Maine - Government Backed Loans

The mission of the Maine State Housing Authority is to assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs. In carrying out this mission, Maine Housing will provide leadership, maximize resources, and promote partnerships to develop and implement sound housing policy.

Purchase Programs

First Home Program

The First Home Program offers low interest, fixed-rate mortgages to assist low-income, first-time homebuyers who have little or no funds for a downpayment. The First Home Program may also be used in conjunction with the Home Ownership Protection for unEmployment program, which offers payment protection in the case of involuntary unemployment. Options for homebuyers who qualify for the First Home Program include no point and low point options, an optional 40-year loan term, downpayment and closing cost assistance, with home improvements to be included in the loan and financing for mobile homes.

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Operation New Home

Designed to assist military veterans and active duty servicemen and women in purchasing a home, Operation New Home provides qualifying homebuyers with low-interest fixed-rate mortgages. Homebuyers who are unable to produce a downpayment have the option of receiving downpayment and closing cost assistance, and a Operation New Home loan also comes with payment protection against involuntary unemployment. Options for homebuyers who qualify for Operation New Home include no point and low point options, an optional 40-year loan term, with home improvements to be included in the loan and financing for mobile homes.

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Maine American Dream Initiative Program - MADI

MADI assists low-income first-time homebuyers to purchase their first home through downpayment and closing cost assistance, repairs and other financing that may be required. MADI provides up to $10, 000 in a 5-year deferred, forgivable, interest-free home loan, wherein no monthly payments are required when loan terms are met.

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Indian Housing Mortgage Insurance Program

The Indian Housing Mortgage Insurance Program enables Native American homebuyers who are building or purchasing a home on tribal lands to qualify for a mortgage loan. This program provides mortgage insurance for homes on tribal land where restrictions on homeownership prevent mortgage lenders from issuing loans. Lenders are provided with a 30-year loan guarantee, which enables them to issue loans to residents on tribal lands.

Continue reading about the Indian Housing Mortgage Insurance Program.