Mooers Realty, Maine Real Estate Broker In Houlton ME

Learn About More Than Maine Real Estate Property Listings. The Process Of Buying, Selling, Trading And What The Local Area Is Like. Get That Too And Much More! All Designed To Save Time, Money, To Avoid Hassle.

Maine Housing Home Mortgage Bank Lending Flavors

sunsetcanoe1The flavors of bank lending on Maine State Housing home loans are varied.

No longer one size fits all when you are after a set of keys to fit the doors on your new Maine home. Home ownership in Maine is the American Dream.

And studies have shown children raised in single family homes not rental units do better all the way around in life.

Playing ball in your own back yard. Bringing friends over for sleep overs at their own memory making house in Maine location is important.

The pride of ownership and being more aware of how local tax payer dollars are spent.

Means a deep involvement for the Maine mortgage payer in their local communities affairs too. A willingness to serve on boards, to shape how, where the taxpayer dollars are spent.

Maine Housing mortgages help make home ownership more affordable for my real estate customers.

The buyers of Maine homes we deal with need as many options possible to fit the one that works the best for their situation. One major advantage of a Maine Housing mortgage is low or no down payment is required.

Down payment and closing cost assistance for the Maine Housing home loan mortgage is available to borrowers who choose the "Advantage" lending option. This MSHA option for Maine real estate home buyers adds .25% to the 0 point rate and provides $2000 toward the cash needed at property house closing.

Up to $35,000 in Maine home improvements can be included in the loan amount utilizing the Purchase Plus Improvements option. More than 30 local Maine home lenders offer Maine Housing mortgages. Double click for the list of who does the Purchase Plus Improvements, other MSHA program loans around Vacationland.

The mortgage options for Maine State Housing loans are varied to match, fit the property being financed. The days of find a Maine home, simply trot into a bank and ta da, one size fits all stopped with 25% down payment loans. Now like more things in life, more specialty designed loan programs in Maine exist to tailor fit the property a Maine home buyer has his or her heart set on to buy, live in.

Here are the A to Z run down of the MSHA lending "flavors".

FHA, standing for the Federal Housing Administration requires a 3.5% down payment, can be used to buy 1-4 units, new 1-unit, condos, mobiles homes less than or no more than 20 years old on owned Maine land. Like VA loans, FHA loans have home sale price limits depending on which of Maine's sixteen counties they are in. And these VA, FHA loan gurantees if used can cause additional loan limits to happen. Lot size size limits on all homes for the MSHA programs are 3 acres for existing Maine houses. Or an acre for new Maine homes.  The term is 30 years for the lending Maine home loan mortgage length. The home mortgage rate for the Maine house financed is a fixed rate.

moonshine in maine lakeRD stands for Rural Development and is the new and improved USDA's former Farmers Home Loan program affectionately called FmHA in the past.

When an RD loan is used to finance the maine home, additional loan limits may apply so link up with a knowledgeable real estate agent, broker, REALTOR and a Maine local lender offering the MSHA programs.

Home buyer education is required for all borrowers who use the down payment and closing cost assistance option, the Advantage route to purchase a Maine house.

VA is one sweet program and often still neglected because long ago the lending process was a long long run.

Those days are over and I have done a Maine VA home loan from start to finish in twenty two days from signing purchase and sale agreement.

To pulling up, sliding into a chair at the Maine bank home loan closing.

You can blend the straight VA Maine VA loan with the MSHA version too for the best of both programs. No extra charge if you are a Veteran.

Conventional, uninsured Maine home loans through MSHA have the same property type list as the FHA program above. The need for mortgage insurance on the home loan in Maine is waived. That insurance needed on other loans on Maine homes until the equity is 20% or greater of the actual property value. And once it reaches that equity level, Maine home owners should not keep paying in the extra fee that is no longer required. But that requires documentation that the value, fair market property price it is now worth in the current market is within the 80% loan to value standards.

Like anything in life, there are rules, limits, Maine bank loan regulations.

Check out the restrictions on the Maine State Housing home loan option to find the best one for your current economic and life situation at www.mainehomeworks.org for class schedules, the fine print details.

Also, a couple definitions about tests for who does or not quality at the onset for a MSHA home loan. Maine First Time Home Buyer - a person, couple that has not had ownership interest in a Maine home in the last three years.  Veterans or active duty military are eligible but but have sold the current home owned by the date of the Maine real estate closing. More helpful information to find out about MSHA home limits on income, Maine house price limits.

I'm Maine REALTOR Andrew Mooers, ME Broker

207.532.6573

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Thursday, 23 March 2017