Breaking New Ground: Empowering First-Generation Homeowners

Homeownership holds significant importance as it serves as a cornerstone of financial stability and personal investment. Beyond providing a sense of security, owning a home allows individuals to build equity over time, fostering wealth creation and long-term financial well-being. The stability that comes with homeownership can positively impact families, offering a stable environment for children, creating a sense of community, and contributing to overall societal well-being.

For first-generation homeowners, the pilot program with Maine Housing presents a unique and promising opportunity. Many individuals from this demographic have historically faced barriers to entering the housing market, such as limited access to resources, financial constraints, and a lack of generational knowledge about the home-buying process. This program, with its below- market fixed interest rates and a $10,000 grant for down payment and closing costs, seeks to address these challenges head-on, providing a tangible pathway to homeownership.

Elevate Maine is proud supporter of this initiative, as Melanie Crane Co-Owner of Elevate serves as the VP on the Board of Directors for Adoptive and Foster Families of Maine. Elevate recognizes the transformative impact it can have on the lives of first-generation homeowners. By extending support beyond mere financial assistance, the program incorporates an educational component. This component not only facilitates the home-buying process but also imparts fundamental skills essential for sustaining homeownership. From creating a household budget to understanding home maintenance, this pilot program aims to empower participants with the knowledge needed to thrive as homeowners, breaking the cycle of barriers that may have persisted across generations.

By lifting barriers and providing both financial and educational resources, we believe in creating a foundation for these families to build lasting, intergenerational legacies through the transformative power of homeownership.

Eligibility requirements:

● The borrower cannot have lived in a home, owned by their biological parents or legal guardians during the borrowers lifetime or at least one borrower is an individual who was in foster care at some point during their childhood.

● Interest rate is reduced by 1% of Maine housings regular first time homebuyer rate.

● All borrowers must be true first time homebuyers having no previous homeownership.

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