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2021 FHA Loan Limits in Maine

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The FHA loan limit in Maine has increased up to $356,362 and $403,650 for a single-family home, depending on the county. The lower number applies to most areas of the state. But homebuyers in the Portland area, Maine’s largest city by population, might be able to qualify for more.

Known for its picturesque harbors, sprawling coastline and, of course, lobster, Maine has a lot to offer prospective homebuyers. This may be the perfect time to purchase or refinance in the Pine Tree State. And thanks to the Federal Housing Administration (FHA), some Mainers can qualify for federally backed FHA loans to make their home purchase goals a reality.

Maine FHA loan limits by county

FHA Loan Limits in Maine
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Androscoggin $356,362 $456,275 $551,500 $685,400 $203,000
Aroostook $356,362 $456,275 $551,500 $685,400 $127,000
Cumberland $403,650 $516,750 $624,600 $776,250 $351,000
Franklin $356,362 $456,275 $551,500 $685,400 $161,000
Hancock $356,362 $456,275 $551,500 $685,400 $215,000
Kennebec $356,362 $456,275 $551,500 $685,400 $188,000
Knox $356,362 $456,275 $551,500 $685,400 $236,000
Lincoln $356,362 $456,275 $551,500 $685,400 $249,000
Oxford $356,362 $456,275 $551,500 $685,400 $194,000
Penobscot $356,362 $456,275 $551,500 $685,400 $192,000
Piscataquis $356,362 $456,275 $551,500 $685,400 $132,000
Sagadahoc $403,650 $516,750 $624,600 $776,250 $351,000
Somerset $356,362 $456,275 $551,500 $685,400 $157,000
Waldo $356,362 $456,275 $551,500 $685,400 $213,000
Washington $356,362 $456,275 $551,500 $685,400 $153,000
York $403,650 $516,750 $624,600 $776,250 $351,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in Maine?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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