Buying a Home in Maine
Wondering if it’s time to buy a home in Maine? This could be just the perfect moment to find your dream home in the Pine Tree State. Here’s what you need to know before you move to Stephen King country:
Where do you want to live most? The state capital is Augusta, but it’s not very populous. Maine only has around 1.3 million people, and fewer than one in ten live in the state’s top five biggest cities:
- South Portland
How much home can you afford to buy? Maine ranks 32nd in US homes for sale at average price, and 42nd for homes over $1,000,000. Get preapproved and learn what your budget is before you head out to house hunt.
Are you a first-time home buyer? Check out these possibilities for assistance through the Maine State Housing Authority, known as MaineHousing.
MaineHousing’s First Home Loan Program provides fixed rate loans with low down payments, and can be combined with MaineHousing’s Advantage down payment and closing cost assistance program.
First Home Loan mortgages also include payment protection through Maine HOPE (“Home Ownership Protection for unEmployment”). This is an advance of up to four mortgage payments plus any required taxes and homeowners insurance, packaged as a no-interest junior lien. You only have to repay it when you finish paying off your home or sell it.
To qualify for this first-time home buyer program in Maine, you’ll need:
- To complete a homeowners education course
- A minimum credit score of at least 640
- Income inside certain parameters
Refinancing in Maine
Can you refinance a home in Maine to take advantage of favorable Maine mortgage rates? It’s likely you can do any of the following:
- Refinance to achieve a lower interest rate
- Refinance to put a longer term in place
- Refinance to access cash equity in your home
- Refinance to get rid of private mortgage insurance (PMI)
You might even qualify for a streamlined refinance for certain types of loans. Ask your lender for more information.