Maine Bad Credit Mortgage Lenders

The state of Maine has always been a pleasant place to make a home, and build a family. The economy has been on the up and up for the past ten years, and the trend looks to be ready to continue for some time. The most recent census showed that the unemployment rate in Maine was lower than the national average, and that the home ownership rate is significantly higher than the national average. For anyone looking to buy a home that will continue to increase in value this is good news, and buying homes in Maine is easily done with a good number of mortgage and lending companies willing to deal with people with less than perfect credit.

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Unlike somewhat more glamorous states, where the price for even a small house can be astronomical, Maine housing prices are decidedly reasonable. The national median average for owner occupied homes is 119,600 dollars, while in Maine the median average is lower at 98,700 dollars. Compare that to say, California, where the median average is $211,500 and buying a home in Maine becomes a very attractive proposition.

Attaining a home in Maine just got even easier, now that the US Department of Housing and Urban Development has awarded funding to three agencies in Maine to help families find housing or keep the homes they have. The agencies have access to a good portion of the funding, which is part of $41.7 million announced nationwide.

Maine housing counseling grants are awarded under three categories:

The first category listed for grant money is comprehensive counseling , designed to assist families in becoming first-time homeowners or remain homeowners after their purchase. Not just homeowners, but renters and homeless individuals and families will also benefit from the counseling offered by the grants.

The next category is predatory Lending , that will assist unwary borrowers with avoiding unreasonably high interest rates, inflated appraisals, unaffordable repayment terms and other conditions that can result in a loss of equity, increased debt, default, and even foreclosure.

Finally, section 8 Homeownership will be focused on heavily, allowing low-income individuals to use rental vouchers to purchase homes. These grant recipients will help program participants realistically evaluate their readiness for a home purchase, understand their financing and down-payment options, and navigate what can be an extremely confusing and difficult process.

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