What to know about buying a house in Maine
Maine offers a range of help tailored to first–time home buyers. That can include special mortgage options and home buyer education courses.
If you’re eligible, you might also be able to get down payment assistance from the state. That can top up your savings so you can afford to buy a home more quickly than you thought possible.
Verify your home buying eligibility in Maine. Start here (Feb 9th, 2022)
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Maine home buyer overview
The good news for any Maine first–time home buyer is that median home prices and home price inflation in the state are well below the national average.
However, at $299,000, the median price in Maine can still pose problems for some first–time buyers. And many homes in sought–after areas will cost above average.
Luckily, the Pine Wood state offers plenty of help to those wanting to buy their first home. Read on for more information.
| Maine Home Buyer Overview | |
| Average Home Sale Price in ME | $299,000 |
| Minimum Down Payment in ME (3%) | $8,970 |
| 20% Down Payment in ME | $59,800 |
| Average Credit Score in ME1 | 721 |
| Maximum ME Home Buyer Grant2 | “Little or no down payment required” with MSHA mortgages statewide |
Down payment amounts are based on the state’s most recently available average home sale price. “Minimum” down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620.
If you’re eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the US Department of Agriculture), you may not need any down payment at all.
Verify your home buying eligibility in Maine. Start here (Feb 9th, 2022)
First–time home buyer loans in Maine
If you’re a first–time buyer in Maine with a 20% down payment, you can get a conventional loan with a low interest rate. And you never have to pay for private mortgage insurance (PMI). The same goes for buyers anywhere in the nation.
Of course, few first–time buyers have saved a 20% down payment. But the good news is, you don’t need one.
Maine home buyers can often get into a new home with as little as 3% or even 0% down using one of these low–…….
Source: https://themortgagereports.com/88209/maine-first-time-home-buyer-programs-grants
