EXCLUSIVE INTERVIEWS—

Governor J. Baldacci The Governor talks candidly about Maine's economy- keeping ME on track for the future. Maine's tax burden went from 11.71 to 11.4% in three years.

Rep. Stan Gerzofsky talks about the exciting potential that the MRRA has turning the former Brunswick Naval Air Station into a magnet hub of industry and business development with about a thousand acres of conservation land.

MAINE VOICES—

U.S. Rep. Tom Allen discusses his plans to help veterans with PTDS                 

Sam Spencer talks about why Maine needs a historic tax credit for sound development

MAINE INITIATIVES—

Maine and New Brunswick looking to become an energy hub

Premier Graham of New Brunswick a partner in progress with Maine

Maine's natural resources will help make Maine energy independent

A new beginning - for the former Brunswick Naval Air Station

MAINE  COMMUNITY NEWS—

The Hathaway Creative Center fuels Waterville's renaissance

Maine Huts & Trails opens and is energy efficient

The Frontier Café, Cinema and Gallery —A Brunswick gathering place -

MAINE AS 'ONE COMMUNITY' NEWS—

Governor Baldacci looking after the needs of Maine's veterans

New Maine State Housing loans

Public Utilities Commission broadband breakthrough

BUSINESS NEWS—

Maine's innovative economy -New MTI grants available

Backyard Beauties to open new hydroponics greenhouse

NBA looking to Portland for a Development League

MAINE ECONOMIC NEWS—

Gov. Baldacci and the economy - keeping ME on track for the future

New budget cuts

Maine hit hard by Medicaid rule changes and Bush's proposed budget

Maine and New Brunswick looking to become an energy hub

ELECTION         YEAR NEWS— 

A debate with Maine's Democratic candidates for Congress

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Not authorized by any candidate, candidate’s committee, or the Maine Democratic Party

By Ramona du Houx

New mortgage options offered by the Maine State Housing Authority (MaineHousing) make it easier for more Maine people to buy homes of their own. Effective March 3, borrowers using a MaineHousing mortgage have the choice of a 30-year or 40-year term, with no points or two points.

"Borrowers can choose the options that are right for them," said MaineHousing Director Dale McCormick.(above photo). "The new options, combined with our low interest rates, low to no down payment, and down payment and closing cost assistance, will help more Maine people than ever benefit from our mortgages."

"These new loan options will help our real estate industry," said Governor Baldacci. "We hear of tightening credit standards, making it more difficult for homebuyers to get loans, but MaineHousing has mortgages available that make home buying affordable."

"This is a great time for people who have been thinking of buying a home to act," added the governor. "There are many homes on the market, home prices in many areas are at or below last year’s prices, and interest rates are low. MaineHousing borrowers can purchase a home with little or no out-of-pocket costs, and with a fixed monthly payment they can afford."

MaineHousing mortgages usually have interest rates below market rates for similar products, which mean lower monthly payments. The current MaineHousing note rate for a 30-year term and no points is 5.55 percent (6.168 percent Annual Percentage Rate).

MaineHousing expects its new no point mortgage option to be very popular. Discount points can be paid at loan closing to reduce the interest rate, but many borrowers prefer no points because less cash is required to get the mortgage.

The new extended payment term means a borrower can choose to repay the mortgage over 40 years instead of the usual 30 years. A longer payment term increases interest paid over the life of the loan, but lowers monthly payments. This makes homeownership a reality for people who otherwise could not afford it.

Most MaineHousing mortgages require 0 to 5 percent down payment. If the down payment and closing costs are too much, eligible borrowers may use Maine Assist, which provides help paying those costs.

MaineHousing mortgages also come with payment protection for unemployment. The Maine HOPE program — Home Ownership Protection for unEmployment — may make four monthly mortgage payments on behalf of eligible MaineHousing borrowers. "It’s a little extra protection for our borrowers and their homes," McCormick said.

MaineHousing loans are available through more than 30 participating lenders to new home buyers or people who have not owned a home in the past three years and to veterans and active duty military, even if they are homeowners. Most Maine households are income-eligible.

"More people are eligible for a MaineHousing mortgage than you think," McCormick noted. "We offer a quality loan product that Maine people have trusted for over 30 years. I hope that more Maine people take advantage of it."

The mission of the Maine State Housing Authority is to assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs. Please visit: www.mainehousing.org