How to Buy a House in Maine: Step-by-Step Guide
Follow these 10 steps to navigate the home buying process in Maine. Note: Maine requires an attorney at closing.
Check Your Credit Score & Finances
Review your credit report, calculate your debt-to-income ratio, and determine how much you can afford. Most lenders want a credit score of 620+ for conventional loans, or 580+ for FHA loans.
Get Pre-Approved for a Mortgage
Contact multiple lenders to compare rates and get a pre-approval letter. This shows sellers you're a serious buyer and tells you exactly how much you can borrow.
Maine Note: The current FHA loan limit in Maine is $472,030.
Find a Real Estate Agent
Work with a licensed Maine real estate agent who knows your target area. Agents are regulated by the Maine Real Estate Commission.
Search for Homes & Make an Offer
Browse listings in Maine where the average home price is $413,961. Homes typically stay on market for 36 days. When you find the right one, your agent will help you submit a competitive offer.
Get a Home Inspection
Hire a licensed home inspector to evaluate the property's condition. This typically costs $300-$500 and can save you from expensive surprises.
Secure Your Financing
Finalize your mortgage application, lock in your interest rate, and provide all required documentation to your lender. The lender will order an appraisal.
Get Homeowners Insurance
Shop for homeowners insurance in Maine. Your lender will require proof of insurance before closing. Compare at least 3-4 quotes.
Review Closing Disclosure
You'll receive a Closing Disclosure at least 3 business days before closing. In Maine, average closing costs are $14,388 (3.48% of the home price). Review every line carefully.
Close on Your New Home
Maine requires an attorney to be present at closing. You'll sign all final documents, pay closing costs, and receive the keys to your new home.
Move In & File Your Homestead Exemption
Congratulations! After moving in, file for Maine's homestead exemption (Up to $47,500) to reduce your property taxes.
Maine Legal Quick Reference
Conveyance
Warranty deed (quitclaim deed or quitclaim with covenant used in some commercial transactions)
Security
Mortgage
Foreclosure
Judicial
Attorney
Required
Seller Disclosure Requirements
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.
