$5,500 for First-Time Home Buyers
Fast on the heels of a federal housing tax credit, Maine has approved a $5,500 voucher to be used toward the purchase of new home. Would-be Maine homeowners who can supply at least one-percent of down payment costs are eligible. (The Maine State Housing Authority defines a first-time buyer as one who has not owned a home in at least three years.) The program also includes a $500 grant for an energy audit of a new home. A federal program, approved earlier this year, offers tax credits up to $8,000 tax credit after a home is purchased. Maine lawmakers argued the federal incentive, while beneficial, did not help those who need assistance with closing fees and down payments. The MSHA vouchers will be given on a first-come, first-served basis.