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January 12, 2023

MaineHousing reports record 2022 volume in its First Home loan program

By Peter Van Allen

MaineHousing reported that its volume of loans in its First Home program hit a record in 2022, topping the previous record by 56%.

The agency purchased First Home loans valued at $177.7 million, up from $152 million in 2021.

Record home prices contributed to the growth, said Craig Reynolds, MaineHousing's director of homeownership.

Higher loans amounts also meant there was greater demand for assistance with down payments.

"Despite the many challenges faced by Maine’s first time home buyers in 2022, the keys to our First Home Loan program’s success are its $5,000 down payment assistance grant and consistently below market mortgage interest rates,” Reynolds said.

He added that MaineHousing was able to maintain a rate of 5.50% for a 30-year fixed rate mortgage loan from late September 2022. The agency say it remains nearly a full point lower than the nearest competitive rate in Maine as of Dec. 28, 2022. 

MaineHousing is a nonprofit, quasigovernmental agency. Its operating budget and salaries are paid by the interest made from its loan portfolio.

A full list of housing and housing-related programs available to help Maine people can be found on the MaineHousing’s website.

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