With only 3.5% down and credit scores as low as 580, FHA loans are open to all borrowers, not just first time buyers. Rates are usually lower on FHA loans compared to conventional loans and mortgage insurance is required. As of Jan 2019, the new base loan limit is $351,900 in Cumberland and York Counties. The remaining counties in Maine is at $314,827 for single family homes. Limits for 2 to 4 units are higher.
The links to the right are articles aimed at helping you better understand FHA loans. With this information you can make a more informed decision on whether these government insured loans are right for you and your family.
In response to the growing housing situation in the United States the loan limits for FHA Loans has been raised to $351,900 in Cumberland and York Counties.
As FHA Loan specialists we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you. To learn more call us at 207-871-1001 or contact us via email by clicking here.