How to Buy a House in Maine
Updated 2026-03-02 | Data from Zillow, HUD, Tax Foundation
Avg Home Price
$413,961
Closing Costs
$14,388
3.48% of price
Property Tax Rate
0.94%
$3,220/yr median
Days on Market
36
Median
FHA Loan Limit
$472,030
Attorney Required
Yes
Foreclosure Type
Judicial
Transfer Tax
0.44%
$2.20 per $500
Ad — In-Content
Key Facts About Buying in Maine
- ✓Attorney required at closing
- ✓Judicial foreclosure state
- ✓Market has heated up significantly post-2020
- ✓Higher property taxes at 1.36%
The Home Buying Process in Maine
Buying a home in Maine follows a 10-step process. As an attorney state, you'll need legal representation at closing.
1
Check Your Credit Score & Finances
2
Get Pre-Approved for a Mortgage
3
Find a Real Estate Agent
4
Search for Homes & Make an Offer
5
Get a Home Inspection
6
Secure Your Financing
Ad — In-Content
First-Time Buyer Programs in Maine
MaineHousing First Home Loan
Below-market rate mortgages with assistance
Up to $5,000 in down payment helpIncome: Varies by county
Cost of Buying a Home in Maine
| Down Payment (3.5% FHA) | $14,489 |
| Down Payment (20% Conventional) | $82,792 |
| Average Closing Costs | $14,388 |
| Transfer Tax | $1,821 |
| Annual Property Tax (est.) | $3,891/yr |
Ad — 300x250 Rectangle
Legal & Regulatory Details in Maine
Homestead Exemption
Available
Up to $47,500
Licensing Authority
Maine Real Estate Commission
Maine Real Estate Law Overview
| Conveyance Document | Warranty deed (quitclaim deed or quitclaim with covenant used in some commercial transactions) |
| Security Instrument | Mortgage |
| Foreclosure Process | Judicial |
| Attorney Required at Closing | Yes |
| Deficiency Judgment | Yes |
| Redemption After Sale | No |
| Reinstatement Available | Yes |
| Seller Disclosures | Sellers must disclose any defects, often after conducting a pre-sale inspection. Required disclosures include lead-paint hazards and certification of smoke-detector compliance; sellers need not disclose psychologically impactful events but must answer questions truthfully. |
