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Maine First Time Home Buyer

Real Estate Market News

maine-first-time-home-buyerFirstHomeBuyers looked into the crystal ball last year and predicted rates would go to 4.25% and currently, mortgage rates are sitting around 4.00% to 4.25% range. Our rate forecast for 2014 calls for another spike in rates which could reach 5.50% by the end of next year due to the very good possibility that the Federal Reserve will embark on a rate tightening policy in 2015. Also, if the economy suffers another blow such as a government shutdown then we could see rates spike to 6-7% range.

Low rates have helped ignite first time home buyer purchases and home prices will continue to rise in Maine so first home buyers need to get off the fence and get preapproved before homes become less affordable.

 

Maine First Time Home Buyer Programs

USDA 100% Financing Program apply now
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility. Email Dream@Firsthomebuyers.net with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
NO PMI or Private Mortgage Insurance
Seller can pay 6% of purchase price toward closing costs

FHA Program apply now
Low down payment
620 minimum credit score
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Kiddie condo option: Parents or family member can co-sign on loan
Lower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

Good Neighbor Next Door apply now
good-neighborGet home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
Low Down Payment Option available in HUD Participating Communities.**

Home Possible Neighborhood Solution Program apply now
teacher-first-time-home-buyer  You may be eligible for this program is you are a Teacher, Law Enforcement Officr, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

VA Loan
apply now
va-first-time-home-buyer0 down payment
Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
620 minimum credit score
No maximum loan limit
Single family home-VA approved condo-townhome

FHA Streamline 203k Renovation Loan apply now
203k-rehab-loanRepairs which range from $5,000-$35,000+ may be included in loan amount.
Great program to fix up foreclosures. 
Visit 203K Loan for more details on Streamline 203k program
 

PMI Buster apply now
no-pmi
Low down payment
NO PMI or mortgage insurance
720 minimum credit score

 

Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying Your First Home
Don't know where to start? View video on how to buy your first home.

Search Homes
Search for homes in your area. Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

Down Payment Assistance
Maine State Housing Authority provides $2,000 down payment assistance.
Community Development Block Grant Program provides 1st homebuyer grants in targeted Maine communities.
Dream Makers Program
Grant program which matches your contribution three-to-one up to maximum $5,000. Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program. FHA, VA, USDA programs available
There are maximum income limitations.Apply for grant