How much home can you afford? Take the first step and get pre-qualified.
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Check the Reason to Choose Katahdin Trust
- Great fixed rate: 0.25% lower than our fixed rate mortgage
- Fast credit decision: Get approved quickly with local servicing
- Quick turnaround: Close loan generally within 30 days
- Down payment & closing cost assistance: Eligible homebuyers could qualify for up to $29,000 with our Down Payment Assistance Programs!
- Reduced Cost: You can go as low as a 10% down payment without private mortgage insurance (PMI).
- Automatic Payments
Added Benefits
- No application fee
- No origination fee
- No administration fee
- No seller points required
- No recapture tax liabilities when you sell your home
- No home inspection (although we always recommend one)
- Free flood determination
- Free credit bureau report
- Variety of terms available
Do I Qualify?
To qualify for a First-Time Homebuyer Mortgage:
- You cannot have owned a home in the past 3 years*
- You meet the following household income limits:
Location | Aroostook County & Patten Area | Bangor Area | Scarborough Area |
Income Limits |
1-2 persons < $97,900 3 or more persons < $111,835 |
1-2 persons < $97,900 3 or more persons < $111,835 |
1-2 persons < $123,300 3 or more persons < $141,045 |
Subject to credit approval. Income limits effective 6/9/2023. Homebuyer education is required. If unable to attend a face to face training, borrower must take the Buyers Ed online homebuyer course on the MGIC website at readynest.com. Up to five acres of land allowed. Existing structures only. Our First-Time Homebuyer Program is not associated with the Maine State Housing Authority. *This includes a mobile home and the land it sits on, but if you have owned a mobile home only, not including any land, you do qualify.
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