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Maine Mortgage Programs

What to Know Before Buying a Home in Maine

Although buying a home is an exciting step, it’s really challenging to navigate the housing market and align your finances. The purchasing and offer process varies state to state, which is why it’s important to work with a mortgage lender that has experience across multiple states. Here are some of the differences to be aware of when shopping for a home in Maine.

Property Types Vary Greatly

While Maine is considered a largely rural state, over 60% of its population lives in its handful of urban areas. Rural properties tend to include more acreage, which can increase the mortgage; buyers are more often eligible for USDA and VA loans in this case.

Maine is a Title State

A notary may preside over a closing in place of an attorney in Maine, which can help lower the overall closing costs.

Beware of Lead Paint

If the home was built prior to 1978, the walls are likely to contain lead paint, which will need to be addressed following the inspection.

Interested in talking through the home buying process in greater detail? Let’s chat.

Why Getting a Mortgage in Maine Makes Sense

If you ever wanted to live in a state filled with an almost endless expanse of lush green forests, a picturesque coastline, and communities filled with charm and character, then getting a Maine mortgage should be at the top of your list.

There’s a reason why one of Maine’s mottos is “The Way Life Should Be.” Largely rural in landscape, Maine is also known as the Pine Tree State thanks to its pristine wilderness that covers nearly 90% of the state, as well as a picturesque rocky coastline that stretches along the North Atlantic Ocean. An outdoor lover’s paradise, Maine is known for its vast array of recreational opportunities both on land and at sea. Its tourism industry is strong year round—thanks to the roughly 2,700 lakes and ponds and more than 700 mountains over 1,000-feet high. And Maine’s seafood is second to no other in the United States.

People become ‘Mainers’ for a variety of reasons. A relatively low cost of living coupled with safe communities and good schools routinely draws people from throughout the country to plant their roots and purchase homes in Maine. In addition to its rural comfort, Maine also offers a variety of urban experiences in places like Portland, its most populated city, and Augusta, the state capital. Job growth is steady in Maine, thanks to the healthy agriculture, commercial fishing and industrial manufacturing industries.

If you are thinking of joining the legions of folks who’ve already discovered that Maine is the place to be, be sure to get educated on all of the assistance and educational material available on Maine mortgages. The Maine Housing Authority offers a First Home Program that features a low fixed rate mortgage and sometimes, little or no down payment. The state also offers tax incentives and refunds for homeowners.

Maine Products and Programs

No matter which program you choose to explore, Blue Water Mortgage is proud to provide timely communication, expert advice and the personal touch of a local, owner-operated brokerage. With over 150 years of collective credit-based mortgage experience, we have the knowledge to find the best Maine mortgage for you — your dream home is within reach. Let’s get started.

Refinancing – When homeowners take out a new home loan to replace their existing one (to help reduce monthly payments and gain long-term savings), the new loan pays off the initial loan.


Common Loans

Fixed Rate – Fixed Rate mortgage loans are predictable payments because they maintain a fixed interest rate for the entire life of the loan, as opposed to loans where the interest rate may be adjusted.

First Time Home Buyers – We’re happy to help guide you through a transparent and predictable mortgage process.

Conventional Mortgage Loans in ME – Conventional loans are most common, private-sector loans that are not government-backed but follow guidelines set by Fannie Mae and Freddie Mac.

Non-Conventional – These loans cater to borrowers who may have been rejected for a conventional loan due to self-employment, bankruptcy or unsteady employment history.

Adjustable Rate – This mortgage has an adjustable interest rate, which might allow a buyer to start with a lower monthly payment.


Low Down Payment & Government Loans

Low Down Payment – These government-backed loans only require a 3.5% down payment, even for borrowers with less-than-perfect credit.

FHA – These loans are more forgiving for people with lower credit scores – and are designed to help borrowers who might not qualify for conventional loans.

FHA 203K – This government loan is flexible for fixing up homes with deferred maintenance.

VA – Veterans mortgages are like a conventional loan, but with specific benefits for veterans such as no down payment, no cash reserves and no application fee.

USDA – These rural home loans have low rates, no down payment and are designed for borrowers who purchase homes in communities of less than 20,000 people.

Home Loans for Bad Credit – Clear lingering credit history issues and discover a mortgage option that suits your financial situation.


Additional Loans

Jumbo – A Jumbo loan is a mortgage exceeding the conforming lending limit of Fannie Mae or Freddie Mac, which in most areas is $417,000.

Non-Owner Occupied – If you are purchasing a property that will not be your primary residence with between one and four units, you may face more red tape since it has a higher risk of default.

HELOC – A home equity line of credit, often thought of as a second mortgage, allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.

Home Improvement – Whether you’re looking to renovate, remodel or increase the value of your home, this program can help get the job done.

Police & Firefighters – Serving as a first responder in the community can help secure optimal terms on a home mortgage loan.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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