ME LD845

Establishes a First-time Home-buyer Program administered by the Finance Authority of Maine (FAME) to provide affordable mortgage loans across all 16 counties, effective January 1, 2026

Defines first-time home buyers as individuals or households who have not owned a primary residence in the past 3 years

Mortgage loans must have terms of no more than 30 years, below-market interest rates, down payments capped at 5%, and loan guarantees

FAME must establish county-specific maximum purchase prices based on regional market conditions, adjusted biennially, and allocate loans equitably across all counties

Annual reporting to the Legislature begins January 2027, covering loan numbers, geographic distribution, average purchase prices, and program improvement recommendations