This program, offered by MaineHousing, helps to finance eligible repairs associated with a home purchase. This option must be used as part of the MaineHousing First Home Program. Income, purchase price, and LTV limits will apply. As much as $375 will be charged for utilizing this option.
Applicants can receive between $500 and $1,000 in funds to put towards repairs and rehabilitation if the work will be completed by the applicant. If the work will be completed by a contractor, the amount of funds will be between $500 and $35,000. The amount given at closing depends on who will be completing the work. If the borrower will be, then nothing is given at closing and up to $1,000 will be reimbursed after an inspection to confirm that the repairs have been completed. Note that this amount only counts towards materials, and that the labor of the borrower will not be reimbursed. If a contractor will be completing the work, as much as 33.3% of the contractor’s price will be offered at closing.
Thirty days after closing, the repairs and rehabilitation must have been started. The applicants must then be utilizing the property as their primary residence within 60 days of closing. Finally, all repairs and rehab work must be done after 180 days. Once all repairs have been finished, an additional inspection will be required.
This program can be used for additions, accessibility improvements, garage improvements, sewer systems, energy improvements, and Energy Star appliances.
It cannot be used for recreational facilities such as decks, swimming pools, or tennis courts; public improvements; home completions; major rehabilitation or remodeling; or other projects that do not improve either the house’s livability or energy efficiency.
Other programs in Maine:
- Advantage Down Payment and Closing Cost Assistance
- Pre-1976 Mobile Home Replacement Initiative
- Auburn HOMEbuyer Program