Maine (ME) USDA Loans
USDA Loans in Maine are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Maine residents in almost every ME county outside of major metropolitan areas (rural areas in Maine including Aroostook County, Franklin County, Hancock County and others).
Loan Requirements and Guidelines
There are a number of requirements to qualify for Maine USDA Loans:
- Monthly Maine housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Maine.
- Maine borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Maine property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Maine families must be able to afford the mortgage payments, including taxes and insurance.
Maine USDA Mortgage Rates
Maine USDA interest rates vary by individual and are determined by a number of factors specific to the individual, property being financed, and other factors. In general, ME USDA rates are better than average compared to other options for qualifying individuals.
Maine USDA Lender
Apply now or contact the Maine USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Maine, eligibility and more.
