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 6.7% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Maine's average FHA mortgage closing costs are $7,775.

The average rate for the prior week (2024-05-10) was 6.94% and one month ago for the week of 2024-04-12, the average rate was 6.91%.

The average rate one year ago was 6.66%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.15%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 289 6.24% $11,070
GUILD MORTGAGE COMPANY 226 6.60% $10,481
UNITED WHOLESALE MORTGAGE, LLC 212 6.62% $12,755
CMG MORTGAGE, INC. 128 6.92% $11,460
Bangor Savings Bank 97 6.00% $8,935
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 82 6.53% $10,770
T2 FINANCIAL LLC 71 6.64% $19,303
LEADERONE FINANCIAL CORPORATION 68 6.82% $11,041
LOANDEPOT.COM, LLC 52 6.36% $12,010
The Camden National Bank 50 6.03% $8,144
NEWREZ LLC 47 6.50% $10,950
NORTHPOINT MORTGAGE, INC. 42 6.43% $11,256
TOTAL MORTGAGE SERVICES, LLC 38 6.58% $11,277
ACADEMY MORTGAGE CORPORATION 35 6.66% $12,130
BROKER SOLUTIONS, INC. 34 6.73% $12,035
DAS Acquisition Company, LLC 33 6.19% $10,254
FREEDOM MORTGAGE CORPORATION 30 6.86% $13,417
Mr. Cooper ( Nationstar Mortgage ) 29 6.21% $14,358
Paramount Residential Mortgage Group, Inc. 29 6.70% $16,510
HOMEBRIDGE FINANCIAL SERVICES, INC. 26 6.87% $13,139
NORWICH COMMERCIAL GROUP, INC. 25 6.61% $12,708
INTEGRITY MORTGAGE LLC 25 6.82% $12,057
AMERISAVE MORTGAGE CORPORATION 24 6.26% $14,981
CROSSCOUNTRY MORTGAGE, LLC 21 6.70% $11,214
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 20 6.64% $12,965
PENNYMAC LOAN SERVICES, LLC 19 6.17% $12,276
EMBRACE HOME LOANS, INC. 17 6.08% $10,335
MEGASTAR FINANCIAL CORP. 16 6.65% $10,288
MOVEMENT MORTGAGE, LLC 15 6.88% $10,744
LAKEVIEW LOAN SERVICING, LLC 14 6.32% $11,322
Mortgage Research Center, LLC 14 7.06% $6,909
HARBORONE MORTGAGE, LLC 14 6.84% $12,238
AMERICAN FINANCIAL RESOURCES, INC. 13 7.16% $7,332
CALIBER HOME LOANS, INC. 13 6.36% $12,010
NORTHERN MORTGAGE SERVICES, LLC 13 6.80% $8,358
CUSO MORTGAGE CORPORATION 13 6.31% $7,085
AMERICAN FINANCIAL NETWORK, INC. 11 7.16% $11,437
MUTUAL OF OMAHA MORTGAGE, INC. 11 6.69% $12,951
Equity Prime Mortgage LLC 10 6.89% $14,334
Citizens Bank 10 6.56% $10,776
Century Mortgage Company DBA Century Lending Company 10 7.11% $9,166
Carrington Mortgage Services, LLC 10 6.34% $11,599
TD Bank 9 6.58% $8,069
RELIANCE FIRST CAPITAL, LLC 9 6.49% $14,135
POLARIS HOME FUNDING CORP. 8 6.78% $13,103
AMERICAN FINANCING CORPORATION 8 6.33% $9,588
KeyBank 8 6.38% $8,859
Flagstar Bank, FSB 7 6.71% $14,323
TOP FLITE FINANCIAL, INC. 7 6.95% $18,856
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.92% $12,029
The Federal Savings Bank 7 5.86% $17,575
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.87% $8,533
PLAZA HOME MORTGAGE, INC. 5 7.40% $14,910
Androscoggin Savings Bank 5 5.90% $8,213
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.95% $9,519
CARDINAL FINANCIAL 5 5.65% $13,847
