Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Maine

MaineHousing's First Home Loan Program

• Assistance: Offers low fixed interest rate mortgages with options requiring little or no down payment. Additionally, the Advantage option provides up to $5,000 for down payment and closing cost assistance.
• Eligibility: Applicants must meet income limits, which vary depending on household size and the location of the home. A minimum credit score of 640 is required, and participants must complete a homebuyer education course.

Katahdin Trust Company's Down Payment Assistance Programs

• Equity Builder Program (EBP): Provides up to $30,806 in grant funds for down payment, closing costs, homebuyer counseling, and single premium mortgage insurance for qualified first-time homebuyers.
• Housing Our Workforce (HOW): Offers eligible homebuyers up to 10% of the sales price or up to $25,000 (whichever is less) in grant funds toward down payment and closing costs.

Lewiston and Auburn

• Lease and Buy Home Ownership Program: Provides assistance to enable low- and moderate-income households to become homeowners in either city.

Note: Availability of down payment assistance programs can vary by county and city. It's advisable to contact local housing authorities or community development offices in your area to inquire about specific programs that may be available.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.