$13,000 up for grabs

More hope for young people thinking of buying a house: The state's housing authority announced a $5000 grant for new homebuyers this week. Combine that with the $8000 tax credit for first-time homebuyers in the national American Recovery and Reinvestment Act (a/k/a the stimulus package), plus some energy-efficiency incentive money, and you've got more than $13,000 available to help pay for a starter home and improvements.

From Governor Baldacci's press release:

"MaineHousing launched the Gift of Green, part of its First Home program, with support from the Maine Association of Realtors, the Maine Association of Community Banks and the Maine Credit Union League. MaineHousing's First Home program offers low fixed-rate mortgages to eligible first-time homebuyers.

Gift of Green loans will be made on a first-come, first-served basis while funds last.  MaineHousing expects to make about 500 mortgages using Gift of Green incentives.

The Gift of Green offers:

  • A grant of up to $5,000, not to exceed 4 percent of the loan amount, to help with the cash required for the down payment and other closing expenses.
  • A coupon of up to $500 for a pre-weatherization and post weatherization home energy audit."

 News like this pushes me ever closer to pursuing this so-adult-it's-scary possibility. I'll be learning more here:

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