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
0.26%
for the week of 2024-11-29, 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 (2024-11-22) was
6.55% and
one month ago for the week of 2024-10-25, the
average rate was 6.23%.
The average rate one year ago was 7.12%.
For refis of the same type during the week of 2024-11-29, 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).