Maine Advantage Down Payment and Closing Cost Assistance Checklist
A comprehensive guide for applicants of the Maine Advantage Down Payment and Closing Cost Assistance Program in 2025.
Assess Your Eligibility
- Confirm that you qualify for a MaineHousing first mortgage, as this is a prerequisite for the Advantage assistance program.
- Ensure your household income falls within the program's limits, which vary based on household size and property location.
- Verify that the property you intend to purchase is located in Maine, will serve as your primary residence, and meets the program's criteria for eligible property types.
- Prepare to contribute a minimum of 1% of the loan amount from your own funds; the cost of the required homebuyer education class can be counted toward this contribution.
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the Maine Advantage Down Payment and Closing Cost Assistance Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Your Application
- Work closely with your Loan Officer to fill out your application for the Maine Advantage Program.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
- Attend a hoMEworks-approved homebuyer education class prior to closing, as mandated by the program.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.