First-Time Home Buyer Programs in Maine

Maine Housing Programs

First Home Loan Program

Eligibility: First-time buyers (none in past 3 years), veterans first time using the program, or single parents splitting with ex-spouse.
Offerings: 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) + down payment assistance up to $5,000 grant.
Requirements:

• Income ≤ regional limits (e.g., $129,800 for 1–2 ppl or $149,270 for 3+ in Portland/HMFA). View 2025 income & price limits.
• Credit score ≥ 640.
• Debt-to-income typically capped at 30–50%.
• Homebuyer education required.
• Purchase price limit: up to $565,000 in HMFA areas; varies by county.

Advantage Program

Benefits: $5,000 non-repayable grant for down payment/closing costs. Requires borrower contribution of 1%. Details & eligibility.

Salute ME & Salute Home Again

Description: 0.25–0.5% interest rate discount for veterans and active-duty military. Salute Home Again waives first-time requirement. Program information.

First Generation Program

Benefits: $10,000 grant + 1% rate discount for true first-generation buyers; requires education and 1% borrower contribution.

Multi-Unit Advantage

Benefits: Grant per unit — $5K (1-unit), $8K (2-unit), $11K (3-unit), $14K (4-unit); requires landlord and homebuyer education.

Purchase Plus Improvement (PPI)

Description: Finance purchase + up to $35,000 for permitted improvements in one loan; work must begin within 30 days and finish within 180 days.

Mobile Home Options

Self-Insured: For mobile homes ≤20 years, LTV up to 95% without PMI. Replacement Initiative: Up to $35,000 grant to replace pre-1976 mobile homes on site.

Local Programs

Portland

PHA DPA: Up to $10,000 deferred loan; income ≤ 80% AMI (e.g., ~$77,350 for family of four).

Bangor

Bangor DPA: Up to $7,500 forgivable after 5 years; income ≤ 80% AMI.

Lewiston–Auburn

Community Concepts DPA: Up to $15,000 deferred loan; income ≤ 80% AMI; requires education.

Additional Information

• Mortgage Credit Certificate (MCC): 25% tax credit on interest (max $2,000/year); available with MaineHousing loans.
• USDA, VA, FHA Loans: 0% down for USDA/VA; FHA requires 3.5% down (credit ≥ 580 with PMI).