Residential Loans

Our residential loan programs are here to help you find the house of your dreams or just to help you learn more about how you can save up for a house. Through a nonprofit revolving loan pool and with resources to help you understand purchasing a home loan, the types of mortgages, and finding assistance for down payments and loans, Four Directions Development Corporation can help you become a homeowner!

First-time homebuyer Education is required for those who have not purchased or financed a home within the past three years.

FDDC offers multiple home lending options to help you get into the home of your dreams! With standard and Section 184 mortgages to choose from, we have the resources, information, and services you need to obtain a home loan and close on your new house!

Don’t let the fear of a large down payment stop you from purchasing a new home! FDDC is proud to offer down payment assistance to eligible Maine tribal members, funded through the Wells Fargo Foundation. Eligible homeowners will receive $5,000 toward their down payment on their new home loan. Eligible applicants must be low-income households (at 80% or below the current median household guidelines for the State of Maine). Approved applicants are expected to complete a homebuyer education workshop and enroll for the Financial Capabilities Counseling prior to receiving these funds.

You can choose from either a Standard Mortgage or a Section 184 Mortgage. A standard mortgage might be right for you if you are purchasing a new construction, a home purchase, or if you are refinancing your home (including mobile and modular homes!). Homebuyer Education workshops are required for first-time home buyers (meaning you have not purchased or financed a home within the past three years). If you’re interested in purchasing an energy efficient home, ask us about our mortgages that can be used to purchase Energy Star or LEED certified homes!

A Section 184 mortgage can be used on the purchase or refinance of a house, mobile home, or modular home, and homebuyer education courses are required for first-time buyers. Section 184 mortgages come with additional qualifications, including:

  • No late payments on any accounts in the past 12 months
  • Collection accounts must be paid in full 12 months prior to application
  • Borrower must have two full years of employment history with no gaps

Have expensive fixes to make around the house? Don’t worry about how you’ll pay for them! Home Improvement Loans can be secured on either first or second lien, and can be used for safety, accessibility, and comfort enhancements around your home! If you’re looking to make energy efficient upgrades, FDDC also offers loans to improve your home’s heating and cooling systems, as well as reduce associated costs!

Need to break out from predatory loans or collections? Rebuild your credit with a Credit Builder Loan! FDDC’s Credit Builder Loan (CBL) is a short-term (24-month maximum) unsecured loan of up to $3,000 that is coupled with financial counseling during the duration of your loan period.

If you’re interested in applying for a residential loan or would like more information about our programs, please contact us today!