STATEWIDE PROGRAMS

MaineHousing Advantage

Assistance Available:
The Maine State Housing Authority offers qualified borrowers $3500 to help pay the costs of downpayment, closing, and pre-paid items through the MaineHousing Advantage Program.

The assistance must be combined with a MaineHousing First Home, Salute ME, or Mobile Home Self-Insured Home Mortgage. No cash back at closing is allowed. Any excess assistance will be applied to the loan amount.

Qualifications:
The purchase price limit for a single or doublewide mobile home on purchased or leased land is $175,000. There is no liquid asset test. You must contribute 1% of the loan amount. This contribution may be a gift. You must complete a homebuyer education course prior to closing.

CITY AND COUNTY PROGRAMS

Cities of Auburn and Lewiston
HOMEBuyer Program

Assistance Available:
Auburn and Lewiston Cities have combined efforts to assist low and moderate income individuals in becoming homeowners in either city through their HOMEBuyer Program. The city provides a 5 to 1 match of the borrower’s personal funds. The amount provided by the city will not exceed $5000. Only one grant is allowed per household.

You can also receive a $2000 loan that is forgiven at the end of the required occupancy period. The loan is secured by a second mortgage.

You can also receive an $8000 forgivable loan to lower the mortgage costs of principal, interest, taxes, and insurance (PITI). The loan can drop the mortgage to no lower than 28% of the borrower’s income.

The property must be occupied as the primary residence for a period of 5 years if the total HOME funds are less than $15,000.
The property must be occupied as a primary residence for a period of 10 years if the total HOME funds are between $15,000 and $40,000.
The property must be occupied as a primary residence for a period of 15 years if the total HOME funds are in excess of $40,000.

Qualifications:
You must contribute a minimum of $1000 in personal savings toward the downpayment. Your income must not exceed 80% of the area median. You must have a minimum household income of $25,000 or $20,000 if your first mortgage is being financed by the USDA as a subsidized interest rate loan. You cannot already own residential property.

Single family homes, condominiums, cooperatives, 2-4 unit rental properties, and mixed use properties are eligible. A property inspection is required. The property purchased must be located in Auburn or Lewiston.