Maine FHA Loan Rates, Closing Costs & Stats

Maine

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Maine FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Maine averaged -0.47% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Maine's average FHA mortgage closing costs are $7,275.

The average rate for the prior week (2023-11-17) was 6.62% and one month ago for the week of 2023-10-20, the average rate was 6.83%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.3%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Maine FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Maine level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 305 4.68% $9,706
GUILD MORTGAGE COMPANY 291 5.08% $9,335
UNITED WHOLESALE MORTGAGE, LLC 237 4.93% $10,099
CMG MORTGAGE, INC. 146 5.43% $9,657
T2 FINANCIAL LLC 116 5.23% $17,375
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 116 5.12% $9,205
DAS Acquisition Company, LLC 96 4.83% $9,170
Bangor Savings Bank 95 4.60% $7,975
LEADERONE FINANCIAL CORPORATION 83 5.32% $8,996
LOANDEPOT.COM, LLC 83 4.89% $10,421
CALIBER HOME LOANS, INC. 63 4.66% $8,978
The Camden National Bank 54 4.81% $7,917
HOMEBRIDGE FINANCIAL SERVICES, INC. 50 5.31% $12,316
CROSSCOUNTRY MORTGAGE, LLC 49 5.10% $9,345
Mr. Cooper ( Nationstar Mortgage ) 47 4.35% $12,672
AMERISAVE MORTGAGE CORPORATION 43 4.69% $10,868
FREEDOM MORTGAGE CORPORATION 43 5.00% $10,084
EMBRACE HOME LOANS, INC. 42 5.31% $9,291
BROKER SOLUTIONS, INC. 35 5.39% $10,438
LAKEVIEW LOAN SERVICING, LLC 33 3.94% $6,939
NORWICH COMMERCIAL GROUP, INC. 31 5.25% $11,165
ACADEMY MORTGAGE CORPORATION 30 5.03% $10,371
NORTHPOINT MORTGAGE, INC. 30 5.24% $10,674
PENNYMAC LOAN SERVICES, LLC 29 4.30% $9,458
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 29 5.58% $10,666
TOTAL MORTGAGE SERVICES, LLC 27 5.15% $12,477
PRIMARY RESIDENTIAL MORTGAGE, INC. 25 5.32% $12,509
CUSO MORTGAGE CORPORATION 25 4.76% $8,353
NEWREZ LLC 24 4.17% $7,292
Carrington Mortgage Services, LLC 23 5.03% $9,943
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 22 5.56% $8,484
AMERICAN FINANCIAL RESOURCES, INC. 21 5.43% $7,579
INTEGRITY MORTGAGE LLC 19 5.38% $9,056
Citizens Bank 19 4.94% $10,102
Equity Prime Mortgage LLC 18 6.19% $10,535
Mortgage Network, Inc. 18 4.42% $9,163
MEGASTAR FINANCIAL CORP. 17 4.55% $9,752
Nations Lending Corporation 17 5.34% $11,903
VILLAGE CAPITAL MORTGAGE 16 3.58% $6,826
EVERETT FINANCIAL, INC. 15 5.11% $6,317
CARDINAL FINANCIAL 15 5.31% $10,551
RELIANCE FIRST CAPITAL, LLC 14 4.84% $11,321
Mortgage Research Center, LLC 13 5.38% $7,020
NORTHERN MORTGAGE SERVICES, LLC 12 5.51% $7,640
Flagstar Bank, FSB 12 5.37% $12,144
MUTUAL OF OMAHA MORTGAGE, INC. 12 4.72% $12,557
Paramount Residential Mortgage Group, Inc. 11 5.86% $9,791
TD Bank 10 4.19% $6,380
KeyBank 9 4.03% $8,718
AMERICAN FINANCING CORPORATION 9 4.08% $8,223
MOVEMENT MORTGAGE, LLC 8 5.38% $9,869
HARBORONE MORTGAGE, LLC 7 4.43% $10,038
The Federal Savings Bank 7 4.84% $14,735
EMM LOANS LLC 6 6.04% $9,908
First Guaranty Mortgage Corporation 6 3.98% $9,872
LIBERTY HOME MORTGAGE CORPORATION 6 4.98% $12,678
ENVOY MORTGAGE, LTD 5 5.55% $12,210
GUARANTEED RATE, INC. 5 4.69% $10,316
PLAZA HOME MORTGAGE, INC. 5 5.08% $12,965
ZILLOW HOME LOANS, LLC 4 4.50% $11,076
Bank of America 4 4.84% $5,268
Bank of England 4 4.63% $8,431
HOME POINT FINANCIAL CORPORATION 4 4.19% $10,362
Wells Fargo Bank 4 4.91% $8,349
PLANET HOME LENDING, LLC 3 4.29% $9,017
Barrington Bank & Trust Company, N.A. 3 4.75% $9,985
American Mortgage & Equity Consultants, Inc. 3 6.54% $14,101
Shamrock Home Loans, Inc. 3 4.25% $11,001
Servion, Inc. 3 4.46% $11,158
GUARANTEED RATE AFFINITY, LLC 3 5.75% $13,348
Androscoggin Savings Bank 2 4.69% $7,917
UNITED MORTGAGE CORP 2 4.44% $11,034
Chickasaw Community Bank 2 4.06% $7,159
AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.81% $10,637
Willamette Valley Bank 2 3.88% $7,862
Wyndham Capital Mortgage, Inc. 2 5.75% $9,582
NATIONWIDE MORTGAGE BANKERS, INC. 2 5.00% $12,402
RESIDENTIAL BANCORP 2 4.50% $11,229
Peoples Bank 2 5.38% $14,811
SUN WEST MORTGAGE COMPANY, INC. 2 5.25% $10,425
Magnolia Bank 2 4.06% $8,853
NEW FED MORTGAGE, CORP. 2 4.56% $9,437
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.44% $9,166
CHURCHILL MORTGAGE CORPORATION 1 5.50% $15,146
RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.75% $4,682
RUOFF MORTGAGE COMPANY, INC. 1 4.88% $8,855
CHERRY CREEK MORTGAGE, LLC 1 6.75% $7,868
BNC National Bank 1 5.13% $8,326
Texana Bank 1 3.25% $6,558
BETTER MORTGAGE CORPORATION 1 3.50% $8,672
AmeriHome Mortgage Company, LLC 1 6.63% $12,862
US MORTGAGE CORPORATION 1 4.63% $17,147
MID AMERICA MORTGAGE, INC. 1 5.50% $5,874
MORTGAGE EQUITY PARTNERS LLC 1 3.75% $9,137
Leader Bank 1 6.63% $7,080
Mutual Federal Bank 1 3.50% $14,332
Lakeview Community Capital, LLC 1 3.50% $3,925
HOMESTEAD FUNDING CORP. 1 6.75% $14,186
NBH Bank 1 5.75% $5,066
NETWORK CAPITAL FUNDING CORPORATION 1 6.50% $9,100
NEW DAY FINANCIAL, LLC 1 3.13% $7,130
NFM, INC. 1 6.75% $12,633
North American Savings Bank, F.S.B. 1 6.13% $7,676
GENEVA FINANCIAL, LLC 1 6.13% $9,342
Northpointe Bank 1 4.75% $8,998
First Savings Bank 1 4.75% $9,825
FIRST HOME MORTGAGE CORPORATION 1 4.75% $10,514
OCMBC, INC. 1 3.25% $8,520
First Home Bank 1 3.75% $11,417
FIRST COMMUNITY MORTGAGE, INC. 1 5.50% $14,635
FINANCE OF AMERICA MORTGAGE LLC 1 4.38% $7,642
DREW MORTGAGE ASSOCIATES, INC. 1 5.13% $9,008

