First-Time Homebuyer? Here are Your Mortgage Options
Becoming a first-time homebuyer can be a life-changing adventure—and also an excellent way to enhance your personal wealth. So, what are the best mortgage options for first-time homebuyers? Let’s take a moment to review them—including several very beneficial MaineHousing programs—and remember: We are always available here if you need additional details.
First Home Loan Program
Available to Maine residents with low to moderate income who have not held an ownership interest in their principal home within the past three years, this option requires little down payment and offers loans with low fixed-interest rates. Eligibility requirements and other stipulations apply. A MaineHousing program.
First Generation Loan Program
This program is for borrowers who have never lived in a home owned by their biological parents or legal guardians. It is also available for those who have been in foster care at some point in their childhood. Benefits include a low fixed-interest rate mortgage, down payment and closing costs assistance, and education classes. A MaineHousing program.
Salute ME Program?
Designed to show appreciation to Maine Veterans who are first-time homebuyers, this program’s benefits are similar to the First Home Loan Program, plus it offers an additional discount on the already low fixed interest rate. Eligibility requirements and stipulations apply. A MaineHousing program.
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USDA Rural Development Guaranteed
Created by the U.S. Department of Agriculture for low-and moderate-income households in rural areas, this program allows borrowers to finance up to 100 percent of the purchase price of their new home. Eligibility requirements and stipulations apply.
Conventional Fixed-Rate Loan
This is a mortgage loan not insured or guaranteed by a government entity. Among the benefits of these loans is that they do not have income limits, and only a small down payment is required. For first-time homebuyers who plan to pay down less than 20 percent, Private Mortgage Insurance (PMI) is required.
KFSM Mortgage Company is an Approved MaineHousing Lender. For more information and answers to all your mortgage-related questions, we invite you to contact KFS Mortgage Company.
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