FHA Mortgage Insurance Changes Effective

If you applied for a new FHA mortgage today, you may have noticed the upfront mortgage insurance has been reduced from 2.25% to 1%.  That being said, your monthly premium has moved from .55 to .90.  To learn more about the FHA Mortgage Insurance contact your Maine Mortgage Broker or Maine Mortgage Banker today.

FHA – to the Rescue?

With the recent Sub Prime Mortgage meltdown, FHA is now the big player nationwide. FHA loans came into existence in the 1930’s during the Great Depression  in order to allow lower income Americans to borrow money for the purchase of a home. The government program was intended to provide banks with adequate insurance to insureContinue reading “FHA – to the Rescue?”

FHA LOAN LIMITS IN MAINE

Here is a simple chart outlining Maine’s FHA Loan Limits. Name County Name One-Family Two-Family Three-Family LEWISTON-AUBURN, ME (MSA) ANDROSCOGGIN $271,050 $347,000 $419,425 NON-METRO AROOSTOOK $271,050 $347,000 $419,425 PORTLAND-SOUTH PORTLAND-BIDDEFORD, ME (MSA) CUMBERLAND $337,500 $432,050 $522,250 NON-METRO FRANKLIN $271,050 $347,000 $419,425 NON-METRO HANCOCK $272,500 $348,850 $421,650 AUGUSTA-WATERVILLE, ME (MICRO) KENNEBEC $271,050 $347,000 $419,425 ROCKLAND, MEContinue reading “FHA LOAN LIMITS IN MAINE”

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