MaineStream Finance

Posts by Jason Bird

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Managing Finances: dropping the judgmental and prescriptive & shifting to personal goals and small actions

Posted on by Jason Bird

I’ve been in financial services for 20+ years, some in banking but mostly helping folks who are often left out have better access. Some old terms we used were “financial literacy or education.”  I’m usually not a semantics person, but these terms rub me wrong for being judgmental and paternalistic.  The poor, the disadvantaged are not any more financially illiterate or uneducated than other Americans. Much evidence shows that targeted people for these programs are quite savvy at managing money–they just don’t have a lot of income nor cushions to withstand life events like a disability or incarceration. Why tell someone to save for retirement when they can’t buy enough food? 

The evidence has shown we can help each other instead by:

  1. NOT wagging fingers but helping each of us set 1-2 self-chosen goals at a time.  Preaching on what one should do by overwhelming them with budgeting spreadsheets and financial management apps is NOT the way.  We can help each other focus on 1-2 financial goals at a time instead.  A client of ours decided to save $500 for a family camping trip and had a wonderful experience.  Many experts would say that was frivolous. I say the process helped her do something important to her and regain confidence in taking other financial steps. 
  2. Creating a “no judgment zone”.  We all slip or splurge. I’m not saying go borrow $45,000 for that brand new truck but also don’t kick yourself for buying a nice gift for your son’s birthday.  You’re not a failure if you’ve gotten behind on student loans or medical debt.  We are all one car accident away from financial hardship–it can happen to anyone.
  3. Making it action oriented. The best way to learn about something new is in the moment of need and take action.  So if you want to buy a house this year, take a home-buyer’s class from one of the many providers here in Maine like us.  If you want to help your kids learn to save, go to your local bank/credit union and open a savings account with $10-$20. 

There are organizations like us who can serve as financial coaches. But like going to the gym with your ‘gym buddy’–maybe find a ‘financial buddy’ and set a few goals with each other.  And don’t be too judgy with your buddy if they break down and buy a 101-shot latte at Starbucks!

Chris Linder is the CEO of the nonprofit MaineStreamFinance.org, part of Penquis Community Action in Bangor–helping ALL Mainers become homeowners, start a business, or improve financial health. This blog appeared in Journey, Maine’s magazine for those in the recovery community.

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Everyone Hates the “B” Word!

Posted on by Jason Bird

The word “budget” can cause negative feelings and anxiety for many, but a budget, also known as a “spending plan”, is just a tool you can use to help you gain control of your money and your expenses and help you improve your financial habits. But how does one go about creating a budget?

  • Track Your Income – Get a total picture of your income (frequency of each income source received & how much from each income source). You have to know what’s coming in before you can plan for what’s going to be spent.
  • Identify Your “Needs” vs. Your “Wants” – Are you spending money on items you don’t need? Needs are things you must have to live such as shelter, utilities, food, and transportation. Needs could also include obligations such as debt, child support, alimony and student loans. Wants are things you can choose to live without. For example, having a reliable car to get to work is a need. But getting a brand new car might be more of a want. But it is not always that clear cut, because one person may see it as a want and another may see it as a need.
  • Cutting or Reducing Your Expenses – Taking a hard look at your total expenses and determining areas where you may be able to cut out the expense or reduce it can help you free up money for what you need most. It can also give you more money every month to save toward your goals, such as emergency savings, paying off debt, and saving to purchase a vehicle or a home.
    • Examples: Down grading your cell phone plan and internet / TV services or changing to cheaper plans; car pool with coworkers/friends a few days per week instead of driving every day; cut back on eating out by bringing your lunch to work or making your own coffee at home; cancel unused services / memberships.

Try the spending tracker for the next month and see how it goes.  In the next article, we will cover some easy ways for creating a “bill calendar” and prioritizing bills when payment dates don’t always match when you get paid.

Rebecca Grant is the Financial Coaching & Savings Coordinator at MaineStream Finance, a Penquis CAP subsidiary. She manages the Maine Family Development Account (FDA) Program, helping Mainers save and meet financial goals.

