How much down payment do I need to buy a house in Maine?

You can buy a home in Maine with as little as 0% down (VA/USDA), 3% down ($11,550 conventional), or 3.5% down ($13,475 FHA) on the median-priced home of $385,000.

What income do I need to buy a home in Maine?

To afford the median-priced home in Maine ($385,000) with a 30-year mortgage at 6.15%, you typically need a household income of approximately $94,952 per year (using the 28% rule). The median income in Maine is $61,832.

What is the FHA loan limit in Maine for 2026?

The FHA loan limit in Maine for 2026 is $472,030. This means first-time buyers using FHA loans can finance up to this amount with just 3.5% down payment.

First-Time Home Buyer Maine 2026

Q: What first-time home buyer programs are available in Maine?

Maine offers 2 major first-time buyer programs including MaineHousing First Home, Maine DPA Program. These programs provide grants, forgivable loans, and below-market rates to help with down payment and closing costs.

Your complete guide to buying your first home in Maine. 2+ down payment assistance programs, FHA loans from 5.95%, and step-by-step guidance.

Median Price

$385,000

Min Down (FHA)

$13,475

DPA Programs

Best Rate

5.95%

Check My Maine Eligibility

What First-Time Buyer Programs Are Available in Maine?

Maine offers 2 major first-time home buyer assistance programs. These include MaineHousing First Home, Maine DPA Program. Programs provide up to $10,000 in down payment assistance through grants, forgivable loans, and below-market interest rates.

How Much Do I Need to Buy in Maine?

You can buy a home in Maine with as little as $0 down. VA and USDA loans require zero down payment. FHA loans need just 3.5% ($$13,475), and conventional loans start at 3% ($$11,550) on the median price of $385,000.

Loan Type	Down Payment	$ Amount	Monthly P&I	Min Credit
VA Loan	0%	$0	$2,284	620
USDA Loan	0%	$0	$2,346	640
Conventional 3%	3%	$11,550	$2,275	620
FHA Loan	3.5%	$13,475	$2,216	580
Conventional 20%	20%	$77,000	$1,876	620

Maine Down Payment Assistance Programs

MaineHousing First Home

Low down payment with competitive rates

Up to $10,000low interest

Maine DPA Program

Down payment grants for eligible buyers

Up to $7,500grant

5 Steps to Buy Your First Home in Maine

To buy your first home in Maine, start by checking your credit score, getting pre-approved, and researching DPA programs. The entire process typically takes 30-60 days from pre-approval to closing. Here's your step-by-step roadmap.

Check Your Credit & Finances

Review your credit score (aim for 620+), calculate your debt-to-income ratio, and save for closing costs. In Maine, you may need as little as $13,475 for an FHA down payment.

Get Pre-Approved

Compare rates from at least 3 lenders. Current Maine rates: 6.15% (30-year), 5.95% (FHA). Pre-approval shows sellers you're serious and locks your rate.

Apply for Maine DPA Programs

Maine has 2+ DPA programs. The MaineHousing First Home offers up to $10,000. Apply early—funding can be limited.

House Hunt & Make an Offer

Popular cities in Maine: Portland, Augusta, Bangor, Lewiston, South Portland. Median price is $385,000 (+7.5% YoY). Work with a local real estate agent who knows the market.

Close on Your New Home

Closing costs in Maine typically run 2-5% of the purchase price ($11,550-$19,250). Some DPA programs also cover closing costs.

Start Your Maine Home Buying Journey

Get pre-approved in minutes and see what you qualify for.

Get Pre-Approved Now

Maine First-Time Buyer FAQ

What first-time home buyer programs are available in Maine?

Maine offers 2 major programs: MaineHousing First Home, Maine DPA Program. These provide grants, forgivable loans, and below-market rates for down payment and closing cost assistance.