FHA Loan Calculator for Maine

FHA Loans in Maine

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Maine's median home of $320,000, that's a minimum down payment of $11,200.

FHA Loan Limits in Maine

FHA loan limits vary by county and are tied to conforming limits. In most Maine counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Maine counties are at the standard conforming limit.

FHA vs Conventional in Maine

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Maine's median home at $320,000, buyers who can put down $64,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Maine closing costs average $3,400. Maine imposes a transfer tax of $2.20/$500 of value, split between buyer and seller at $1.10 each. Title insurance rates are reasonable by Northeast standards. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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