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Teaching Young People to $ave

Posted on by Jason Bird

I remember as a child, receiving birthday or holiday cards from family. There is an ongoing family joke about when I would open a card and shake it looking for money and would scream, “Dollars…dollars!” if some fell out.  I was only 2 or 3 years old and certainly didn’t understand what money was, but seeing bills fall out of a card was exciting to me. Every time I would receive money, my parents told me to put it in my piggy bank.  Once full, we would take the cash to the bank. Even though I often questioned why I had to give my dollars away, I eventually understood it was the bank keeping it safe for me (and I got it back!).  Later on in Kindergarten, the school offered every child a passbook savings account, and we would bring in 25 cents to deposit into our accounts each week. Sometimes my parents had the money to give to me to put into the account; sometimes not.  Every couple of months my parents and I would go to the bank to update my passbook and see how my savings grew. And those actions and habits have stuck with me throughout my adult life. Some months are better than others are. 

Science knew back then that the human brain learned the most from birth to age 5 and that our memory skills and habit-forming tendencies peak around age 20.  But we didn’t have all of the technology and resources for parents to utilize.  Now resources are available to help both parents and teachers assist young people with learning the importance of saving and managing their finances. Below are just a few of the many great resources that are FREE and available to everyone, especially parents and their kids.  Also, consider doing a simple saving activity in a coffee can for a new toy or open an account at your local credit union or bank just for your kids as they collect money from family.  Credit unions are happy to open these special sub-accounts, typically without any fees.

  • Next Gen Personal Finance (NGPF) arcade is a cool website that offers several tools and games for teachers, parents and students.    https://www.ngpf.org/arcade/

–Rebecca Grant is the Financial Coaching & Savings Coordinator at MaineStream Finance, a Penquis CAP subsidiary. She manages the Maine Family Development Account (FDA) Program, helping Mainers save and meet financial goals. This blog appeared in Journey, Maine’s magazine for those in the recovery community.

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Greater Bangor & Eastern Maine Restaurant Revitalization Fund Overview

Posted on by Jason Bird

NOTICE: THIS PROGRAM CLOSED IN LATE MAY

Monday, May 10, 8:30 AM

Thanks to all who joined Hosts Maine SBA and SBDC as they answer your questions on the Restaurant Revitalization Fund. You can listen to the webinar here:

LISTEN/WATCH HERE: WEBINAR RECORDING

About this Event

ATTENTION all Restaurant Owners and Foodpreneurs in Greater Bangor and Eastern Maine (but all Maine biz owners are welcome). It’s not too late to apply for the SBA Restaurant Revitalization Fund! We will have experts from Maine SBA and SBDC-Bangor to present the basics of the SBA Restaurant Revitalization Fund, and most importantly, answer your questions and concerns. Hosted by Maine SBA and SBDC in coordination with MaineStream Finance and many business support organizations throughout Greater Bangor and Eastern Maine.

Notes:

  • You don’t have to have a physical restaurant location – caterers and food truck businesses are welcome to apply as are many other businesses who serve food and drink to the public!
  • Simultaneous translation in Mandarin and Spanish will be available.
  • This session will be recorded.

Speakers and Hosts

  • Diane Sturgeon, District Director, Maine SBA
  • Ann McAlhany, Business Advisor, SBDC-Bangor

Offered in Partnership with:

  • Bangor Region Chamber of Commerce
  • City of Brewer – Economic Development
  • City of Ellsworth – Economic Development
  • Downtown Bangor Partnership
  • Eastern Maine Development Corporation (EMDC)
  • Ellsworth Area Chamber of Commerce
  • Greater Bangor Convention and Visitors Bureau (CVB)
  • Heart of Ellsworth
  • MaineStream Finance
  • Small Business Development Center (SBDC)-Maine/Bangor
  • Sunrise County Economic Council (SCEC)

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Housing Updates – Relief, Deadlines, Deferrals, and Moratoria for renters, landlords, and homeowners

Posted on by Jason Bird

There is a lot to unpack from recent Federal relief bills, agency extensions, and rent relief assistance. The below does not cover every housing program that is changing or has additional funding – just those that directly impact many individual families in Maine. We’ll keep you posted as things change – especially if the new “Biden” COVID-19 relief bill is passed in March/April 2021. If you need help, contact Pine Tree Legal, Penquis Housing Counseling (or msfinfo@penquis.org), or any of these Maine-based HUD-certified housing counseling agencies. Maine 211 can help as well.

Rental

As mentioned in homeownership below, any tenants in Federal Government financed buildings by USDA, FHA/HUD, or Fannie Mae/Freddie Mac have an eviciton moratorium. Most evictions in Maine are on hold anyway, and the MaineHousing Rental Assistance Program is now open.

Contact Pine Tree Legal, Maine Equal Justice, or Penquis Housing Counseling if you need help. For more information on Federal/US-wide topics on rental support, see CFPB’s page on Help for Renters.

