I have done a little more research and have talked to a lender who is as familiar with the program as can be at this point. It is actually a credit of UP TO $5000 but no more than 4% of the loan amount. The borrower must contribute 1% of the loan amount. Under programs such as MSHA/FHA this can be a gift. The program ends November 30, 2009. Hope that is more clear!
I strongly encourage any borrower to consult with a loan officer regarding whether or not this makes sense.
There are income limits ,also, that apply!
Friday, June 19, 2009
Maine State Housing Offers $5000 to 1st Time Buyers
I just learned today that MSHA (Maine State Housing) has finally launched their "Gift of Green" program. This program offers $5000 that can be put towards closing costs, down payment, or escrow funds. There are also coupons for up to $500 for energy audits. The money is limited to approximately 500 buyers. There are upper income linits. This is in addititon to the $8000 tax credit being offered by the Feds. For more information go to www.mainehousing.org.
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