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Get Matched Free →Homebuyer Programs in Portland, ME (2026)
Portland is Maine's largest city and cultural hub, located on Casco Bay in Cumberland County. With a median home price around $545,000, buying a home here is a significant investment, but several assistance programs can help. MaineHousing's Advantage program offers a $5,000 grant for down payment and closing costs, while the First Generation Program provides a $10,000 grant plus a reduced interest rate for buyers whose parents never owned a home. Veterans can access the Salute ME program for a 0.50% rate discount. Locally, Habitat for Humanity of Greater Portland builds affordable homes for families earning 35-80% of area median income, and the Portland Housing Authority offers a Voucher Homeownership Program for eligible voucher holders. By combining state and local programs with federal options like FHA and VA loans, Portland buyers can stack meaningful assistance toward homeownership.
Top Homebuyer Programs in Portland
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Portland Housing Authority Voucher Homeownership Program | Grant | Housing Choice Voucher covers a portion of monthly mortgage payments for up to 15 years | No | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| Habitat for Humanity of Greater Portland Homeownership Program | Deferred Loan | Affordable mortgage to purchase a Habitat-built home | Yes | View → |
| MaineHousing Advantage | Grant | $5,000 | Yes | View → |
| MaineHousing First Generation Program | Grant | $10,000 grant plus 1% below-market interest rate | Yes | View → |
| MaineHousing First Home Loan Program | Deferred Loan | Low fixed-rate 30-year mortgage with little or no down payment | Yes | View → |
| MaineHousing Salute ME | Deferred Loan | 0.50% interest rate discount on MaineHousing First Home Loan rate | No | View → |
- Type:
- Grant
- Amount:
- Housing Choice Voucher covers a portion of monthly mortgage payments for up to 15 years
- First-time only:
- No
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Deferred Loan
- Amount:
- Affordable mortgage to purchase a Habitat-built home
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- $5,000
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- $10,000 grant plus 1% below-market interest rate
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- Low fixed-rate 30-year mortgage with little or no down payment
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- 0.50% interest rate discount on MaineHousing First Home Loan rate
- First-time only:
- No
How to Apply
- Step 1:
Check your eligibility. MaineHousing income limits for Cumberland County vary by household size but most Maine households qualify. Verify your income eligibility with a MaineHousing-approved lender.
- Step 2:
Complete homebuyer education. Take a hoMEworks-approved homebuyer education class through the Avesta Housing NeighborWorks HomeOwnership Center at 307 Cumberland Avenue, Portland. Classes are $30 per person and satisfy the requirement for MaineHousing programs. Call (207) 553-7777 for schedule information.
- Step 3:
Contact a MaineHousing-approved lender. Maine has over 40 approved lenders who can help you apply for the First Home Loan Program with the $5,000 Advantage grant or the $10,000 First Generation grant.
- Step 4:
Explore local programs. Contact the Portland Housing Authority at (207) 773-4753 about the Voucher Homeownership Program, or reach Habitat for Humanity of Greater Portland at (207) 772-2151 to learn about their affordable homeownership opportunities.
- Step 5:
Get pre-approved for a mortgage. Work with your lender to determine how much home you can afford and which MaineHousing program best fits your situation.
- Step 6:
Find a home within program limits. MaineHousing purchase price limits vary by county. Your lender can confirm the current limits for Cumberland County.
- Step 7:
Submit your application and close. Your lender will process the MaineHousing loan and any grant assistance. The $5,000 Advantage grant or $10,000 First Generation grant is credited at closing.