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.

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.

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.

City of Bangor Homebuyer Program (Down Payment & Closing Cost Assistance) 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 homebuyer education (hoMEworks network); completion required prior to purchase. First-time homebuyer (no ownership in past 3 yrs), waived for qualified active-duty/veteran/retired military, K-12 educators, and EMS.

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.

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.

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

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. 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.