Mortgages/Home Ownership

As of 2/16/21, all direct government agencies, FHA/HUD, VA, and USDA as well as Fannie Mae and Freddie Mac (through FHFA on 2/25/21) have extended their deadlines to apply for mortgage forbearance/deferrals to June 30, 2021 – there is also a foreclosure moratorium through June 30. You can find more at the White House Fact Sheet on Forbearance and Foreclosures, this CFPB housing relief page, and the National Fair Housing Alliance Summary Sheet. Not sure who your loan is with? You can look it up here at the CFPB website.

Contact Pine Tree Legal, Penquis Housing Counseling, or Maine Bureau of Consumer Credit Protection (BCCP) if you need help.

  • State of Maine Foreclosure Mediation Court – foreclosure mediation and court proceedings are effectively closed now. There is testing of mediation and court proceedings online but is not active.
  • HUD/FHA
    • FHA Loan foreclosure (and rental) eviction moratorium is extended through June 30, 2021.
    • FHA forbearance/deferral requests are extended to June 30, 2021 as well.
  • Fannie Mae/FNMA and Freddie Mac (under FHFA)
    • FannieMae/Freddie Mac have extended the foreclosure (and eviction) moratorium to June 30, 2021.
    • They did not address a forbearance/deferral request deadline, but requests can still be made until further notice.
  • USDA
    • USDA’s loan foreclosure (and eviction) moratorium is extended to June 30, 2021.
    • USDA’s loan forbearance/deferral request deadline is extended to June 30, 2021.
  • VA
    • VA’s loan foreclosure moratorium is extended to June 30, 2021.
    • VA’s loan forbearance/deferral request deadline is June 30, 2021 (Update) 31.

More Support Coming – March Federal Relief Package

  • It will be several months, but there is $10 billion in assistance to homeowners in trouble of default or foreclosure
  • an additional $21.5 billion in rental assistance in addition to the program running now with MaineHousing

If you need help with your housing situation, contact one of our Penquis housing counselors here or email us at MSFInfo@penquis.org.

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AVAILABLE SMALL BUSINESS RELIEF GRANTS and LOANS for MAINE BUSINESSES (updated 6/3/21)

Posted on by Jason Bird

Right now, several Maine small business relief grants are available to help support recovery from COVID-19. These include programs for small businesses, the self-employed, and sole proprietors through the U.S. Government/SBA and the State of Maine/DECD. Penquis and MaineStream Finance, the Piscataquis County Economic Development Council (PCEDC), the Piscataquis Chamber of Commerce, the Katahdin Chamber of Commerce, Destination Moosehead Lake, and EMDC have partnered to form the Piscataquis and Katahdin Region Economic Recovery Task Force to bring this information to the public—particularly for Piscataquis County and Northern Penobscot County—in an understandable and actionable format. This is a living document, updated as more information becomes available.

We are here to help you, your friends, or neighbors through each step of the process – so please pass this on.  Please contact MaineStream Finance at MSFInfo@penquis.org for more information or if you have questions. 

Economic Recovery Resources for Maine Small Business Relief Grants

Bangor Microenterprise Relief Grants for Small Businesses in Maine – Deadline June 11

SBA EIDL: Open Small Business Relief Grant Program for Maine Owners – OPEN

EIDL is open again – with a deadline of December 31, 2021.  EIDL loans have low interest rates of less than 4% and long-term loan terms of up to 30 years to be used for operating expenses.   Loan payments can be deferred for as many as 24 months/2 years. More information can be found in the Grant Prep link on page 4 or on the SBA website for the EIDL program (where you can also apply directly to the SBA). 

SVOG Relief Grant for Entertainment-Based Small Businesses in Maine/ SAVE OUR STAGES (OPEN)

SVOG includes $15 billion in grants to shuttered venues, like museums, concert halls, etc. Eligible applicants may qualify for grants equal to 45% of their typical gross earned revenue, not to exceed $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.  You do not have to rush for this grant. Please note, you can take a SVOG Grant and a new PPP loan – you must apply for PPP first, and it may be deducted from SVOG proceeds. For details, see page 5 in the Grant Prep packet link or click on the SBA SVOG site here. You can register to apply here.

State of Maine Micro-Enterprise Relief Grant for Small Businesses

Microenterprise Grants from the State of Maine are up to $5,000 for businesses with five or fewer employees, with an owner whose income is in the low to moderate range as defined by the Department of Housing and Urban Development (HUD). A meeting with a Maine SBDC business advisor is required to apply. For details, see page 4 in the Grant Prep packet link above or click on the SBDC site here.