Evolve Bank & Trust 5 6.90% $13,189
ENVOY MORTGAGE, LTD 4 6.78% $13,892
ZILLOW HOME LOANS, LLC 4 6.28% $10,928
Barrington Bank & Trust Company, N.A. 4 6.72% $14,628
Servion, Inc. 4 6.59% $12,188
RADIUS FINANCIAL GROUP INC. 4 6.99% $7,180
PLANET HOME LENDING, LLC 4 5.59% $6,455
Prosperity Home Mortgage, LLC 3 6.46% $8,670
Nations Lending Corporation 3 6.13% $20,698
CHURCHILL MORTGAGE CORPORATION 3 6.79% $9,311
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.75% $17,571
AmeriHome Mortgage Company, LLC 2 6.88% $9,608
NETWORK CAPITAL FUNDING CORPORATION 2 6.06% $12,837
GUARANTEED RATE, INC. 2 7.81% $12,950
First Savings Bank 2 5.44% $18,934
PENTAGON FEDERAL CREDIT UNION 2 6.31% $9,450
EVERETT FINANCIAL, INC. 2 6.31% $11,244
EMM LOANS LLC 2 5.94% $9,272
RUOFF MORTGAGE COMPANY, INC. 2 6.38% $7,165
Bank of England 2 6.38% $8,703
Waterstone Mortgage Corporation 2 7.13% $15,430
FIRST HOME MORTGAGE CORPORATION 1 6.63% $23,149
First Financial Bank 1 7.13% $9,100
American Mortgage & Equity Consultants, Inc. 1 7.13% $10,114
PHH Mortgage Corporation 1 5.63% $12,507
Plains Commerce Bank 1 7.13% $10,816
NBKC BANK 1 5.63% $9,098
U.S. Bank 1 7.25% $9,944
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $16,422
VILLAGE CAPITAL MORTGAGE 1 6.25% $13,569
NATIONS RELIABLE LENDING, LLC 1 7.75% $10,877
Home Loan Investment Bank, F.S.B. 1 6.75% $12,750
CONTOUR MORTGAGE CORPORATION 1 6.25% $21,176
M&T Bank 1 7.00% $11,090
JPMorgan Chase Bank 1 7.13% $4,230
MORTGAGE EQUITY PARTNERS LLC 1 6.75% $12,409
Semper Home Loans, Inc. 1 6.63% $10,685
LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $23,353
SOUTHWEST STAGE FUNDING, LLC 1 7.88% $3,100
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $10,771
CALCON MUTUAL MORTGAGE LLC 1 5.88% $21,271
BETTER MORTGAGE CORPORATION 1 6.75% $11,967
MICHIGAN MUTUAL, INC. 1 6.13% $11,765
The Central Trust Bank 1 6.75% $7,914
Wells Fargo Bank 1 6.63% $20,150
The Union Bank Company 1 5.75% $11,287
NEW DAY FINANCIAL, LLC 1 6.75% $14,456
Armed Forces Bank 1 6.50% $7,673
NFM, INC. 1 6.63% $16,589
GUARANTEED RATE AFFINITY, LLC 1 7.38% $10,052
Northpointe Bank 1 6.50% $11,558
MORTGAGE ACCESS CORP. 1 7.50% $8,567
FIRST MORTGAGE COMPANY, INC. 1 6.25% $17,297
OCMBC, INC. 1 7.00% $13,256

The top Maine FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 289 FHA loans originated. Their average total fees are $11,070, which is $589 higher than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Maine FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,909), CUSO MORTGAGE CORPORATION ($7,085), AMERICAN FINANCIAL RESOURCES, INC. ($7,332), The Camden National Bank ($8,144) and NORTHERN MORTGAGE SERVICES, LLC ($8,358).

The lowest rate Maine FHA lenders (with over 10 loans originated) are Bangor Savings Bank (6.00%), The Camden National Bank (6.03%), EMBRACE HOME LOANS, INC. (6.08%), PENNYMAC LOAN SERVICES, LLC (6.17%) and DAS Acquisition Company, LLC (6.19%).

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).