Maine FHA Loan Rates, Closing Costs & Stats

Maine

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    • 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 0.26% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.37% and one month ago for the week of 2024-10-11, the average rate was 6.27%.

    The average rate one year ago was 7.32%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.5%.

    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).