Employee Retention Credits: Another Form of Small Business Relief in Maine

Through the Employee Retention Credit, the IRS allows employers to claim up to $7,000 per employee per quarter for much of 2020 and 2021 through June 30, 2021. One can claim wages with the SBA Paycheck Protection Program and ERP at the same time now. If you are unsure how to do this, call your local accountant for help!

More Maine Small Business Relief Programs from Federal Relief Bill

Additional Maine Small Business Grants and Loan Relief Opportunities

GRANTS

LOANS

OTHER SITES TO MONITOR that are Maine-focused:

Nationally, check out the following for updates to government and private relief programs:

“While some Maine small business relief grants are now closed, others remain open or are expected soon—check back for updates.”

Closed Maine Small Business Relief Grant Programs

RRF: Closed Federal Grant Program for Maine Small Food Businesses

Registration opens on April 30 and applications open on Monday May 3. These funds will go relatively quickly at only $28.6 Billion for the entire US. This will be a pure grant – not forgivable loan and does allow for more informal food businesses like food trucks and caterers. The minimum amount is $1,000 and the maximum is $5 million. The amount will be generally based on the decline in gross revenues from 2019 to 2020 (less any PPP funds).

PPP: Closed but Previously Critical for Maine Small Business Relief

DEADLINE IS EXTENDED TO MAY 31! Whether you took PPP in 2020 or not, this program is likely still for you as a business owner – especially if you are self-employed or a company with less than 20 employees.  There are many improvements and clarifications and the process should be much smoother.  There will not be a mad rush like last time.  If you felt like PPP was not for you last time, we urge you to look at it this time – it is much better and SBA wants you to apply for the self-employed, those who have been incarcerated, those with student loan issues, and for immigrant entrepreneurs.  US Residents with legal status are eligible. The calculation for Schedule C IRS tax filers who are self-employed is much, much better as well, calculating the PPP amount on Gross Income instead of Net Income.

Start with your bank or credit union first, and if they are not doing PPP, MaineStream Finance can give you 2-3 ideas on where to go.  There are also three nonprofit community lenders offering PPP in Maine:

More information can be found in the Grant Prep link on page 3 or on the SBA website for the PPP program. 

Maine small business relief grant partners including MaineStream Finance, Piscataquis Chamber of Commerce, and Katahdin Region

P.S. If you are a nonprofit, there is a great resource page and webinar on Federal Aid for you and how PPP and SVOG applies to you here on the Council of Nonprofits webpage, FMA/IFF, the Nonprofit Finance Fund (NFF). Maine Association of Nonprofits (MANP) also has a good resource page.

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Penquis receives $269,500 grant from The TD Ready Challenge to address the impacts of COVID-19

Posted on by Jason Bird

Bangor, ME, January 27, 2021 – Penquis has been named one of six U.S. winners of the 2020 TD Ready Challenge presented by TD Bank.

  A grant in the amount of $269,500 was awarded to Penquis, Maine’s largest community action agency, serving primarily Penobscot, Piscataquis and Knox counties with additional economic empowerment services to Hancock, Waldo and Washington counties. Penquis will use the TD Ready Challenge grant to improve the financial stability of low-income individuals and families through the Rural Maine Financial Coaching Collaborative by training frontline staff in social service organizations to integrate basic financial coaching and housing counseling into their case management services.   The Rural Maine Financial Coaching Collaborative will serve Eastern, Central, Mid-Coast and DownEast Maine. The collaboration will work with over 10 agencies and train more than 30 providers in helping hundreds of low-income clients to weather financial difficulties, prioritize bills and budgeting, and develop and negotiate   payment plans, in addition to supporting case managers in understanding the basics of the foreclosure and rental eviction processes to help keep clients in their homes or find reasonable alternatives.  

“Penquis has brought forward a creative and scalable solution to help those disproportionately impacted by the effects of COVID-19,” said Sheryl McQuade,TD Bank. “Being a winner of the TD Ready Challenge is a testament to the skill, ingenuity and vision of its creators, as well as their dedication to ensuring our communities emerge from the pandemic more resilient, inclusive, vibrant and ready for the continually changing future.”

