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A new program provides financial help to Maine's first-generation homebuyers

A home for sale in Bangor, Maine, in Nov. 2020.
Linda Coan O'Kresik
/
BDN file
Real estate signs for home sales in Bangor, Maine in Nov. 2020.

Some first generation homebuyers will receive financial assistance as part of a new program from the Maine State Housing Authority.

MaineHousing Director Dan Brennan said the program is aimed at people whose parents or guardians never owned the home they lived in, or those who were in the foster care system.

"There can be some generational wealth built up in families, that oftentimes helps people get over that hurdle in becoming a first-time homebuyer," Brennan said. "And for many people, that's a barrier. Because they haven't had the benefit of experiencing that."

The program will offer $10,000 toward down payment and closing costs, as well as a mortgage interest rate that's about 1% below MaineHousing's First Home Loan program. The current mortgage rate for the first generation program is 4.5%.

Brennan expects the program will benefit about 100 homebuyers this year, and if successful, could be continued.