The recent economic struggles that have affected the country have left many potential homebuyers second-guessing the prospect of buying a new home. In fact, many residents right here in Maine are reluctant to commit to such a large investment.

If this sounds like you, then the Maine USDA Home Loan Program, may be the perfect solution. Backed by the power of the federal government, these Rural Development Loans are making home buying easy for residents located all across the Pine Tree State. Advantages of Maine Rural Development Home Loans include:

  • No Maximum Loan Amount on Maine Property
  • Flexible Credit Guidelines for Qualifying Maine Residents
  • Low Fixed Interest Rates
  • Both New and Existing Properties May Qualify

Maine Areas that Qualify for Rural Development Loans

There are some restrictions placed on property eligibility. For instance, in order to qualify for a Rural Development Loan, the property in question must be located within an approved area.

The good news is that while eligible USDA homes are restricted to rural areas, there is a large number of qualifying areas located throughout the great state of Maine. From Caribou to York, you may be surprised at how many properties qualify, some of which lie directly outside of major cities. Qualifying area property guidelines include:

  • Being located outside a major metropolitan area
  • Having a population of less than 20,000 residents

For more info, fill out the application on this page, or call one of our certified USDA loan agents at 1-866-854-4242.

Maine’s USDA Loan Income Limits by County

While Consumer Real Estate Finance Co. is here to assist you with all your questions and guide you through the application process, you should be aware that there are a few eligibility restrictions. These include a credit evaluation as well as a maximum income limit.

When applying for a Rural Development Loan in Maine, your annual income cannot exceed the limit set for your county:

Maine USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2009

STATE:MAINE PROGRAM 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Penobscot County ME (part) HUD Metro FMR Area VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Lewiston-Auburn ME MSA VERY LOW INCOME 20200 23050 25950 28800 31150 33450 35750 38050
LOW INCOME 32250 36900 41500 46100 49800 53500 57150 60850
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Portland ME HUD Metro FMR Area VERY LOW INCOME 27100 30950 34800 38650 41750 44850 47950 51050
LOW INCOME 43300 49500 55650 61850 66800 71750 76700 81650
MOD.INC-GUAR.LOAN 88900 88900 88900 88900 117350 117350 117350 117350
Sagadahoc County ME HUD Metro FMR Area VERY LOW INCOME 25000 28550 32100 35650 38550 41400 44250 47100
LOW INCOME 39950 45650 51350 57050 61600 66200 70750 75300
MOD.INC-GUAR.LOAN 82000 82000 82000 82000 108250 108250 108250 108250
York County ME (part) HUD Metro FMR Area VERY LOW INCOME 24050 27450 30900 34300 37050 39800 42550 45300
LOW INCOME 38450 43900 49400 54900 59300 63700 68100 72450
MOD.INC-GUAR.LOAN 78900 78900 78900 78900 104150 104150 104150 104150
York-Kittery-South Berwick ME HUD Metro FMR Area VERY LOW INCOME 28350 32400 36450 40500 43750 47000 50250 53500
LOW INCOME 44750 51100 57500 63900 69000 74100 79250 84350
MOD.INC-GUAR.LOAN 91850 91850 91850 91850 121250 121250 121250 121250
Aroostook County ME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Franklin County ME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Hancock County ME VERY LOW INCOME 22400 25600 28800 31950 34550 37100 39650 42200
LOW INCOME 35750 40900 46000 51100 55200 59300 63350 67450
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Kennebec County ME VERY LOW INCOME 21400 24450 27500 30550 33000 35450 37900 40350
LOW INCOME 34250 39100 44000 48900 52800 56700 60650 64550
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Knox County ME VERY LOW INCOME 21150 24150 27150 30150 32600 35000 37400 39800
LOW INCOME 33800 38600 43450 48250 52100 55950 59850 63700
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Lincoln County ME VERY LOW INCOME 22150 25300 28450 31600 34150 36700 39200 41750
LOW INCOME 35400 40450 45500 50550 54600 58650 62700 66750
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Oxford County ME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Piscataquis CountyME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Somerset County ME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Waldo County ME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Winterport Town ME SEA VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650
Washington County ME VERY LOW INCOME 19250 22000 24750 27450 29650 31850 34050 36250
LOW INCOME 30750 35100 39500 43900 47400 50900 54450 57950
MOD.INC-GUAR.LOAN 74750 74750 74750 74750 98650 98650 98650 98650

 

Remember, Consumer Real Estate Finance Co. is here to answer all your questions. For help applying for a Maine USDA loan, contact us today.