks for closure will cost you, i provide a down payment and you will closure rates recommendations alternative named Advantage.

Hardly any down-payment – Whenever a beneficial MaineHousing home loan are together with a federal government warranty (FHA/RD/ VA) or with a good MaineHousing approved private home loan insurance company, hardly any down-payment is necessary.

MaineHousing is offering an exclusive financial insurance rates airplane pilot system with Arch MI for starters Product Single Family unit members services and you may approved Condominiums located in the urban centers away from Bangor, Lewiston, Auburn, Westbrook, Portland or Southern Portland merely. MaineHousing Brief Book

Virtue down payment and closure pricing guidance – The advantage solution can provide $5,one hundred thousand toward the bucks you want to have closure. Applicants choosing Advantage must take a good hoMEworks-acknowledged homebuyer education classification prior to closure and may build a great minimal borrower contribution of just one% of the mortgage. The price of new homebuyer knowledge classification counts into the 1% contribution. Advantage Summary Layer

Multi-Product Advantage The brand new Multiple-Device Virtue choice also have $5,one hundred thousand in conclusion can cost you and you will downpayment recommendations per domestic device in two in order to five device functions. (more…)