FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Maine borrowers the opportunity to secure ME home loans, 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 refinancing option for Maine homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements - Maine
- No income limit
- Borrower credit score flexibility
- 3.5% 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: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Maine FHA 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 Maine.