Finance
Maine's HomeOwnership Assistance Program helps low-income households by providing:
AFree foreclosure legal services
BDown payment and closing cost assistance through deferred payment loans✓ Correct
CZero-interest permanent mortgages
DFree home insurance for 5 years
Explanation
Maine Housing's homeownership assistance programs help qualifying low-income households with down payment and closing cost assistance, typically structured as deferred payment loans that become due when the home is sold or refinanced.
Related Maine Finance Questions
- A Maine property owner sells their home and carries back a purchase money mortgage from the buyer. In this arrangement, the seller is acting as:
- A Maine homebuyer's debt-to-income (DTI) ratio is 42%. Most conventional lenders prefer a maximum DTI of:
- Under Maine law, a due-on-sale clause in a mortgage means:
- 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:
- Maine's real estate transfer tax of $2.20 per $500 is typically paid by:
- A Maine lender charges 2 'points' on a $175,000 mortgage. The dollar amount of the points is:
- Private Mortgage Insurance (PMI) is typically required in Maine when the buyer's down payment is less than:
- The Maine 'homestead protection' under federal bankruptcy law allows a debtor to protect up to what amount of equity in their primary residence?
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →