Finance
Maine Housing Authority's First Home Loan program is designed to assist:
ACommercial real estate investors
BFirst-time homebuyers with income and purchase price limits✓ Correct
CLuxury home buyers statewide
DOut-of-state buyers relocating to Maine
Explanation
Maine Housing's First Home Loan program provides below-market interest rate mortgages to first-time homebuyers who meet income and purchase price limits, making homeownership more accessible.
People Also Study
Related Maine Questions
- A Maine home was purchased for $220,000 and the buyer obtains an 80% LTV mortgage. If the interest rate is 6% and the loan is fully amortized in 30 years, the loan amount is:Real Estate Math
- Maine Housing's First Home loan program is designed for:Finance
- Maine Housing's 'Advantage' program offers eligible first-time homebuyers:Finance
- A Maine home's purchase price is $375,000 with a 5% down payment. The FHA loan amount (rounding to nearest dollar) is:Real Estate Math
- A Maine property's income for the first year after purchase is $48,000 NOI. If the property was bought at a 6.5% cap rate, what was the purchase price?Real Estate Math
- Maine Housing's Advantage Loan program provides down payment and closing cost assistance to eligible Maine homebuyers in the form of:Finance
- A Maine veteran purchasing a home may qualify for which loan program with no down payment required?Finance
- Maine's Housing Improvement Program (HIP) provides low-interest loans to:Property Management
Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →