Living on the East Coast of the United States brings history and the wonderful New England grandeur to any home. This is why you need to apply for FHA mortgage Maine which is one of the easiest loan schemes to access, besides those of USDA and VA, due to the relaxed rules. You can get funding for any home design of your choice ranging from a single-unit to a four-unit of an existing home. You can also go for condominiums, townhomes and approved mobile properties. FHA Home Loan Group acts as your facilitator to gain this home purchase product.
First of all, you need to understand the limits of FHA mortgage ME. This is usually the county’s Area Median Income (AMI), which reflects the average yearly earnings of the population. You ought to meet either of these two income expectations:
- You can apply for the Guarantee Program if your earnings are 115% of the AMI.
- You can choose the Direct Program if you have earnings of 50-80% of the AMI.
County Limits in the State
The federal body behind FHA mortgage Maine constantly changes the amount each county can access depending on whether it is a low-cost or high-cost area as the figures below indicate:
- AMI for low-cost counties like Androscoggin stands at $271050 for a single-family unit and goes up to $521250 for a four-unit design.
- High-cost counties, including York attract the highest AMI of $337500 for the single-family unit and $649050 for the four-member family unit.
How to Qualify for the Scheme
You qualify for FHA mortgage ME with these few guidelines:
- You intend to make the property your primary residence.
- Your credit score is as low as 620.
- You have no other outstanding debts and in case of a past bankruptcy, a period of 2 years should have transpired before a new application.
Benefits of FHA mortgage Maine
If you meet the above simple guidelines, then you may enjoy a range of benefits during the loan process. These include:
- You will pay only 3.5% of the total amount of your worth of down payment.
- You can share the cost with another party in a joint application even if the latter does not live within the property.
- You can enjoy any of the two flexible amortization plans including the permanent rate and flexible rate provisions.
How to Apply for FHA mortgage ME
You will only need to follow these stages:
- Send your request.
- Choose a lender with competitive terms.
- Go through home appraisal with the lender and get loan approval.
- Settle closing fees and begin living in the property.
FHA mortgage Maine is indeed the best home purchase product that does not require much documentation or as many requirements as a conventional scheme. All you need is to verify your eligibility on such essentials as the limits for your county and begin the application process with us.