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Homeownership Options |
The concept of the “American Dream” has been glorified over the last century in pop culture, usually referring to building a family in a safe, suburban environment while living comfortably. Unfortunately, one of the key aspects of this idea has become increasingly more difficult to achieve: homeownership.
Looking at statistics from 2019 provided by the American Bankers Association, it is clear to see why so many Americans have struggled to be able to purchase homes:
Nearly 1/3 of American households devote more than 30 percent of their income to housing costs.
In general, Americans are spending a lot of money on simply maintaining their current housing situation, with not many clear opportunities to be able to save for a home. In the state of Maine, prospective homebuyers have been faced with additional challenges, including low inventory, strong demand, limited savings, and zoning and land use regulations, to name a few. However, if you’ve experienced one or more of these challenges, you should know that you are not alone, and there are resources available to help you navigate these situations. Here is some information you should be aware of in the home search process, along with resources on how to make the process easier.
It is easy to feel overwhelmed during the home-buying process, which is why banks and other organizations have support programs in place to help. Banks work with consumer groups, nonprofits, and government agencies to foster community development and support homebuyers through down-payment assistance, securing lower interest rates, and closing cost assistance, among other resources. Below is a list of a few of the many organizations and agencies that help families find homes:
These programs, among others, are important because they allow people who previously might not have ever expected to own a home, to work towards achieving their own “American Dream.”
Katahdin Trust takes great pride in providing financial contributions to local organizations that focus on safe and affordable housing in Maine. We partner with nonprofits like the Bangor Area Homeless Shelter, Hope & Justice Project, The Opportunity Alliance, Homeless Services of Aroostook, Preble Street, United Veterans of Maine, Habitat for Humanity, and many others.
In addition to partnering with local organizations, Katahdin Trust also offers direct assistance to homebuyers with Mortgage Loans and Down Payment Assistance in order to help as many Maine families as possible, from Fort Kent to Scarborough. With the Equity Builder Program, eligible borrowers can receive up to $22,000 in grant funds to put towards down payments, mortgage insurance, and closing costs. Katahdin Trust’s Housing Our Workforce program is another option, which provides up to $20,000 towards a down payment for qualified homebuyers with a 2:1 match. Katahdin Trust also offers first-time homebuyer, rural development, fixed/adjustable rate, and construction mortgage loans as well. Always reach out with any questions about this process, as local mortgage specialists are only a call away and happy to help, at 1-855-331-3221.
All loans are subject to credit approval. Property insurance is required. Programs may be offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance. Eligibility and income level requirements vary by program. May not be combined with any other type of down payment program. Ask your local bank for details. Member FDIC. Equal Housing Lender.
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