MaineHousing Advantage
Funding status: Active
How much assistance
$5,000 (Grant)
No repayment required. No second mortgage and no rate add-on.
Eligibility
- Income limits: Same as First Home Loan Program; varies by household size and county
- First-time buyer required: Yes — Must not have had an ownership interest in a home during the past 3 years.
- Credit score minimum: 640
- Geographic restrictions: Must purchase within the state of Maine.
- Homebuyer education required: Yes
How to Apply for MaineHousing Advantage
Step 1: Must be paired with a MaineHousing First Home Loan, Salute ME, or Mobile Home Self-Insured mortgage. Complete a hoMEworks-approved homebuyer education class prior to closing. Make a minimum borrower contribution of 1% of the loan amount (the cost of the education class counts toward this).
Notes
Does not increase the loan amount. Available with FHA, VA, and RD insurance as well as Mobile Home Self-Insured mortgages.