Buying your first home in Maine may be more achievable than you think. Maine offers several programs that help first-time homebuyers with lower rates, smaller down payments and closing cost help.
MaineHousing First Home Loan
MaineHousing, the state's housing finance agency, offers the First Home Loan program for qualifying first-time buyers. Borrowers must meet income and purchase price limits, which vary by county and household size. The program works with participating lenders across the state.
Down payment assistance in Maine
MaineHousing has offered down payment and closing cost assistance that pairs with its First Home Loan. The amount and terms change over time, so check the current offering with a participating lender.
Other first-time homebuyer loan options
FHA loans with low down payment requirements
USDA Rural Development loans with zero down in eligible rural areas, which cover much of Maine
VA loans for eligible veterans and service members
Conventional loans with as little as 3 percent down for qualified buyers
Who counts as a first-time homebuyer?
For many programs, you qualify if you have not owned a primary residence in the past three years. Veterans and buyers in certain targeted areas may qualify even if they have owned before.
Tips for first-time homebuyers in Maine
Take a homebuyer education course, which some programs require. Budget for heating costs, since Maine winters are long. Ask about the Maine homestead exemption, which can reduce your property tax bill once you own your primary home.
Start your first home search in Maine
The Fontaine Family real estate agents work with first-time homebuyers in Maine every day. Contact us to connect with a MaineHousing participating lender and start touring homes that fit your budget.
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