| As the eastern most of the lower 48 states, Maine is | | | | most of the state is thinly populated with wide |
| nearly in a category all of its own with more French | | | | stretches of pine forest between developments. |
| speaking residents then any other state. Having more | | | | Housing prices in rural areas are very reasonable |
| in common with neighboring Canadian provinces | | | | although Maine property taxes are amongst the |
| Quebec and New Brunswick, Maine is also one of the | | | | highest in the nation relative to home value. |
| least densely populated states in America. Are you | | | | Two types of loans are popular in Maine: adjustable |
| buying a home in the Pine Tree state? Have you | | | | rate and fixed rate mortgages. The typical adjustable |
| finalized your financing yet? If you answered yes and | | | | [or variable] rate mortgage can be had for one quarter |
| then no respectively to these questions, please keep | | | | percent or more below the rate of a 30 year fixed |
| reading for some tips on how you can make Maine | | | | rate loan. Rates remain constant for the first 3, 5, 7 |
| your home state. | | | | years before the adjustment period kicks in. |
| From Boothbay Harbor to the Quebec border, | | | | 15 and 30 year fixed rate mortgages are common |
| Mainiacs as some residents like to call themselves, | | | | with 20, 25, even 40 year rates also available. The |
| have an independence streak that rivals the weather. | | | | latter is the least known of them all and may be |
| Quite frankly, to live in Maine means you must enjoy | | | | available only through a national mortgage company. |
| long, harsh winters as summer is brief and colder | | | | Besides financing through a mortgage company or |
| weather dominates. | | | | bank, borrowers may want to explore the FHA, VA, |
| Home prices in the state are most reasonable away | | | | and HUD programs for what is available through them. |
| from the coast. Kennebunkport and other resort areas | | | | Eligibility for VA loans is for former and current military |
| are very pricey given that the number of seasonal | | | | members and their immediate families while HUD |
| residents easily outnumbers locals throughout the | | | | homes are typically available through their website for |
| summer. While true Maine residents understand the | | | | eligible buyers. |
| importance of this seasonal industry, the presence of | | | | Finally, check with your Maine realtor for special state |
| outsiders does push up housing prices. | | | | operated or local financing programs as they come |
| Further inland beyond Augusta to points further north, | | | | and go almost like Maine summers. |