The TD Ready Challenge is an annual initiative, laddering up to the TD Ready Commitment, TD’s corporate citizenship platform, aimed at opening doors to a more inclusive and sustainable tomorrow. Acting as a springboard for social innovation, TD established the TD Ready Challenge to identify and support scalable solutions that address societal issues identified within the four drivers of the TD Ready Commitment: Financial Security, Vibrant Planet, Connected Communities and Better Health.

In 2020, the COVID-19 pandemic has had an immense impact on society and that’s why the 2020 TD Ready Challenge encouraged organizations across TD’s North American footprint to create innovative solutions to help create accelerated, sustained and equitable recovery in the face of COVID-19.

“This collaboration comes at just the right time to help us strengthen our communities through our partnerships as we navigate these challenging times,” said Chris Linder, CEO, MaineStream Finance, a subsidiary of Penquis. “Training frontline social service workers in financial coaching and housing counseling capitalizes on the trust already established with the clients. This approach avoids the logistics of referring the client for a separate, unfamiliar service and advocate. As a result, the client learns about strategies for dealing with housing insecurity and eviction, reducing debt, improving credit and obtaining additional financial resources from someone they trust, while we at Penquis support the frontline worker.”

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Maine & Beyond – Small Business Relief Grants Available in December 2020 / January 2021

Posted on by Jason Bird

The Federal Government and Maine’s own congressional delegation, particularly Senator Collins and King and Representative Golden, are working on a relief aid bill that would include another SBA Paycheck Protection Program (PPP) round and other relief aid for small businesses.  The momentum looks strong, so be on the lookout for late December/early January. 

Until then, there are still a few relief grants for small businesses and their workers out there, especially for the hospitality/restaurant industry.  Below is a list of available or upcoming programs we know of.  If you have any questions for a client, friend, or neighbor, they can email us at MSFInfo@penquis.org and we’ll see what we can find together. 

Do note within the list below, competition for the national funds will especially be fierce and may run out quickly (and your chances of being funded are likely lower than the local grants).  The best advice is to apply immediately, as most of these programs are first come, first served until the funds run out.  Here are additional resources for local programs:

And also remember to buy local for your holiday shopping!!!

Chris Linder, CEO

December 9, 2020

LOCAL – MAINE-BASED GRANTS

Maine Department of Economic and Community Development (DECD) Grant for Tourism, Hospitality and Retail – APPLY NOW! (including Food Service/Breweries, and Entertainment)– there is a new grant available that must be sdisbursed by December 31 for the three industries above – this is first come, first serve and urgent to apply now.  The application is simple and quick. https://www.maine.gov/decd/economic-recovery-grants

Pandemic Relief Program (PRP) – Dept of Labor.  Governor Janet Mills and Commissioner of Labor Laura Fortman announced that the Administration will provide certain individuals who are unemployed due to COVID-19 with a one-time direct relief payment of $600 through the State’s newly-created Pandemic Relief Program (PRP). The relief payment is meant to assist unemployed Maine people at a time when they continue to face substantial economic hardship as a result of COVID-19 and are losing their Federal unemployment benefits at the end of the month unless Congress acts. This payment includes self-employed, sole proprietors, and other business owners who are unemployed and losing their Federal unemployment benefits this month. https://www.maine.gov/governor/mills/news/mills-administration-announces-one-time-relief-payment-mainers-unemployed-due-covid-19-2020-12

Island Institute Small Business Resilience Grants Through the Tom Glenn Community Impact Fund, the Institute is offering grants of up to $1,500 to support island and coastal small businesses, artists and makers, and working waterfront businesses. http://form.jotform.com/201274314776152http://form.jotform.com/201274314776152

Department of Agriculture, Conservation and Forestry (DACF) and CEI [2 programs] – both due December 18

  1. Agriculture and Food Processing Infrastructure Reimbursement Program Reimbursements for infrastructure and e-commerce updates are available.  Guidelines are pretty broad, so if you have clients in these sectors, have them check it out even if they don’t think they have made such improvements.  https://www.ceimaine.org/covid-19-resources-for-businesses/maine-covid-grants/
  2. Farmer E-Commerce Reimbursement Program The DACF CARES Act E-Commerce Reimbursement Program is offering up to $5,000 in reimbursements to Maine farms that have recently purchased e-commerce infrastructure due to business interruptions caused by COVID-19 social distancing measures and in response to the public health emergency. https://www.ceimaine.org/covid-19-resources-for-businesses/maine-covid-grants/

