[Year-Round Housing] First home buyers - financing available; little or no down

[Mlongreene2 at aol.com]

A followup to the Woodman house offering.   There is no reason  why this sale 
would not be eligible for MaineHousing's first time homebuyer  program.     
Low interest,  money available, modest or  no down payments possible:   Check 
this  out::        Mark
 
         Program  Summary
MaineHousing’s First Home Program provides low fixed rate  mortgages to help 
Maine people buy homes of their own – often with little  or no down payment. 
Mortgage options are available with no points, low  points, and extended 
payment terms – you choose what’s right for  you.

First Home interest rates  are usually lower than market interest rates for 
similar products. Lower  interest rates mean lower monthly payments. This can 
save thousands of  dollars -- and often tens of thousands of dollars -- over 
the full term of  a loan. To see how much a MaineHousing mortgage can save you, 
compare the  effect of a _MaineHousing  interest rate_ 
(http://www.mainehousing.org/DATAInterestRates.aspx)  and a market rate using an online _mortgage 
calculator_ (http://www.mainehousing.org/EDUCalculatorMortgage.aspx) . 

All First Home mortgages also come with  payment protection for unemployment. 
If you are a MaineHousing borrower in  good standing and become unemployed, 
Maine HOPE – HomeOwnership Protection  for unEmployment – may be able to help 
by making four MaineHousing  mortgage payments, including taxes and homeowners 
insurance. The amount  paid becomes a junior mortgage lien, with no interest, 
that is repaid when  you pay off your MaineHousing mortgage or stop using the 
home as your  primary residence. It’s a little added protection for you and 
your  home.

MaineHousing  mortgage options include: 
    *   No point and low point options -  Discount points may be paid at 
closing to reduce your interest rate.  MaineHousing offers both a zero point and a 
two point mortgage option.  Whether payment of points makes financial sense 
for you may depend on  how long you think you’ll stay in your home without 
refinancing your  mortgage.  
    *   Optional 40-year term - MaineHousing now  offers an extended term 
option that allows you to repay your loan over  40 years. (This option is not 
available for mobile homes.) If you choose  the 40-year term, your monthly 
payment will be lower, but you will pay a  higher interest rate and more interest 
over time.  
    *   Down payment and closing cost assistance - A  MaineHousing loan with 
mortgage insurance can help you buy a home with  little or no down payment. 
But if you still need help with the cash  needed for closing, consider the Maine 
Assist option. You may be  eligible for 3% of your mortgage amount — up to 
$4,000. Borrowers using  Maine Assist will have a slightly higher interest rate 
on their loans  and must complete a _hoMEworks  homebuyer class_ 
(http://www.mainehousing.org/EDUHomebuyerEducationClasses.aspx)  to be eligible. (If you 
are interested in Maine  Assist you may also be interested in the _Maine  
American Dream Initiative Program (MADI)_ 
(http://www.mainehousing.org/PROGRAMSMadi.aspx?ProgramID=40) .)  
    *   Home improvements included  in your loan amount - The Purchase Plus 
Improvement option  finances the purchase and repair of a home with one loan. 
If you are  eligible, you may include between $500 and $15,000 for home  
improvements  in your mortgage, as long as the cost of the home plus  improvements 
does not exceed program _purchase price limits_ 
(http://www.mainehousing.org/HOMEBUYERPurchasePriceLimits.html) .  
    *   Financing for mobile homes -  MaineHousing offers mortgages for 
single- and double-wide mobile homes  located on owned or leased land. The Mobile 
Home Self-Insured option  provides financing for mobile home property types 
that are ineligible  for private or federal mortgage insurance. With this program 
option,  there is a purchase price limit of $150,000 statewide, interest 
rates  will be a little higher, and the term of the loan is based on the age of  
the mobile home. 
MaineHousing has been a  trusted source for mortgage financing for over 30 
years. If you choose a  MaineHousing mortgage, your mortgage stays with us – it 
will never be  sold. 


Am I  Eligible? 
You may be  eligible if you:  
    *   Are a  first-time homebuyer.  
    *   Have not  had an ownership interest in your home within the past 
three years.  
Although _household income limits_ 
(http://www.mainehousing.org/HOMEBUYERIncomeLimits.html)  apply, most Maine households  are income-eligible for the 
program. Limits vary depending on how many  people live in your household and 
where you plan to buy your home.  

Most types of homes qualify for a  First Home mortgage, including:  
    *   New and  existing single family homes.  
    *   Owner-occupied, 2- to 4-unit apartment buildings.  
    *   Condominiums.  
    *   Permanently attached mobile homes built within the last 20  years. 
(Mobile home must be located on owned or leased land.)  
_Home purchase price limits_ 
(http://www.mainehousing.org/HOMEBUYERPurchasePriceLimits.html)  apply, but vary by location  and are seldom a limiting 
factor. 


How Do I  Apply? 
Apply for a MaineHousing  First Home loan at one of our more than 30 
_Participating  Lenders_ (http://www.mainehousing.org/HOMEBUYERLenders.aspx) . 

For more information  see related information at the top right of the page, 
download our _First Home brochure_ 
(http://www.mainehousing.org/Documents/Brochures/Brochure-FirstHome.pdf) , or contact: 

Homeownership Department    _Email  Us_ (mailto:myfirsthome at mainehousing.org) 
    (207) 626-4663  


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