First Time home buyers in Maine have several valuable mortgage resources that include:
•No point and low point options
Discount points may be paid at closing to reduce your interest rate. Maine down-payment assistance programs offer both a no point and a 2 point mortgage option. Whether payment of points makes financial sense for you may depend on how long you think you'll stay in your home without refinancing your mortgage.
Down payment and closing cost assistance - For a 0.25% add-on to the 0 point rate options, Advantage can provide $2,000 toward the cash you need for closing. A minimum borrower contribution of 1% of the loan amount is required and may be a gift. Borrowers choosing Advantage also must take a hoMEworks-approved homebuyer education class.
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