Is there a New Home Buyer Program with benefits for Maine? My Son is looking to buy his first home with his fiance.

Asked by Pam Libby, Bangor, ME Mon Sep 5, 2011

Are there any current tax breaks (like a few years back) for new 1st Time Home Purchases, here in Maine?

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Charlene Ham…, Agent, Camden, ME
Mon Sep 5, 2011
Hi Pam,
the tax breaks have expired, but Maine State Housing has some programs in place to assist with first time home buyers. They have the "gift of green" which will provide money to assist with closign costs and they also have a first time home buyer program. There are income limits for eligibility. their website is http://www.mainehousing.org/programs-services/homebuyer/home…

Also for USDA/Rural Development loans, certain areas of Bangor and Orono are ineligible for RD loans, but pretty much anywhere else in Penobscot county will qualify. You don't say where your son is looking to purchase, but he can check availability on the USDA site. the link ishttp://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If I can be of assistance, let me know.. good luck to your son and his fiancee! it is a great time to buy a home!
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Diana Downs, Agent, Bangor, ME
Mon Sep 5, 2011
Hi Pam,
The $8000 tax credit for first time buyers has expired but there are still programs in Maine to help 1st time buyers. In addition to those programs, the mortgage interst rates right now are at historic lows so it is an excellant time to buy.
Your son will want to speak to a lender to get pre-qualified and I would highly recommend that he work with a buyer's agent to help him through the process.
If you or your son have any questions, please feel free to contact me. I would love to help him find and buy his first home.
Diana Downs
ERA Dawson Bradford
417 Main St., Bangor, ME 04401
C - 207-735-6988 F - 207-941-9866
dianadowns@eradawson.com
http://DianaDowns.com
http://facebook.com/Diana.Downs.Maine.Real.Estate
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Dale Doughty, Mortgage Broker Or Lender, Falmouth, ME
Mon Sep 5, 2011
Yes, in fact there are programs for first-time buyers. Most of Maine qualifies for rural housing loans. These allow people to purchase a new home and finance up to 100% of the selling price and closing costs. There is also a similar program available through Maine State Housing that will also provide your son and his fiance with a $2500 credit towards closing costs. I would be happy to spend some time with them on the phone to determine which program may be most beneficial to them.

Happy House Hunting!
Web Reference:  http://www.DaleDoughty.com
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