Habitat for Humanity of Greater Portland Homeownership Program

What is 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).

Do you have to pay it back?

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.

Who qualifies?

Habitat for Humanity of Greater Portland Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

Habitat for Humanity of Greater Portland Homeownership Program can be used for Single Family.

• New construction is eligible.

Where does it apply?

Habitat for Humanity of Greater Portland Homeownership Program serves buyers purchasing in Portland, Maine.

• The program targets specific areas: Greater Portland service area; current builds in South Portland and Standish, ME.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Avesta Housing Homeownership Center (counseling referenced).

2. 2

   Contact Habitat for Humanity of Greater Portland 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.