MaineHousing First Generation Program
Funding status: Active
How much assistance
$10,000 grant plus 1% below-market interest rate (Grant)
No repayment required on the $10,000 grant.
Eligibility
- Income limits: Same as First Home Loan Program; varies by household size and county
- First-time buyer required: Yes — Must never have lived in a home owned by biological parents or legal guardians, or must have been in foster care.
- Credit score minimum: 640
- Geographic restrictions: Must purchase within the state of Maine.
- Homebuyer education required: Yes
How to Apply for MaineHousing First Generation Program
Step 1: Apply through a MaineHousing-approved lender. Complete a MaineHousing-approved Financial Literacy class first, then complete a hoMEworks-approved homebuyer education class. Make a minimum borrower contribution of 1% of the loan amount.
Notes
Interest rate is reduced by 1% from the regular First Home Loan base rate. Borrowers must complete Financial Literacy class before taking the homebuyer education class.