Supporting Maine Homebuyers – The Maine State Housing Authority (Unstoppable Woman! - Day 22)
The Maine State Housing Authority (MSHA) is an independent state agency that provides affordable loan programs to Maine’s low and moderate income residents. Their loan programs include Homebuyer Assistance, Home Improvement Assistance, Rental Assistance, Energy Assistance, Homeless Assistance, and Housing Development. The mortgages offered have low fixed rates and down payment assistance for those found eligible.
Currently they are promoting their Gift of Green program, which provides a grant of $2,500.00 to eligible homebuyers to help with loan closing costs and a $500.00 coupon for a home energy audit. There are additional federal tax credits worth up to $1,500.00 available for qualifying home energy improvements. To find out how to qualify for this Gift of Green program, see the MSHA Gift of Green program summary.
You may be eligible for their First Home Program if you are a first-time home buyer or if you have not owned a home in the past three years. Almost all types of residences qualify for the First Home Program: new and existing single family, owner-occupied up to 4 unit buildings, condominiums, and mobile homes less than 20 years old. For more details of this program and to see if you qualify, visit the MSHA First Home program summary.
Retired and active duty military may also qualify for low fixed rate mortgages through the Operation New Home program, even without being a first-time homebuyer. All Operation New Home mortgages have payment protection in case of unemployment through the Maine HOPE – HomeOwnership Protection for unEmployment program.
The MSHA also provides educational classes to assist homebuyers with making good financial and lifestyle decisions when purchasing a home. They provide some good information on Preventing Foreclosure and Predatory Lending, as well as Energy Related Education and Fair Housing Education.
The Maine State Housing Authority is an excellent program for qualified Maine homebuyers and a MaineHousing mortgage can be combined with a FHA or VA loan guarantee. With all of these available programs and up to $4,500.00 in financial incentives, HOW CAN YOU AFFORD NOT TO BUY A MAINE HOME?
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