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2019 FHA Loan Limits in Maine

With relatively low home prices, FHA loans can be good options for homebuyers in Maine. The 2019 one-unit loan limit for FHA loans in most of Maine is $314,827; the limit around Portland, the state’s largest city, is $351,900.

The median home price in the northern part of the state is less than $150,000, while the median prices on the southern coast range between $150,000 and $300,000. The Maine Association of Realtors reported the median sales price for homes sold across the state, which has a total population of about 1.3 million, according to census estimates, was $219,000 in November 2018.

However, not everyone in Maine is taking advantage of the FHA program. Less than 1 percent (0.33 percent) of FHA loans originated nationwide came from Maine in 2018, according to an agency annual report. The FHA reported in 2016 (the most recent year in which this data was available) that 3,581 loans generated in Maine were FHA loans, representing a total of $600 million.

Maine FHA loan limits by county

FHA Loan Limits in Maine
County Single-Family Limit Two-Family Limit Three-Family Limit Four-Family Limit Median Sale Price
Androscoggin $314,827 $403,125 $487,250 $605,525 $177,000
Aroostook $314,827 $403,125 $487,250 $605,525 $114,000
Cumberland $351,900 $450,500 $544,550 $676,750 $306,000
Franklin $314,827 $403,125 $487,250 $605,525 $138,000
Hancock $314,827 $403,125 $487,250 $605,525 $208,000
Kennebec $314,827 $403,125 $487,250 $605,525 $165,000
Knox $314,827 $403,125 $487,250 $605,525 $207,000
Lincoln $314,827 $403,125 $487,250 $605,525 $210,000
Oxford $314,827 $403,125 $487,250 $605,525 $147,000
Penobscot $314,827 $403,125 $487,250 $605,525 $171,000
Piscataquis $314,827 $403,125 $487,250 $605,525 $115,000
Sagadahoc $351,900 $450,500 $544,550 $676,750 $306,000
Somerset $314,827 $403,125 $487,250 $605,525 $113,000
Waldo $314,827 $403,125 $487,250 $605,525 $179,000
Washington $314,827 $403,125 $487,250 $605,525 $119,000
York $351,900 $450,500 $544,550 $676,750 $306,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits for the size of mortgage loans the FHA will insure. These limits based on the conforming loan limit — a term that refers to how large of a mortgage Fannie Mae and Freddie Mac will purchase from loan originators. In 2019, this conforming loan limit is $484,350.

There are two numbers to keep in mind when considering these loan limits. The first is the FHA’s “floor,” or the largest mortgage the agency will issue in most of the country. This is set at $314,827 for 2019.

Then there’s the FHA “ceiling,” which is a higher loan limit that applies to counties where real estate prices are considerably higher. This limit  is set at 150% of the conforming loan limit, or $726,525. Outside of a few exceptions, this is the highest mortgage the agency will insure for a single-family home. In other areas, loan limits fall somewhere between the FHA floor and ceiling.

Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in Maine?

With Maine median homes price falling well below the maximum conforming loan limit of $484,350, even in the area’s most expensive regions, most state homeowners should find homes that qualify for FHA financing. Visit our main FHA page for more information on eligibility requirements, including credit scores, income levels and other qualifications.

 

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