Habitat for Humanity of Greater Portland Homeownership Program

Habitat for Humanity of Greater Portland Homeownership Program is down payment assistance for homebuyers in Portland, Maine, administered by Habitat for Humanity of Greater Portland. Habitat for Humanity of Greater Portland partners with qualifying families to build affordable homes from the ground up. Selected families pay a monthly mortgage not exceeding 30% of income and complete ~275 sweat-equity hours. Applicants earn at least $40,000/yr and no more than 65% of HUD AMI, with a 640+ credit score and DTI <=43%. Affordable Habitat-built home. Mortgage payment capped at 30% of gross income. Builds equity. Funding comes from Habitat for Humanity (donations, volunteer labor).

Habitat for Humanity of Greater Portland Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of Greater Portland. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Habitat for Humanity of Greater Portland Homeownership 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. The program lists a minimum credit score of 640. A homebuyer education course is required, through Avesta Housing Homeownership Center (counseling referenced). Residency requirement: Applicants must be permanent residents; builds currently in South Portland and Standish. Citizenship or immigration status: Applicants must be permanent residents. Sweat equity ~275 volunteer hours. Build/selection 12-15 months plus up to 3-month selection. Application windows open only when properties available. Not a stackable DP grant. $2,000 savings required. GAP: exact loan term/rate, lien, recapture, HUD AMI $ at 65% not stated; income table shown is 80% AMI reference.

Habitat for Humanity of Greater Portland Homeownership Program limits household income to 65% of the area median income, which varies by county and household size. Must earn at least $40,000/yr and no more than 65% of HUD AMI by family size. Site 80% AMI reference: 1=$72,688; 2=$83,072; 3=$93,456; 4=$103,840; 5=$112,147. Requirements may vary by project. The limit applies to total household income, not only the borrower&rsquo;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.

Habitat for Humanity of Greater Portland Homeownership Program can be used for Single Family. New construction is eligible.

Habitat for Humanity of Greater Portland Homeownership Program serves homebuyers purchasing in Portland, Maine. The program targets specific areas: Greater Portland service area; current builds in South Portland and Standish, ME.

Applications for Habitat for Humanity of Greater Portland Homeownership Program go through Habitat for Humanity of Greater Portland, 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.