I hope that everyone who is thinking about buying a home this year reads my blog; especially first time homebuyers. There are opportunities in the market today that deserve more attention.
ATTENTION: First time homebuyers; do you know about the Maine State Housing loan program? Do you know about the Rural Development Guarantee Loan Program?
The two loan programs mentioned above can be combined to offer some of the most attractive financing for first time buyers I have seen in the past 6 years. The 30 year fixed rate for a Maine State Housing loan as of today, 2/18/11, is 4.375%. This is almost a full point lower than a conventional mortgage. When combined with a Rural Development loan there is no requirement for a down payment and no monthly mortgage insurance expense.
I would like to draw your attention to those facts again. Qualified first time buyers can obtain a 4.375% 30 year fixed rate with no down payment on single family homes located almost anywhere in Maine. (The Rural Development program will not lend in highly populated areas such as Portland, South Portland and parts of Bangor, Lewiston/Auburn, and Biddeford.)
If you live outside of Portland and are sick of paying rent take a moment and call a local mortgage lender to discuss this financing option in more detail.
I know what your next comment will be, where am I going to find a home I like at a price I can afford?
Please allow me to highlight the following property which is eligible for the financing discussed above.
9 Deerfield Circle Standish, ME
(A picture of this property can be found by scrolling down to a previous blog entry entitled "I love my marketing department.")
This home has been completely renovated with energy efficiency and comfort in mind. It has a private 2 acre setting on a dead end street and is less than a 30 minute drive to Portland. It is listed for sale by Dowd Properties at $174,500. I have personally visited the property and feel it is the perfect fit for a young family. If interested you can call Debi Dowd directly with your questions at 207-773-6250 ext 22.
This is a great time for people to consider homeownership.
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