NATIONAL

Native Small Business Grant-NCAI: With support from Google.org, the National Congress of American Indians (NCAI) is issuing business stabilization grants in the amount of $5,000 each to a total of 170 selected Native-owned small businesses that have been severely impacted by the curtailing of commercial activity caused by the COVID-19 pandemic. https://www.ncai.org/Covid-19/Get-Involved/apply-for-ncai-funding#ResponseFund

LISC-Lowe’s Rural Relief Small Business Grants (Open December 29 – January 5) LISC is inviting small business owners in rural locations (of 50,000 or less residents) across the country to apply for the LISC-Lowe’s Rural Relief Small Business Grants program that range from $5,000 to $20,000. https://www.lisc.org/covid-19/small-business-assistance/rural-relief-small-business-grants/

James Beard Foundation Food & Beverage Industry Relief Fund for Black and Indigenous Americans (coming/not yet open – sign up for email updates) The Fund will provide financial resources up to $15,000 for food or beverage businesses that are majority-owned by Black or Indigenous individuals. These grants are part of the Open for Good campaign, launched in April to rebuild an independent restaurant industry that is stronger, more equitable, more sustainable, and more resilient when it re-opens post-COVID-19.  https://www.jamesbeard.org/investment-fund

Another Round, Another Rally Fund for Hospitality Workers ($500) The Fund is offering $500 relief grants for hospitality workers who lost their jobs or had their hours slashed in the wake of the COVID-19 outbreak. https://anotherroundanotherrally.org/apply-for-aid/

Restaurant Workers’ Community Foundation- Southern Smoke Emergency Relief Program for Bar & Restaurant Workers (average $2,000) Southern Smoke is a nonprofit 501c3 charitable foundation. Our Emergency Relief Program provides emergency funding to those employed by or own restaurants or bars or are employed by a restaurant or bar supplier that are faced unforeseen expenses that cannot or will not be covered by insurance. https://form.southernsmoke.org/smoke/application/

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MaineStream Turns 20 in 2020!

Posted on by Jason Bird

It’s hard to believe that MaineStream Finance (MSF) turns 20 this year! MaineStream Finance was actually incorporated by Penquis in 2000 and became a fully-certified Community Development Financial Institution (CDFI) in 2001. MSF existed even before 2000, when housing counseling and a small business loan fund began in the mid-1990s. Since that time, MaineStream Finance has grown into three primary categories of services and financial products:

  • Home Ownership with housing counseling and home lending
  • Small Business with advisory, workshops and loans
  • Personal Finance with FDA savings accounts and financial coaching

Originally, pre-COVID-19, we were going to hold a 20th anniversary bash to celebrate, but that will not be happening. We will be providing updates and outreach on our website and with Penquis’ website over the next few months. In the meantime, check out our website’s MaineStream Finance history and timeline and reach out to some of the great staff members below to say congratulations to MaineStream Finance in attaining organizational adulthood. Happy Birthday, MaineStream Finance, and thank you so much to Penquis and staff for such great support and making us part of the family 20 years ago!

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Not Your 1970s Mobile Home Anymore – MaineStream Launches a Manufactured Home Loan Product

Posted on by Jason Bird

An affordable and livable alternative to the housing affordability crisis

MaineStream Finance would often have clients come through our doors asking if we could finance manufactured housing/ mobile homes. Because of our funding source requirements, we always had to say no. There were enough clients and partners asking that we investigated whether we should create a specific product and funding source to finance manufactured housing. Manufactured Housing (fka mobile homes) has greatly improved
over the years with extensive oversight by HUD at the manufacturing facility and now often retain their value like stickbuilt homes, as long as general maintenance is kept. Manufactured homes can often cost less than $100,000, which is often a maximum price point that low income clients have that they can afford. Right now throughout Maine, there is a lack of supply of homes for sale and very high demand – and many low income homebuyers are being priced out of owning their own home despite rates being historically low.


MaineStream Finance believes manufactured homes can be a good alternative for an affordable and livable home for low income families. and we have now launched a new manufactured home/mobile home loan! Some highlights of our new manufactured home loan product are:

  • Our loans can finance manufactured homes on owned land or in residentowned-communities (ROCs).
  • Can be up to 30 years for full maturity.
  • Our rates are typically much lower than some of the major, national lenders with rates that can well exceed 10%.
  • Much lower down payments and closing costs requirements as well.
  • No minimum credit score – we will work with clients on issues to address.

Give our loan officer, Roberta Teeto, a shout if you know someone who might be interested in this new type of home and financing at MSFInfo@penquis.org and visit the new Manufactured Home Loan page!

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