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Securing a First Time Home Buyer Loan in Maine

If you’re a first time home buyer in Maine, you’re planning to purchase a home in one of the most beautiful states in the nation.  But natural beauty doesn’t make the home purchase process any simpler or less confusing.  We know it can be difficult for first time home buyers to wade through the home loan process.  We’re here to help.

Maine First Time Home Buyer Information

Follow our first time home buyer checklist to gain an understanding of the steps involved in taking on a home mortgage.  There are many steps involved in the process.  The five most crucial steps are outlined here.

  • Figure out how much money you need.  This may seem impossible to accomplish before you’ve found the home you want to buy.  This is not the case.  Rather, you should complete this step before you begin searching for a home.  Your income will determine what size of mortgage you can afford.
  • Research the different mortgage types that are available in the marketplace.  Every different loan type that exists serves a different function.  Which one is right for you?  Only research will help you determine this.
  • Find out where your credit score rests.  Don’t even bother applying for a loan if your credit is horrible.  Instead, spend the time to repair your credit.  Even if it take a year or more, it’s worth it for the money you’ll save.
  • Find the lender who offers the best rate in your area.  The only way to identify the lowest mortgage rates is to contact multiple lenders in your area and compare their offers.
  • Get approved for the mortgage before you start searching for a home.  Lenders will examine your credit, income, and employment to determine whether you qualify for the loan or not.  If you do, they will approve, which will free you up to focus on finding the home you need.

Each of these steps is essential to the process.  There are other as well which are outlined in our checklist.  Click the link above to access the full outline.  Use the following mortgage calculator to determine what your monthly payments will be.

1st Time Home Buyer Loan Programs

The Maine FHA loan program is one of the most effective ways for first time home buyers in Maine.  FHA loans are highly beneficial and provide many advantages to homebuyers who qualify.  If you’re a first time home buyer, you shouldn’t have any trouble securing an FHA loan.  Find out what the Maine FHA loan limits are in your area and check the Maine page of the FHA website for additional details.

About Maine

As mentioned above, Maine is a state that is famous for its natural beauty.  Maine is the most sparingly populated state east of the Mississippi River. About ninety percent of Maine is forest, and it has almost 3,500 miles of ocean shoreline.

Famous Maine residents include Milton Bradley, Edna St. Vincent Malay, Liv Tyler, and author Stephen King, who often uses Maine as the setting for his work.  The state has a homeownership percentage of 71.6% and a median home price of $98,700.  These are good numbers for first time home buyers to know.

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