FHA Lending Program
Maine FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Maine borrowers the opportunity to secure home loans in Maine, when they don’t quality for other conventional loans. For example, future Maine homeowners with little credit history or poor credit history are sometimes able to qualify for Maine FHA loans.
Maine FHA Loans for First Time Homeowners
ME FHA loans are ideal for first-time Maine homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Maine
FHA also offers a refi option for Maine homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
Requirements
- No income limit
- Maine borrower credit score flexibility
- 3.5 percent down payment on Maine Purchase Loans
- Bankruptcy: ME FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: Maine FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Loan Limits
FHA loan limits in Maine vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in Maine), etc. Please contact Home Point Financial’s Maine FHA loan experts for details on loan limits for FHA loans in Maine (ME). Contact Home Point Financial to learn more about FHA Loans in Portland, Lewiston, Bangor and throughout Maine.
