Maine Housing announces it now will offer low interest loan rates to offer assistance to those who qualify for damage to their home from Feb. 23-March 2 storms in Lincoln County.
Maine State House Authority has released the criteria for the Disaster Assistance Loan Program for Home Repairs to citizens in Lincoln County. Eligible homeowners must have resided in Lincoln County, suffered damages to their primary residence Feb. 23 through March 2, and have an annual household income of less than $89,975. Eligible properties would include one to four unit buildings, condominiums, or mobile homes.
Loan terms for homeowners: 3 percent interest rate; 16-year term, with no payments or interest accrual in first 12 months; maximum loan amount $20,000 with a minimum of $2800; no closing costs, no appraisals, no underwriting requirements; flood zone determination and zones required, this may be obtained from town office; and, title update to verify ownership, and confirmation that property taxes are current.
To begin the process, please contact Betsy Harrington at Bath Savings Institution, 442-7711. Please be prepared with photographs of damages, written professional estimates, and a copy of the contract between the homeowner and contractor for the repairs proposed for the loan.
Borrowers may be reimbursed for repairs already completed prior to closing, provided the damages can be documented for health and safety reasons. Please consult the lender for further questions, or see Lincoln County EMA’s website: lincolncountyema.org for further information.
