Finance
Maine Housing's 'Advantage' program offers eligible first-time homebuyers:
AGuaranteed approval for any mortgage amount
BDown payment and closing cost assistance as a second mortgage✓ Correct
CA rent-to-own program for manufactured housing
DFree home inspections through state-licensed inspectors
Explanation
Maine Housing's Advantage program provides down payment and closing cost assistance as a second mortgage to eligible first-time homebuyers who use a Maine Housing first mortgage.
Related Maine Finance Questions
- A Maine homebuyer with excellent credit applies for a conventional loan. The lender offers a 'buydown' option. A buydown means:
- A Maine lender who is subject to the Community Reinvestment Act must:
- A Maine buyer's 30-year mortgage has a monthly payment of $1,650 for principal and interest. Over the life of the loan, the total amount paid in P&I is:
- A Maine borrower has a gross monthly income of $5,000. Under conventional lending guidelines, what is the maximum allowable monthly housing payment (front-end ratio at 28%)?
- A Maine property sells for $400,000 with a 20% down payment. The buyer's total closing costs (excluding the down payment) are 3% of the loan amount. The total cash needed at closing is:
- Under the Community Reinvestment Act (CRA), Maine banks are evaluated on:
- A Maine buyer's debt-to-income ratio before their new mortgage would be 38%. Adding the proposed mortgage payment of $1,450/month brings the total DTI to 48%. If the maximum DTI is 43%, which option helps the buyer qualify?
- Maine's Homestead Protection Act exempts a primary residence from certain creditor claims up to a specified dollar amount. This exemption CANNOT protect against:
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