During my 20+ years as a successful mortgage officer, We helped tens and thousands of first-time homebuyers pick its earliest homes. Today as the manager off a genuine estate department, I nevertheless should inform you buyers just how easy it is to help you purchase its very first household and ways to rating help from the fresh new Condition to do this! Look at the guidance lower than to locate a quick idea about how you can get your first home, right after which send me a message!

MaineHousing’s Earliest Financial Program makes it much simpler and reasonable to shop for a home of your giving lowest fixed interest mortgage loans. Discover possibilities with little to no if any down payment needed, just in case you nevertheless still need advice about the money to own closing will set you back, we supply a down payment and you may closure prices recommendations alternative entitled Advantage.

Hardly any downpayment – When a beneficial MaineHousing home loan is alongside a national warranty (FHA/RD/ VA) otherwise which have an effective MaineHousing acknowledged private home loan insurance company, little or no advance payment is necessary.

MaineHousing is currently giving an exclusive mortgage insurance coverage airplane pilot system having Arc MI for just one Tool Single Family functions and you may accepted Condos found in the towns off Bangor, Lewiston, Auburn, Westbrook, Portland or South Portland simply. MaineHousing Quick Guide Virtue down-payment and you can closing prices guidelines – The advantage option also provide $step three,500 into the money you want to possess closure. Applicants choosing Advantage must take an effective hoMEworks-recognized homebuyer knowledge class just before closing and really should generate an effective minimum debtor sum of 1% of one’s loan. The expense of the brand new homebuyer knowledge classification counts towards 1% contribution. Advantage Conclusion Piece

Reasonable fixed rates and no section and you can reasonable area selection – MaineHousing’s low interest can save all of our mediocre homebuyer tens of thousands of dollars across the full term of financing

MaineHousing has the benefit of one another a no section and you may a two point mortgage alternative. If or not payment from circumstances makes monetary feel to you personally may rely about how long do you believe you can remain in your home instead refinancing your own mortgage. Newest Price Sheet

Home improvements used in the loan number – The purchase Plus Improve option finances the purchase and called for fixes out-of a property which have one loan. When you are qualified, you’ll be able to is ranging from $five hundred and you can $thirty five,000 getting renovations in your financial, provided the expense of your house also advancements does not meet or exceed program price restrictions. Get Also Update Realization Layer

• Resource to possess mobile residential property – MaineHousing even offers mortgages to own solitary- and you will double-wide cellular property situated on had otherwise hired residential property. With this specific system option, you will find a price restrict away from $175,000 statewide, rates try a little highest, additionally the identity of your mortgage is dependant on age of the cellular family. https://clickcashadvance.com/installment-loans-ca/modesto/ Mobile Family Mind-Covered Bottom line Layer

Qualifications

• Was We a primary-big date homebuyer? For those who have maybe not kept a control interest in their dominating domestic within the past three years, you meet the requirements because the a primary-time homebuyer. That means even if you has possessed a house before you can may still meet the requirements.

• In the morning We a veteran, retired army otherwise with the accredited active obligations? Therefore, the initial-big date homebuyer criteria is actually waived and MaineHousing brings an interest rate reduction. Salute Me personally Realization

• No matter if house money restrictions implement, extremely Maine domiciles try money-entitled to the program. Limitations will vary based on how a lot of people inhabit your family members and you will where inside Maine you want to buy your house.
• You really must have an acceptable credit score which have at least borrowing rating out of 640.
• Can i pay for property? Generally, you ought to intend to play with only about 30 – 33 percent (30 -33 %) of your earnings having a month-to-month mortgage repayment. An excellent MaineHousing-acknowledged Earliest House Financial helps you decide how much domestic you can afford and you will pick people borrowing things you’ll need to get results into the before you buy.

• The new and you will present unmarried family members house.
• Owner-occupied, 2- so you can 4-tool apartment structures.
• Condos.
• Forever attached mobile residential property established within the last 20 years.(Mobile household can be situated on had otherwise leased home.)