New program offers first generation homebuyers in Maine $10,000 toward down payment

PORTLAND, Maine (WMTW) - As of Friday, eligible first-generation homebuyers in Maine can take advantage of a new mortgage program that offers $10,000 toward a down payment on a home. The First Gen mortgage program was introduced by the Maine Housing Authority.

The director of Maine Housing Authority, Dan Brennan, says, “There are a lot of barriers to people becoming first time homebuyers.” Brennan says homeownership helps people to create generational wealth, and gain equity.

He wants to help Mainers who did not grow up in a household where wealth has been achieved through homeownership by previous generations.

The program is also available to borrowers who have been in foster care at some point in their childhood.

The First Gen mortgage program includes educational classes for first time homebuyers. You must apply for the loan at one of Maine Housing’s approved lenders. You can find a list of them here.