Closing Costs and Down Payments
Information
Maine American Dream Initiative (MADI) helps low-income home buyers with their down payments, closing costs, or other financing to fill the gap between what they can afford and the purchase prices of their homes. Eligible home buyers may receive up to $10,000 in the form of a five-year deferred, forgivable mortgage loan. Loans are interest-free and there are no monthly payments when loan terms are met. Call Housing Services at 546-7544 for details.
Requirements:
- Must be a first-time home buyer.
- Income must be at or below 80% median income.
- Approved for first mortgage.
- Complete a 10-hour hoMEworks home buyer education course prior to closing.
Home must pass a Home Quality Standards (HQS) inspection prior to closing.