MAINE, USA — Between high home prices and fewer homes on the market, it has never been more difficult to buy a home in Maine, experts say.
It's even more daunting for folks who are looking to become the first in their families to ever own a home. To help make the process easier, MaineHousing created a mortgage program to make affordable homeownership possible for families who have never owned a home before.
In order to qualify, an individual must not have grown up in a home owned by their parents or legal guardians. People who grew up in foster care are also eligible.
The First Generation Program helped 74 people buy their first home in its pilot year in 2023.
"It's a dream really something I never thought would happen," Liam Hunter, a first-generation homebuyer, said. "I never thought it was really possible."
Through the First Generation Program, Hunter purchased his home eight months ago. He worked two jobs just to make his monthly rent prior to homeownership, which made it difficult to save money to afford a down payment, he said.
The program requires candidates to take a financial literacy course and a homebuyer education class.
"They basically sort of create this roadmap to homeownership," MaineHousing's Outreach and Education Coordinator, Jessica Gurney, said.
Once they complete those, MaineHousing grants participants $10,000 to help with down payment and closing costs.
“Knowing that you have that [$10,000], it changes your budget a little and your ability to purchase," Hunter's realtor Becky Wilson said.
The program also offers low fixed interest rates, allowing homebuyers to get a below-market mortgage interest rate.
Household income limits apply, however, MaineHousing said most households in the state are income-eligible for the program. Click here to see if you're eligible.