Maine Housing offers help to first-time homebuyers

STATEWIDE (WGME) -- June is National Homeownership Month and the Maine State Housing Authority is offering help for first-time home buyers.

"The focus of our program is to make homebuying more affordable," says Craig Reynolds, the director of Homeownership at Maine Housing.

Reynolds says the hunt for a home can be daunting, especially when it comes to paying for it.

"When people do the math in their heads and determine what 20% of a purchase price would be, it's sobering," says Reynolds, "And I think it frankly discourages a lot of people."

Some Mainers, however, could be eligible for Maine Housing's First Home Loan program. Options include little or no down payment, advantage down payment and closing cost assistance, low fixed interest rates with low point and no point options and home improvements included in your loan amount.

"There are income and purchase price limits to our program" says Reynolds, "We feel they're very generous and we feel they apply to most homes and most homebuyers in Maine."

Reynolds says the program has helped many people who thought homeownership wasn't possible.

"Most people think of owning a home as being probably the ultimate goal of the American Dream and I would agree with that," says Reynolds.

Whether you take advantage of this program or not, Reynolds hopes buyers will take this piece of advice: take a homebuyer education class.

"People who take the class very, very frequently say, 'I learned things that I never knew'," says Reynolds.

Learn about the pros and cons of renting and buying, plus what you're eligible for here.

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