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Mobile Home Self-Insured Option (MHSI)

Maine State Housing Authority (MaineHousing) · Maine

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Income limit

$120,750

The household income limit the program publishes

Price cap

$250,000

Highest purchase price the program allows

What is Mobile Home Self-Insured Option (MHSI)?

Mobile Home Self-Insured Option (MHSI) is a first mortgage for homebuyers in Maine, administered by Maine State Housing Authority (MaineHousing).

  • The Mobile Home Self-Insured Option lets MaineHousing self-insure eligible single-wide and double-wide mobile home loans with loan-to-value above 80% and up to 95%, in lieu of private mortgage insurance, in exchange for a 1.00% interest rate add-on. Eligible homes must be less than 20 years old, permanently attached at closing, and on owned land, approved parks, or privately leased lots. A 5% down payment is required (3% from the borrower's own funds), the loan term is set by the home's age (20/25/30 years), and statewide purchase-price limits are $250,000 (owned land) / $200,000 (leased land).
  • Finances single- and double-wide mobile homes on owned or leased land.
  • Self-insurance avoids private mortgage insurance.
  • LTV up to 95%.
  • Can add $5,000 Advantage DPA.
  • Purchase Plus Improvement up to $35,000 for repairs.
  • Seller may contribute up to 3% toward closing costs.
  • Recapture reimbursed by MaineHousing.
  • Funding comes from Mortgage revenue bonds (MaineHousing self-insured).

Do you have to pay it back?

Mobile Home Self-Insured Option (MHSI) is a first mortgage and is repaid under the terms set by Maine State Housing Authority (MaineHousing).

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

Who qualifies?

Mobile Home Self-Insured Option (MHSI) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: First-time buyers or those who have not owned a home in the past 3 years. Exceptions: persons who owned an unattached mobile home on leased land; honorably discharged veterans, retired military, and active-duty military who owned a home within the past 3 years but sold it prior to the MaineHousing closing. Case-by-case exceptions with strong compensating factors via Underwriting Risk Assessment form HMP-54 (MaineHousing written approval 3 days prior to closing).
  • The home is occupied as a primary residence
  • On credit: Minimum credit score of 640.
  • Residency: Maine; owner-occupied within 60 days of closing.
  • 1.00% rate add-on in lieu of MI. 5% down with 3% from own funds. Home must be <20 years old and permanently attached per code at closing; owner-occupied within 60 days; commercial use under 15%. Park units require a lease term matching the mortgage. Underwriting exceptions require form HMP-54 with MaineHousing written approval 3 days before closing. min_credit_score 640; housing ratio 33% / total DTI 45%. max_liquid_assets and HOA applicability unconfirmed.

The program excludes

  • Purchases above the $250,000 price cap
  • Households above $120,750

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Mobile Home Self-Insured Option (MHSI) limits household income to $120,750.

  • 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?

Mobile Home Self-Insured Option (MHSI) caps the purchase price at $250,000.

  • Eligible property types include manufactured_mobile_home.
  • New construction is eligible.
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Mobile Home Self-Insured Option (MHSI) names veterans and active-duty service members 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?

Mobile Home Self-Insured Option (MHSI) serves buyers purchasing anywhere in Maine.

  • The program targets specific areas: Income limits may be higher in Federal Targeted Areas.

How do you apply?

Applications for Mobile Home Self-Insured Option (MHSI) go through Maine State Housing Authority (MaineHousing), which publishes the current terms and the application steps on its own site.

  1. Contact Maine State Housing Authority (MaineHousing) to reserve funds

    Funds are reserved through Lender reserves/locks with MaineHousing after executed P&S; 210-day lock for newly sited mobile homes., and are subject to availability.

  2. 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.

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