As the eastern most of the lower 48 states, Maine is nearly in a category all of its own with more French speaking residents then any other state. Having more in common with neighboring Canadian provinces Quebec and New Brunswick, Maine is also one of the least densely populated states in America. Are you buying a home in the Pine Tree state? Have you finalized your financing yet? If you answered yes and then no respectively to these questions, please keep reading for some tips on how you can make Maine your home state.



From Boothbay Harbor to the Quebec border, Mainiacs as some residents like to call themselves, have an independence streak that rivals the weather. Quite frankly, to live in Maine means you must enjoy long, harsh winters as summer is brief and colder weather dominates.

Home prices in the state are most reasonable away from the coast. Kennebunkport and other resort areas are very pricey given that the number of seasonal residents easily outnumbers locals throughout the summer. While true Maine residents understand the importance of this seasonal industry, the presence of outsiders does push up housing prices.

Further inland beyond Augusta to points further north, most of the state is thinly populated with wide stretches of pine forest between developments. Housing prices in rural areas are very reasonable although Maine property taxes are amongst the highest in the nation relative to home value.

Two types of loans are popular in Maine: adjustable rate and fixed rate mortgages. The typical adjustable [or variable] rate mortgage can be had for one quarter percent or more below the rate of a 30 year fixed rate loan. Rates remain constant for the first 3, 5, 7 years before the adjustment period kicks in.

15 and 30 year fixed rate mortgages are common with 20, 25, even 40 year rates also available. The latter is the least known of them all and may be available only through a national mortgage company.

Besides financing through a mortgage company or bank, borrowers may want to explore the FHA, VA, and HUD programs for what is available through them. Eligibility for VA loans is for former and current military members and their immediate families while HUD homes are typically available through their website for eligible buyers.

Finally, check with your Maine realtor for special state operated or local financing programs as they come and go almost like Maine summers.