Mortgage in Maine
Maine is a beautiful state. With fantastic fall leaves, a booming restaurant scene, and incredible scenery, it's hard not to fall in love with the state the moment you set foot in it. As for housing prices, Maine falls in the middle of the pack, with an average home price of $256,000 - right around the median home price in the United States. You can use our Maine mortgage calculator to see what it would cost you to move to this coastal state!
Maine Mortgage Calculator: Homeownership Is Affordable
If you're thinking of moving to Maine or trading your apartment for a home within the state, there are three mortgages you should know.
- Maine conventional mortgage: Depending on where you live in Maine, you could get a conforming mortgage. These loans are below a threshold defined by Freddie Mac and Fannie Mae. These loans can have as little as 3% down and a credit score of 620. If you buy a more expensive property (a non-conforming loan), you'll need a much higher credit score and at least 20% down.
- Maine FHA mortgage: Maine residents (both prospective and current) can access an FHA mortgage. Backed by the federal government, these loans require as little as 3.5% down, and your credit score can be as low as 500.
- Maine VA mortgage: For veterans and active military members, the VA backs mortgages that require as little as 0% down and have no private mortgage insurance. The only caveat is that they generally need a credit score of at least 660.
With interest rates so low, now is the time to move if you want to go to Maine!
First-Time Homebuyers in Maine
To get a mortgage, you'll almost always need some down payment (except for VA loans). Fortunately, the Maine State Housing Authority offers various programs to help people with their down payment and closing costs.
Maine offers low-interest, fixed-rate financing. These mortgages have minimal down payment requirements and no mortgage insurance. If you get a MaineHousing loan, you can apply for down payment and closing cost assistance from the state.
Eligibility Criteria: Income and property price limitations apply (although the limits are generous, so most Maine homes and residents qualify). Borrowers must have a minimum credit score of 640.
Advantage Down Payment and Closing Cost Assistance
Eligible borrowers can get up to $3,500 toward the down payment and closing costs.
Eligibility Criteria: Income and property price limitations apply. Borrowers must have a MaineHousing mortgage and complete a homebuyer education class.
The Arch program provides a loan for as little as 5% down and risk-rated monthly insurance premiums.
Eligibility Criteria: Income, purchase price, and area restrictions apply. Borrowers must have a credit score of 640 or higher.
Maine Mortgage Calculator: Homeownership Is Within Reach
Maine is a beautiful state with plenty to offer prospective and current residents. If you're thinking of getting a Maine property, use our Maine mortgage calculator to see if it works within your budget. That way, you can make an informed decision whether or not to make a move!