Maine Residents Property Tax and Rent Refund “Circuit Breaker” Program

Maine’s Circuit Breaker program allows eligible Maine residents to receive a partial refund of property taxes and/or rent paid on their primary residence.  For more information: http://www.maine.gov/revenue/taxrelief/tnr.htm

HoMEworks educators and HUD approved Housing Counseling agencies

The HoMEworks goal is to provide homeownership education.  Buyers who have taken the home buying classes are more confident about homeownership and loan products, and the education gives buyers the tools they need to avoid predatory lending and possible foreclosure.

Click on the following links for more HoMEworks information.

HoMEworks brochure

HoMEworks class schedule and fee information

Family Development Account Coalition – Matched Savings Program — FDAs or IDAs

The FDA Program enables low-income families to establish savings accounts that will be matched when withdrawn to purchase an approved asset.  For a program description: http://womenworkandcommunity.org/?page_id=101

The Maine Centers for Women, Work and Community (WWC) and Midcoast Maine Community Action are the two agencies offering the program in the Sagadahoc/Lincoln County area.

The Maine Centers for Women, Work and Community offer Family Development Accounts (FDA’s), or “matched savings accounts”.  The learn more about FDA’s and whether you are eligible, go to http://womenworkandcommunity.org/?page_id=80.

Midcoast Maine Community Action actively promotes economic and community development of the businesses and communities in the mid-coast area where individuals and families reside.  To learn more about their FDA program: http://www.midcoastmainecommunityaction.org/

Maine’s Home Repair Network and the Department of Energy’s Weatherization Program

Maine’s Home Repair Network provides help to low-income homeowners you cannot afford necessary home repairs.  In cases where home repair is not feasible, home replacement may be an option.

To learn more: http://www.mainehousing.org/PROGRAMSHomeRepair.aspx?ProgramID=33

USDA-RD Home Repair Programs — USDA – Rural Development offices offer 504 Loan/Grant Home Repair program funds.

Section 504 Direct Loan Program — Loans are made at 1 percent interest rate to repair, improve, or modernize modest single family homes in rural areas for low income homeowners.

Section 504 Grant Program — For homeowners 62 years old or older who cannot repay a loan, grant funds are available to remove health or safety hazards, or remodel dwellings to make them accessible to household members with disabilities.

For more information: http://www.rurdev.usda.gov/me/SFH/sfh.htm

Building Materials Exchange

The Building Materials Exchange’s goal is “to keep people in their homes” through the use and reuse of good quality building materials. For information: http://www.mainebme.org/public/

Habitat for Humanity ReStore

The Habitat for Humanity ReStore is a discount retail outlet open to the public that sells new and lightly used building materials.  For information: http://www.habitat7rivers.org/restore/index.php

Habitat for Humanity/7 Rivers Maine

Habitat for Humanity/7 Rivers Maine is the local affiliate of Habitat for Humanity.  They  coordinate donations of funds and materials with volunteer labor to do home repairs or weatherization for qualifying families.   For information: http://www.habitat7rivers.org/

Home Equity Conversion Mortgages for Seniors

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.

To learn more: http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm

Federal Tax Credits for Consumer Energy Efficiency

If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. At this website you will find an overview of the federal tax credits for energy efficiency.

http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

HUD approved agencies offering foreclosure prevention counseling services

A listing of the Maine HUD-approved agencies providing no cost foreclosure prevention counseling services can be found at: http://www.mainehomeworks.org/Foreclosure%20Counseling%20Agencies%20June%209,%202009.pdf

Understand the foreclosure process and your rights during the foreclosure the process

Pine Tree Legal maintains a Foreclosure Prevention Toolkit on their website designed to help homeowners who are having trouble keeping up with mortgage payments, or who are in foreclosure.  For more information go to: http://www.ptla.org/foreclosure

Maine Office of Consumer Credit Protections

The Maine Office of Consumer Credit Protections oversees the new Lender Pre-Foreclosure Notice Law.  For information go to: http://www.maine.gov/pfr/consumercredit/index.shtml

Refinancing Options

The Federal Government has created the Making Home Affordable mortgage program designed to help homeowners who pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home OR are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income.   For more information go to: www.MakingHomeAffordable.gov

Maine State Housing Authority

The Maine State Housing Authority offers several loan and grant programs to assist families and individuals achieve their homeownership goals.

Midcoast Redevelopment Mortgage is MaineHousing’s low, fixed rate mortgage program available to eligible homebuyers in the 16 cities and towns most affected by the closing of the Brunswick Naval Air Station.  To learn more go to: http://www.mainehousing.org/HOMEBUYERProgramsDetail.aspx?ProgramID=68)

The Gift of Green – The Gift of Green initiative will provide eligible first-time homebuyers with a grant of $2,500 to help with the cash needed for closing, plus a coupon worth $500 towards a two-part home energy audit.   To learn more go to: http://www.mainehousing.org/GiftofGreen.aspx

Homebuyer Tax Credit

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit.  For more information: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

USDA – Rural Development

Rural Development offices in Maine offer Single Family mortgage monies to income eligible households in their lending areas.

Section 502 Guaranteed Loans — Loans are made by mortgage lenders and guaranteed by USDA Rural Development to low and moderate income applicants to buy or build homes in rural areas of Maine.

Section 502 Direct Loan Program – Low interest loans are made directly by Rural Development to applicants whose incomes are less than 80 percent of the median income for the area.

To learn more about the Section 502 Guaranteed Loans and the Section 502 Direct Loan Program go to: http://www.rurdev.usda.gov/me/SFH/sfh.htm

HUD – FHA

The US Department of Housing and Urban Development has a mortgage insurance program called FHA. It is generally easier for you to qualify for an FHA loan than a conventional loan.  FHA has a low 3% downpayment, and FHA has many options to help keep you in your home and avoid foreclosure.

To learn more about FHA go to: http://www.hud.gov/offices/hsg/fhahistory.cfm