FHA mortgage loans are an excellent source of mortgage financing in the State of Maine. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at 415-617-5448 or via e-mail at [email protected]
If you own a mobile home on a permanent foundation in the State of Maine you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.
FHA offers a program where you can finance home repairs and improvements on a purchase transaction. This loan is known as an FHA 203k or Streamlined K. Consult your mortgage professional for more infoprmation.
With recent changes in the subprime industry, getting the financing you need may be through an FHA loan. Low credit scores will not immediately disqualify you from FHA financing, although a good 12 month mortgage history is needed.
The FHA maximum loan amount in most of Maine is $200,160 for a single-family home, although the maximum in Lincoln County is $241,395. Sagadahoc and York Counties have a maximum FHA loan amount of $256,025 for a single family loan. Mult-family FHA loans have higher loan limits. Consult your mortgage professional at 415-617-5448 or e-mail[email protected] for more information.
FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.