Many First-Time Maine Home Buyers Now Eligible For $10,000 Towards Down Payment
When we look at the cost of living, not just here in Maine but all around the country, we see that so many people that are trying to buy a house are still stuck having to rent an apartment.
There are, of course, many different reasons why that is the case. However, one of the biggest reasons we hear, is that people just don't have the required free cash to put down on a loan to close a deal on a house. And, what this oftentimes leads to, is people paying MORE in rent than they would be paying for a mortgage. And, as we all know, paying rent doesn't help you build equity in anything, a mortgage does.
According to WMTW News 8, a new Maine program will allow some first generation Maine homebuyers access to up to $10,000 to assist in down payments and closing costs when buying their first-ever home.
The program was created to target those Mainers who 'did not grow up in a household where wealth has been achieved through homeownership by previous generations', according to Dan Brennan, Director of the Maine State Housing Authority.
'The First Gen Mortgage Program', initially created by the Maine State Housing Authority, will include a round of educational classes geared towards those first-time home buyers. Additionally, those buyers can apply for the loan (which they must do to get the extra $10K) through one the approved lenders at the Maine Housing Authority.
According to an excerpt from the program's page on the Maine State Housing Authority's Website;
MaineHousing’s First Generation Pilot Program (First Gen) is a mortgage program for borrowers who have never lived in a home owned by their biological parents or legal guardians. The program is also available to borrowers who have been in foster care at some point in their childhood. This program makes it easier and more affordable to buy a home of your own by providing a low fixed interest rate mortgage, down payment and closing costs assistance, and education classes that offer valuable information to help you become a successful long-term homeowner.
For more information, or to see if you qualify, click here!