First Generation Program

MaineHousing’s First Generation Pilot Program (First Gen) is a mortgage program for borrowers who have never lived in a home owned by their biological parents or legal guardians.  The program is also available to borrowers who have been in foster care at some point in their childhood. This program makes it easier and more affordable to buy a home of your own by providing a low fixed interest rate mortgage, down payment and closing costs assistance, and education classes that offer valuable information to help you become a successful long-term homeowner. 

You must apply for a MaineHousing loan at one of our approved lenders. 

MaineHousing mortgage options include: 

• Education Classes - First Gen Applicants must take a MaineHousing approved  Financial Literacy class and a hoMEworks or MaineHousing approved Homebuyer Education Class prior to closing. 
  

• Down payment and closing cost assistance - Once a First Generation borrower has completed a Financial Literacy class and hoMEworks or MaineHousing approved Homebuyer education class, the First Gen option provides $10,000 toward the cash you need for closing. First Gen Applicants must make a minimum borrower contribution of 1% of the loan amount. The cost of the homebuyer education class counts toward the 1% contribution.  
  

• Low fixed interest rates - MaineHousing’s low-interest rates can save the average homebuyer thousands of dollars over the full term of the loan. For the First Gen program, MaineHousing offers a zero-point mortgage option with a 1.00% discount on our already low First Home Loan interest rate. Current Rate Sheet

• Financing for mobile homes - MaineHousing offers mortgages for single- and double-wide mobile homes located on owned or leased land. With this program option, there is a purchase price limit statewide of $250,000 for mobile homes on owned land, and $200,000 on leased land. Interest rates are a little higher, and the term of the loan is based on the age of the mobile home.