City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance)

What is City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance)?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) is down payment assistance for homebuyers in Bangor, Maine, administered by City of Bangor Community & Economic Development Department.

• The City of Bangor's CDBG-funded Homebuyer Program helps low- to moderate-income residents buy, build, or rehabilitate a home in Bangor. Assistance can be applied to down payment, non-recurring closing costs, principal reduction, interest-rate buydown, or up-front mortgage insurance. A 2022 expansion raised maximum assistance to up to $20,000 (50% of the down payment up to $10,000, plus up to $10,000 toward closing costs).
• Up to $20,000 total assistance.
• Up to $10,000 toward down payment (50% match).
• Up to $10,000 toward closing costs.
• May also be used for principal reduction, points, or up-front MI.
• First-time requirement waived for active-duty/veteran/retired military, K-12 educators, and EMS.

How much assistance does it provide?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) offers up to $20,000 in assistance.

• Award tiers: Down Payment (up to $10,000, 50% of down payment) and Closing Costs (up to $10,000); may also be structured as principal reduction, interest-rate buydown, or up-front MI per applicant need.
• Amounts are the program's published maximums, not an offer — City of Bangor Community & Economic Development Department determines any individual award.

Do you have to pay it back?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) is down payment assistance and is repaid under the terms set by City of Bangor Community & Economic Development Department.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) sets its income limit as follows: Income based on household size and total of all income sources; applicants must fall within HUD income limits in the application's income guidelines chart. UNCONFIRMED: exact % AMI threshold and 4-person dollar limit (live in embedded income image + annual NOFA).

• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) caps the purchase price as follows: Purchase price capped by location per HUD/Section 203(b) limits; exact caps set in the annual NOFA (not machine-readable).

• Eligible property types include Single Family.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) serves buyers purchasing in Bangor, Maine.

How do you apply?

Applications for City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) go through City of Bangor Community & Economic Development Department, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-certified homebuyer education (hoMEworks network); completion required prior to purchase.

2. 2

   Contact City of Bangor Community & Economic Development Department to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.