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Are you interested in living in Maine? There are nearly 747,000 housing units in the Pine Tree State. With a homeownership rate of 71%, according to the U.S. Census Bureau’s 2018 American Community Survey, Maine is a popular place to own a home.
Maine’s median housing value is $197,500, which is below the national median of $229,700. Although home values vary by region, they still remain relatively average across the state, with the highest counties reporting a median of $269,200.
U.S. News’ Best Maine Mortgage Lenders of 2020
Before You Apply
- Mortgage types: fixed rate, Affordable Loan Solution, FHA, VA, ARM, home equity line of credit, fixed-rate refinancing, FHA refinancing, VA refinancing, cash-out refinancing, adjustable-rate refinancing, jumbo
- Minimum FICO credit score: Not disclosed
- Maximum loan amount: $2.5 million
- Better Business Bureau rating: A+
Best Features
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Bank of America has a wide variety of mortgage products.
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The lender offers origination fee discounts for qualifying Bank of America and Merrill Lynch clients.
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Home equity lines of credit have no annual, application or cash advance fees or closing costs.
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Bank of America offers a first-time homebuyer program.
Before You Apply
- Mortgage types: conventional, FHA, VA, USDA, ARM, refinancing, renovation, jumbo
- Minimum FICO credit score: 620
- Maximum loan amount: $2 million
- Better Business Bureau rating: A+
Best Features
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A broad range of mortgage products are offered.
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Special mortgage programs for first-time buyers and manufactured homebuyers are available.
Before You Apply
- Mortgage types: refinance, jumbo, hybrid ARM, fixed rate, HARP, VA, FHA, 203k loan
- Minimum FICO credit score: 620
- Maximum loan amount: $3 million
- Better Business Bureau rating: A+
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
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The company offers a variety of mortgage products.
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It’s licensed in all 50 states.
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
Before You Apply
- Mortgage types: VA, VA jumbo, refinance
- Minimum FICO credit score: 640
- Maximum loan amount: $1.5 million
- Better Business Bureau rating: A+
What Are the Mortgage Rates in Maine?
The average interest rate for a 30-year fixed-rate conforming mortgage in Maine is 2.89%
. Home interest rates range from 2.5% to 3.63% in Maine.
What Are Today’s Mortgage Rates?
|
Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-year fixed-rate mortgage | 2.85% | 2.84% |
| 15-year fixed-rate mortgage | 2.35% | 2.33% |
| 30-year fixed-rate jumbo mortgage | 2.88% | 2.88% |
| 5/1 ARM | 2.95% | 3% |
| 5/1 jumbo ARM | 2.91% | 2.93% |
*Rates as of Feb. 8, 2021
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Maine Homebuyer Programs?
Maine homebuyers can get help with down payments and closing costs from these MaineHousing programs.
Available to: Eligible homebuyers, including first-time homebuyers and veterans. Applicants must also have a 640 credit score.
Income limits: Vary by county (see income limits).
First-time homebuyers only?: No.
Benefits: Low interest rates and options with little or no down payment required. Mortgages also come with Maine HOPE – HomeOwnership Protection for unEmployment. If an eligible borrower loses their job, MaineHousing may advance up to four mortgage payments for them.
Down payment and closing cost assistance: Can be combined with Advantage down payment and closing cost assistance.
Available to: Borrowers using a MaineHousing First Home, Salute ME or Mobile Home Self-Insured Home Mortgage. Applicants must take a hoMEworks-approved homebuyer education class prior to closing and must make a minimum borrower contribution of 1% of the loan. The cost of the homebuyer education class counts towards the 1% contribution.
Income limits: Vary by county (see income limits).
First-time homebuyers only?: No.
Down payment and closing cost assistance: Advantage can provide $3,500 toward the cash you need for down payment or closing costs.
Available to: Qualified active duty, veterans, and retired military personnel who are first-time homebuyers or returning homebuyers.
Income limits: Vary by county (see income limits).
First-time homebuyers only?: No.
Benefit: A 0.25% discount on the First Home Loan 30-year fixed interest rate.
Down payment and closing cost assistance: Can be combined with Advantage down payment and closing cost assistance.
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
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