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Loan program for first-time home buyers hits record low mortgage rate

Published: Sep. 17, 2020 at 6:31 AM EDT
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AGUSTA, Maine (WABI) - Good news for first time home buyers from the Maine State Housing Authority.

The agency’s mortgage interest rate for its First Home Loan Program is at 2.875%.

Thats the lowest it’s ever been in Maine Housing’s 51-year history. Through the First Home Loan Program, Maine Housing is also offering first time home buyers a $3,500 grant toward down payment and closing costs.

“We do hear from these borrowers, and they’re overwhelmingly thrilled," said Craig Reynolds, Director of Homeownership for Maine Housing. "Many of them feel that they were never going to be able to accumulate enough down payment or savings to enable them to buy a home.”

For more information or to apply for the First Home Loan Program, visit mainehousing.org.

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