The top Maine FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 305 FHA loans originated. Their average total fees are $9,706, which is $371 higher than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Maine FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($6,317), TD Bank ($6,380), VILLAGE CAPITAL MORTGAGE ($6,826), LAKEVIEW LOAN SERVICING, LLC ($6,939) and Mortgage Research Center, LLC ($7,020).

The lowest rate Maine FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.58%), LAKEVIEW LOAN SERVICING, LLC (3.94%), NEWREZ LLC (4.17%), TD Bank (4.19%) and PENNYMAC LOAN SERVICES, LLC (4.30%).

Maine FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LEWISTON-AUBURN, ME ANDROSCOGGIN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO AROOSTOOK 2022 $420,680 $538,650 $651,050 $809,150
PORTLAND-SOUTH PORTLAND, ME CUMBERLAND 2022 $463,450 $593,300 $717,150 $891,250
NON-METRO FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-WATERVILLE, ME KENNEBEC 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO KNOX 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OXFORD 2022 $420,680 $538,650 $651,050 $809,150
BANGOR, ME PENOBSCOT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PISCATAQUIS 2022 $420,680 $538,650 $651,050 $809,150
PORTLAND-SOUTH PORTLAND, ME SAGADAHOC 2022 $463,450 $593,300 $717,150 $891,250
NON-METRO SOMERSET 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WALDO 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
PORTLAND-SOUTH PORTLAND, ME YORK 2022 $463,450 $593,300 $717,150 $891,250
LEWISTON-AUBURN, ME ANDROSCOGGIN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO AROOSTOOK 2023 $472,030 $604,400 $730,525 $907,900
PORTLAND-SOUTH PORTLAND, ME CUMBERLAND 2023 $506,000 $647,750 $783,000 $973,100
NON-METRO FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
AUGUSTA-WATERVILLE, ME KENNEBEC 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO KNOX 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OXFORD 2023 $472,030 $604,400 $730,525 $907,900
BANGOR, ME PENOBSCOT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PISCATAQUIS 2023 $472,030 $604,400 $730,525 $907,900
PORTLAND-SOUTH PORTLAND, ME SAGADAHOC 2023 $506,000 $647,750 $783,000 $973,100
NON-METRO SOMERSET 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WALDO 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
PORTLAND-SOUTH PORTLAND, ME YORK 2023 $506,000 $647,750 $783,000 $973,100

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).