Maine First Generation Program

How is Maine First Generation Program paid back?

Grant.

Grants don't have to be repaid, provided you stick to the program's rules.

Who qualifies for Maine First Generation Program?

• Eligibility is limited to borrowers whose parents, or legal guardians, never owned a home they lived in, or who were children in foster care.
• This varies with your county and household size and goes up to $159,965.
• This is only open to first-time buyers, which usually means you haven't owned a home in the past three years.
• You'll need a credit score of at least 640.
• Before you buy, complete a homebuyer education course.
• The help comes with a fixed-rate mortgage through the MaineHousing First Generation Program, from an approved MaineHousing lender.
• The price limit varies with the location and the type of property.

Check the income chart from the agency for the exact income limit that applies to your county and household size. You can see the median income in your area with our HUD income limits tool.

How to apply for Maine First Generation Program

1. You apply with one of MaineHousing's approved lenders, together with your home loan, because MaineHousing pays this help out through them.
2. Your lender reviews the home, your credit and your income against the program's rules, then reserves the funds for you.
3. At closing, the money goes toward your down payment and your closing costs.

Check MaineHousing's page for First Generation Program for the full rules and to see if it's taking applications. You can also choose a lender from the agency's participating lender list.

More first-time buyer programs in Maine

• Maine Advantage:

  grant, up to $5,000.

• Maine Multi-Unit Advantage:

  grant worth up to $14,000.

Every first-time home buyer program in Maine · Down payment help in every state