Maine FHA Loan Rates, Closing Costs & Stats

Maine

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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).