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.

Rates are ideal for financing

Did you know that if you're a first time homebuyer in Maine, that the interest rate is under 5%? Maine State Housing's program is ideal for folks seeking their first home. And in addition, regular 30 year fixed rates with -0- points are now just over 6%, the lowest we've seen in some time. It's a good time to chat with a local lender to see what types of fixed rate loan programs are available.

dcohen@downeastmortgage.com

First Time Homebuyers??

There is no time like the present to start the process of purchasing your first home. Put aside all you think you have learned from HGTV and the possibility of making a bundle on the sale( which is down the line, by the way) and think about how nice it will be to NOT be paying the landlord, how cool to be able to paint the walls any color you like, have any pet you want, plant flowers if that's your thing, have a pool, sit on your own patio......the list goes on.

With the LOW interest rates and HUGE number of properties from which to choose, a buyer can take their time and really choose the house or condo which makes the most sense.

There are two people who will be critical to your success. They are a REALTOR who specializes in first time home buyers and a lender who is familiar with all of the loan options out there for those buyers.

So.... sit down with a lender you trust and find out what you need to do to get qualified for a loan. Late making payments? Owe on that student loan? New to the job? It's all OK. You can begin a process that allows you to charge up that credit score and sock some bucks in the bank.

The next person to whom you should talk is a REALTOR who knows your needs. Please make sure this professional is geared towards working with the first time buyer. That means familiarity with loan programs, knowledge of affordable housing options where YOU want to live, and the ability and desire to TEACH you about this process. Oh yea.....patience is a good thing, too!

How do you find these folks? Ask friends, family, others who they would use. Go to Open Houses and interview the agents. Go on line and check out websites and blogs. (www.wesellmaine.com) Ask your lender who they use. You can use the same process to find a lender. Your bank or credit union might be an option, too.

Don't be afraid to ask questions. Don't be afraid to go with your gut. And, for Pete's Sake, don't sign any contracts that "marry" you to anyone until you have "dated"!!

That's it for now. Get going! Your future is out there. All that is missing is YOU!!!