Legal Question in Real Estate Law in Maine

Inherited Family Homestead

I inherited my Dad's family Homestead, pre -1830's New Englander style Farm. We have built a new barn to replace the old one. Now we need to get a mortgage to rebuild the house and the connector section to the barn. The house still has the original horse hair plaster on the walls. I own the property outright - been through probate, have the deed, been living in the apartment we built above the barn. What's the process? Thank you in advance for all your guidance. I'm also retired from the Air Force and a disabled vet. Any chance of a grant/low interest loan like HUD, instead of just a VA loan. Thank you in advance for all your guidance.


Asked on 6/24/09, 7:59 pm

1 Answer from Attorneys
Elliott Teel Teel Law Office

Re: Inherited Family Homestead

You should contact your local banks and credit unions. Go to a few places to see what each can offer you.

There may be State or Federal HUD programs, and the local bank should be able to give you some assistance with that.

It is always best to go to a few places to compare what they offer. Also be sure you fully understand the payment terms - since you are on fixed income (I assume), they will need to make sure you can afford what the program.

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Answered on 6/25/09, 2:04 pm


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