Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program

Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program is a deferred second loan for homebuyers in Auburn, Maine, administered by City of Auburn Business & Community Development (lead, Auburn-Lewiston HOME Consortium) with City of Lewiston Economic & Community Development. The Auburn-Lewiston HOME Consortium (Auburn is the lead HOME recipient; Lewiston administers within Lewiston) operates a HOMEbuyer Assistance Program providing direct down payment/closing-cost subsidy to low- and moderate-income first-time homebuyers in Auburn or Lewiston. Assistance is a 0%-interest HOME subsidy secured by a written agreement, subject to a HOME affordability period with shared-net-proceeds recapture. Minimum HOME subsidy is $1,000 per unit. Direct down payment / closing-cost subsidy to first-time low/moderate-income buyers. 0% interest HOME assistance. Shared-net-proceeds recapture. Affordability period scaled to subsidy size (5/10/15 years).

Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale/transfer/conveyance or senior-lender foreclosure before end of HOME affordability period (shared-net-proceeds recapture). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through HUD-certified / hoMEworks homebuyer education. Loan term: Tied to HOME affordability period: <$15,000 = 5 yrs; $15,000-$40,000 = 10 yrs; >$40,000 = 15 yrs. First-time, low/moderate income, owner-occupant. Confirmed from City of Auburn 2025 CD Operations Manual: 0% HOME subsidy, $1,000 min, 95%-of-median price cap, shared-net-proceeds recapture, 5/10/15-yr tiers, $55k asset cap, 1040-AGI income method.

Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Households at/below HUD income limits for the Lewiston-Auburn MSA; resale targets 70-80% AMI. HOME default income = 1040 adjusted gross income. UNCONFIRMED: exact by-household-size dollar limits for current AMI year. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program caps the purchase price as follows: Purchase price may not exceed 95% of area median purchase price for the housing type (HUD Section 203(b)). Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program serves homebuyers purchasing in Auburn, Maine.

Applications for Auburn-Lewiston HOME Consortium HOMEbuyer Assistance Program go through City of Auburn Business & Community Development (lead, Auburn-Lewiston HOME Consortium) with City of Lewiston Economic & Community Development, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.