HOMEPORT and Maine Housing Financial Assistance Programs

 

Have you heard about HOMEPORT?  It’s been around for years, but many of people have never heard of it.  HOMEPORT is a program that’s been designed to help low and moderate income individuals and families with a home purchase or rehabilitation project.  The program offers financing assistance for existing housing rehab, first-time homebuyers, and new construction. 

Do you qualify?  You might.  Income limits are defined by the household size.  An individual homeowner applying to HOMEPORT, for example, cannot make more than $40,500 per year and a 2-person household cannot earn more than $46,300 annually.  To qualify as a first-time homebuyer, you may not have owned a home within the last 3 years.  You must also be able to make a cash down payment of at least 1% of the purchase price or $1,000 whichever is greater.  Anyone applying for a HOMEPORT loan needs to have good credit, a stable income, and must plan on living in the home.  Single family homes as well as condominiums qualify for the loan as long as the purchase price (or after rehab value) is not more than $256,025.  There are additional requirements.  For example, buyers needs to complete a series of homebuyer education classes which are available at hoMEworks.—These courses need to be completed before applying to HOMEPORT.

Participating banks and the complete HOMEPORT guidelines can be found at www.ci.portland.me.us/planning/homeportguidelines.  Income limits are shown for up to 8 member households on the web site.

Another program that’s available to low-income homeowners is called the MaineHousing Home Repair Program.  This program can help homebuyers make repairs and improve the energy efficiency of their homes that they otherwise could not afford.  Visit www.mainehousing.org for more information.

Both programs are excellent, and you may qualify.  Help is available to help you buy or repair your existing home.

Colleen Bedard is a Realtor with Townsend Real Estate.  She can be contacted at cbedard@townsendre.com  or 233-7273

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