Unlocking Affordable Homeownership in Maine: Your Guide to the First Home Loan & First Generation Programs

by Adrian Sincyr

Hi, I'm Adrian Sincyr, your go-to realtor serving Central Maine and beyond. If you're navigating Maine's competitive housing market and seeking affordable homeownership options, you're in the right place.

MaineHousing's First Home Loan Program

MaineHousing's “First Home Loan Program” offers low fixed interest rate mortgages, making homeownership more accessible: https://www.mainehousing.org/programs-services/homebuyer/homebuyerdetail/first-home-loan-program Key benefits include:

Low Fixed Interest Rates: Save thousands over the loan's term.
Down Payment Assistance: The Advantage option provides $5,000 toward closing costs, requiring a minimum borrower contribution of 1% of the loan amount.
Flexible Property Options: Eligible properties include single-family homes, owner-occupied 2-4 unit buildings, condominiums, and mobile homes built within the last 20 years.
Payment Protection: The Maine HOPE program can assist with up to four mortgage payments in case of unemployment.

To qualify, you generally need a minimum credit score of 640 and must meet income and purchase price limits, which vary by location and household size: https://www.mainehousing.org/docs/default-source/homeownership/meh-quick-guide-062019.pdf

Steps to Homeownership

Check Your Credit: Ensure your credit score meets the minimum requirement.
Find a Lender: Contact a MaineHousing-approved lender to determine your eligibility and get pre-approved.
Complete Education: Enroll in required homebuyer education classes.
Start House Hunting: Work with a knowledgeable realtor (like me!) to find your ideal home.
Apply for Assistance: Submit your application for the First Home Loan or First Generation Program through your lender: https://www.mainehousing.org/programs-services/homebuyer/homebuyerdetail/first-generation-program

Let's Connect

As your dedicated realtor in Central Maine, I'm here to guide you every step of the way. let's work together to make your homeownership dreams a reality.

Adrian Sincyr
Your Go-To Realtor Serving Central Maine and Beyond