MaineStream Finance Down Payment Assistance Loan

What is MaineStream Finance Down Payment Assistance Loan?

MaineStream Finance Down Payment Assistance Loan is a second mortgage for homebuyers in Statewide, Maine, administered by MaineStream Finance (a CDFI division of Penquis C.A.P., Inc.).

• MaineStream Finance (a CDFI division of Penquis C.A.P.) offers down payment assistance loans in Maine to help qualified buyers cover down payment and closing costs. The assistance is structured as a 15-year fixed-rate second mortgage and may also be paired with a MaineStream Finance first mortgage. Designed for low- and moderate-income residents who may not qualify through traditional banks; no PMI required on MSF mortgages.
• Covers down payment and/or closing costs as a 15-year fixed-rate second mortgage.
• Designed for buyers with limited credit.
• No PMI on MSF mortgages.
• Funding comes from MaineStream Finance / Penquis C.A.P.

Do you have to pay it back?

MaineStream Finance Down Payment Assistance Loan is a second mortgage and is repaid under the terms set by MaineStream Finance (a CDFI division of Penquis C.A.P., Inc.).

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

Who qualifies?

MaineStream Finance Down Payment Assistance Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

MaineStream Finance Down Payment Assistance Loan sets its income limit as follows: Targeted to low- and moderate-income Maine residents; specific limits not published on the official source.

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

Where does it apply?

MaineStream Finance Down Payment Assistance Loan serves buyers purchasing in Statewide, Maine.

How do you apply?

Applications for MaineStream Finance Down Payment Assistance Loan go through MaineStream Finance (a CDFI division of Penquis C.A.P., Inc.), 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 MaineStream Finance (hoMEworks/HUD-certified homebuyer education).

2. 2

   Contact MaineStream Finance (a CDFI division of Penquis C.A.P., Inc.) 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.