AUGUSTA – New mortgage options offered by the Maine State Housing Authority, also known as MaineHousing, will make it easier for more Maine people to buy homes of their own, the agency said. Effective Monday, borrowers using a MaineHousing mortgage have the choice of a 30-year or 40-year term with no points or two points.
“Borrowers can choose the options that are right for them,” said MaineHousing Director Dale McCormick. “The new options, combined with our low interest rates, low to no down payment, and down payment and closing cost assistance, will help more Maine people than ever benefit from our mortgages.”
“These new loan options will help our real estate industry,” said Gov. John E. Baldacci. “We hear of tightening credit standards, making it more difficult for home buyers to get loans, but MaineHousing has mortgages available that make home buying affordable.”
MaineHousing mortgages usually have interest rates below market rates for similar products, which means lower monthly payments. The MaineHousing note rate for a 30-year term and no points is 5.55 percent, or a 6.168 annual percentage rate.