MaineHousing offers home repair, home replacement financing for Aroostook County flood victims
AUGUSTA – MaineHousing (the Maine State Housing Authority) is offering low interest rate loans to help people in Aroostook County whose homes were damaged or destroyed by the recent flooding.
“We want to restore the lives of residents impacted by the flooding as quickly as possible, and that includes ensuring they have safe, sound housing to live in,” said Governor John E. Baldacci. “These MaineHousing programs will help repair or replace housing damaged by the flooding.”
MaineHousing Director Dale McCormick said MaineHousing is working with local lenders to accept home repair or replacement applications.
“Homeowners who live in Aroostook County and whose homes need repair or replacement because of the storm’s damage should check with the Savings Bank of Maine or call us to see if they qualify for one of our low-cost disaster relief loans,” said McCormick.
Eligible residents who need assistance with home repairs should apply for a MaineHousing loan at the Fort Kent office of the Savings Bank of Maine. For information call Angela Franck at 207-834-2282.
Those who need a home replacement loan also can apply at Savings Bank of Maine, or other lenders that participate in MaineHousing’s first time homebuyer program (FirstHome). Lenders in Aroostook County include Bangor Savings Bank, Key Bank National Association, and Machias Savings Bank. The complete list is available at MaineHousing’s website at www.mainehousing.org or by calling MaineHousing toll free at 1-800-452-4668.
MaineHousing offers repair loans of up to $20,000 at a 3 percent Annual Percentage Rate. Homeowners with annual incomes up to $63,700 are eligible to apply, and have 16 years to repay with no payments or interest due during the first year.
Eligible homes include single-family homes, condominiums, mobile homes, and homes of four units or less if the owner lives in one of the units.
Homeowners with flood damage must provide photographs of the damage, have professional written estimates of repairs, and a contract with a contractor for the work.
People who need to replace homes that were damaged beyond repair by the storm are eligible for a low-interest rate MaineHousing home mortgage. Eligibility requirements are the same as in MaineHousing’s first-time homebuyer program, except there is no first-time homebuyer requirement.
Borrowers earning up to $63,710 for a family of three or more ($55,400 for smaller families) may be eligible for loans up to $237,000 for a replacement single-family home. The current fixed interest rate is 5.1% (5.688% Annual Percentage Rate) with two points and a 30-year term. Borrowers also can choose loans with no points or a 40-year term.
For more information on the homebuyer program and the disaster loan programs, visit MaineHousing’s website at www.mainehousing.org or call the agency toll free 1-800-452-4668.