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The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
The one-story homes will be sold - net of the assistance listed above - for a sale price of $220,000.
A minimum downpayment of 1% will be utilized to pay the upfront cost of mortgage insurance. And closing costs are likely to exceed the MaineHousing assistance by about $1,000. Thus, homebuyers will have to demonstrate to the lender that they have at least $3,100 in available cash for closing. Additional downpayments can be utilized to reduce the mortgage below $220,000 if desired and available.
Important Information
Important Information
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Accessory Dwelling Units (ADU)
What are ADU's?
ADUs are self-contained homes located on the same lot as a primary residence. They include kitchens, bathrooms, and sleeping areas, and can be attached, detached, or conversions of existing space (like a garage or basement). For further information visit the Maine ADU Guide.
ADU's as a Housing Solution
As housing costs rise across the U.S., Accessory Dwelling Units (ADUs) have become an effective way to help address housing shortages. These compact, flexible living spaces give homeowners and investors the chance to earn rental income, increase property value, and expand the local housing supply.
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ADUs benefit more than just property owners, they strengthen communities too. By adding housing units without large-scale construction, ADUs offer a solution that aligns with the needs of growing urban populations.
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For renters, ADUs offer modern, affordable housing options in areas where traditional rentals may be limited or expensive. They help close the gap between high costs and available housing, providing quality living spaces without forcing tenants to compromise on location. From a financial standpoint, ADUs are a smart investment. They can significantly raise a property’s value, and the potential for rental income adds long-term financial benefits for homeowners. For more information visit Housemax Funding.
Understanding LD 2003: What it Means for ADUs
LD 2003 (2013 Maine legislative docket) is a statewide housing reform law passed in 2022 aimed at increasing housing supply by removing regulatory barriers in local zoning and land-use ordinances. It requires municipalities to allow at least one accessory dwelling unit (ADU) on any lot with a single-family home where residential uses are permitted, meaning homeowners can build a small secondary unit within, attached to, or detached from their house without being restricted by prior zoning bans. The law also prohibits additional parking requirements for ADUs beyond what’s already required for the primary dwelling, and lets ADUs be exempt from certain density limits, making it easier to expand housing options. For more infomation visit Maines LD 2003 Guidance information page.
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