FHLBank Boston Lift Up Homeownership - Maine

What is FHLBank Boston Lift Up Homeownership - Maine?

FHLBank Boston Lift Up Homeownership - Maine is a grant for homebuyers in Statewide, Maine, administered by Federal Home Loan Bank of Boston, via approved member institutions.

• Lift Up Homeownership offers enhanced down payment and closing-cost grants of up to $40,000 to income-eligible (up to 120% AMI) first-generation, first-time homebuyers in New England. A first-generation buyer self-certifies that the parents/guardian of at least one borrower have never owned a U.S. home, or that a borrower aged out of foster care. Available statewide in Maine; forgivable after a 5-year retention period. Unlike EBP/HOW, Lift Up may layer with non-FHLBank DPA.
• Up to $40,000 forgivable grant for first-generation, first-time buyers.
• Layerable with non-FHLBank DPA.
• Can fund rate buydown.
• Funding comes from FHLBank Boston voluntary set-aside funds.

How much assistance does it provide?

FHLBank Boston Lift Up Homeownership - Maine offers up to $40,000 in assistance.

• The program asks buyers to contribute $1,000 of the homebuyer's own funds (not a gift), evidenced on the executed P&S or addendum.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Boston, via approved member institutions determines any individual award.

Do you have to pay it back?

FHLBank Boston Lift Up Homeownership - Maine is structured as a grant, so it is not repaid.

• The assistance is recorded in Subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLBank Boston Lift Up Homeownership - Maine is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

FHLBank Boston Lift Up Homeownership - Maine limits household income to 120% of the area median income, which varies by county and household size.

• Income up to or below 120% AMI (HUD-defined). Maximum asset cap of $150,000 (incl. deposit and cash to close).
• The limit applies to total household income, not only the borrower’s.
• 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?

FHLBank Boston Lift Up Homeownership - Maine can be used for Single Family, Condo, 2-4 Unit, Townhouse, Manufactured, and Cooperative.

• Manufactured homes are eligible.

Is there eligibility for specific groups?

FHLBank Boston Lift Up Homeownership - Maine names first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

FHLBank Boston Lift Up Homeownership - Maine serves buyers purchasing in Statewide, Maine.

How do you apply?

Applications for FHLBank Boston Lift Up Homeownership - Maine go through Federal Home Loan Bank of Boston, via approved member institutions, 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 FHLBank Boston-approved homebuyer education/counseling agencies.

2. 2

   Contact Federal Home Loan Bank of Boston, via approved member institutions to reserve funds

   Funds are reserved through Awarded to members first-come, first-served through FHLBank Boston Community Lending portal., 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.