" " " Maine's Waterfront Real Estate News: Maine's New Down Payment Assistance Program

Wednesday, October 21, 2009

Maine's New Down Payment Assistance Program

AUGUSTA – MaineHousing current popular Gift of Green promotion ends November 30, but the agency will have a new promotion in place to help first-time homebuyers with their down payment and closing costs, MaineHousing Director Dale McCormick said.

Eligible homebuyers need to act quickly if they want to take advantage of the current Gift of Green offer before it changes, said McCormick. Borrowers must have their loan reserved with one of MaineHousing’s participating lenders by November 30 to qualify.

The current Gift of Green promotion provides MaineHousing borrowers with a grant of up to four percent of their mortgage, to a maximum of $5,000, to help pay for the down payment and closing costs on the home they are buying. It also provides them with a coupon for a home energy audit worth up to $500.

“Beginning December 1, our revised Gift of Green promotion will provide all MaineHousing borrowers with a flat amount ? $2,500 ? to help with down payment and closing costs,” said McCormick. “It also will continue providing the $500 gift coupon for home energy audits.”

McCormick noted that about 800 Maine families have used or are using the Gift of Green program to buy their first home, well over the goal of 500 homes MaineHousing set when the program started in mid-June.

She credited strong support for the program from partners such as the Maine Association of Realtors, the Maine Association of Community Banks, and the Maine Credit Union League as one reason for the program’s success.

“This has been the most successful homeownership promotion we ever have offered,” McCormick said. “It came at a very crucial time to help stimulate Maine’s housing market and get potential homebuyers off the fence.”

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