Buying a Home in Maine: The First-Time Buyer’s Complete Guide

Congratulations on considering homeownership in Maine! The Pine Tree State offers genuine appeal for those looking to buy, from vibrant communities and natural beauty to a lifestyle that values substance over flash. But buying a home in Maine comes with its own set of considerations, and as a first-time buyer, you deserve accurate information tailored to the Maine market, not generic advice from national sources that don’t understand our region.

This guide walks you through everything you need to know about buying a home in Maine, from preparing financially to closing on your first Maine property. We’ll be honest about market conditions, specific to Maine’s unique housing landscape, and practical about what actually matters when you’re searching for your place in this state.

Why Now Is an Interesting Time to Buy in Maine

The Maine housing market in 2026 is genuinely different from the previous few years, and frankly, it’s shifting in ways that favor first-time buyers more than it has in a while.

For much of the last decade, Maine’s housing market was tight. Inventory was scarce, prices climbed steadily, and if you were shopping, you were often competing in multiple-offer situations. Sellers held all the cards. But the market is recalibrating, and if you’re considering buying a home in Maine right now, the timing deserves serious consideration.

As of December 2025, Maine had 6,664 homes for sale, a 27.3% year-over-year increase. That matters. More inventory means more choices. It means sellers can’t take three offers on a property and pick their favorite. It means you actually have leverage to negotiate, to walk away from deals that don’t make sense, and to wait for something that truly fits your needs.

Newly listed homes are up 21.2% year-over-year as well, which means the market is adding genuinely new supply, not just relisting the same properties. This is the beginning of a more balanced market, still not a buyer’s market in the traditional sense, but certainly not the frenzied seller’s market that defined Maine real estate in recent years.

The current median home value in Maine hovers around $419,034, but this number hides a lot of regional variation. That’s the entire state. In Cumberland County, where Portland and surrounding communities sit, the median is $594,800. But venture north to Franklin County, and you’re looking at homes around $195,000. Androscoggin County (Auburn, Lewiston, and nearby) sits at $252,800. If you’re buying a home in Maine, where you’re buying matters enormously. For a full breakdown, see our guide to the real cost of living in Maine.

Mortgage rates in 2026 are projected in the 5.8% to 6.2% range. Historically speaking, not catastrophic, but higher than rates were in 2021 and 2022. We’ll discuss financing more deeply later, but know that rates are neither rock bottom nor prohibitively high. They’re stable enough to plan around.

The context here is important: Maine needs approximately 84,000 new homes by 2030 to meet demand. That’s not because everyone wants to move here necessarily, though many do, but because the state’s population has been steadily aging and shifting. There’s genuine demand, which means the market isn’t going to crash, but there’s also not the extreme scarcity that defined the last few years. This is a reasonable time to enter the market if you’re ready.

Getting Your Finances in Order

Before you look at a single listing, before you drive down a single Maine road to see a property, your finances need attention. This isn’t because lenders are difficult (though some are), but because understanding your true financial capacity prevents heartbreak later.

Understanding Your Credit Score

Lenders will pull your credit score and scrutinize it carefully. Most Maine first-time buyer programs require a credit score of at least 620, though some prefer 640 or higher. If your score is below 620, spending three to six months improving it before applying for a mortgage is worth considering. Pay down existing debts, make sure all payments are on time, and don’t open new credit accounts right before applying for a home loan.

You can get a free credit report from each of the three major bureaus once a year at annualcreditreport.com. Check for errors (they’re surprisingly common) and dispute anything incorrect.

Assessing Your Down Payment

This is where many first-time buyers get nervous, and understandably. The traditional 20% down payment feels out of reach to most people. Here’s the truth: most Maine first-time buyers don’t put 20% down. Conventional loans go as low as 3% down. FHA loans (which we’ll discuss later) go as low as 3.5%. VA loans and USDA loans can go to 0% if you’re eligible.

Let’s be practical. If you’re buying a home in Maine at the current median of $419,034 and putting 20% down, you need $83,807 in savings. That’s legitimate money. At 5% down, you need $20,952. At 3.5% down, you need $14,666. For someone buying a home in Maine in an affordable market, say Waterville at $220,000, 3.5% down is just $7,700. That’s achievable for many people.

Down payment assistance programs exist for Maine first-time buyers (we’ll detail these later), and some can cover portions of your down payment or closing costs. You don’t have to have that full 20% saved.

Calculating Your Debt-to-Income Ratio

Lenders care deeply about your debt-to-income (DTI) ratio. This is your total monthly debt payments divided by your gross monthly income. Most lenders want to see a DTI of 43% or lower, though some will go to 50% if other factors are strong.

If you make $5,000 per month gross, a 43% DTI means your total monthly debts (including the proposed mortgage payment) can be $2,150. This includes car loans, student loans, credit cards, and the new mortgage. Calculate your current debts, add an estimated mortgage payment, and see where you land. If you’re above 43%, consider paying down debts before applying.

Assembling Your Down Payment and Savings

Start saving now. Even if you’re still months away from applying, every dollar matters. Open a dedicated savings account if it helps you mentally separate these funds. Set up automatic transfers from each paycheck. Track your progress.

Have you inherited money? Received a bonus? Got a tax refund? Many first-time buyers use these windfalls for their down payment. Document where your funds come from (lenders will ask), but generally, gift money from family is allowed, and using your own savings is always fine.

Getting Preapproved (Not Just Prequalified)

Prequalification is informal: you tell a lender roughly what you earn and owe, they give you a ballpark number. Preapproval is formal. You provide documentation, they verify everything, and they commit to lending you a specific amount. You want preapproval before you seriously search for homes.

Preapproval means when you make an offer, sellers take you seriously. It also helps you understand your actual budget. You might think you can afford $350,000, but preapproval might show $320,000 is realistic. Better to know that before you fall in love with a home you can’t actually buy.

Get preapproved with at least two lenders. Rates and terms vary, and the difference between 5.8% and 6.2% on a $300,000 mortgage is substantial over 30 years.

Maine First-Time Buyer Programs and Incentives

Maine has long recognized that first-time homebuyers face genuine barriers. The state offers several programs worth understanding.

MaineHousing’s First-Time Buyer Loan Program

MaineHousing (the Maine State Housing Authority) operates the most accessible program for Maine first-time buyers. This program offers mortgages with:

• Lower interest rates than conventional loans (typically 0.25% to 0.75% below market rates)
• Down payments as low as 3% to 5%
• More flexible qualification criteria than traditional lenders
• Assistance with closing costs

You must be a first-time buyer (haven’t owned a principal residence in the past three years), and there are income limits depending on the county. For example, in Cumberland County (Portland area), household income limits are higher to reflect the higher cost of living. In Franklin County, they’re lower. But for a single person earning $85,000 in Cumberland County, you’d likely qualify.

MaineHousing also requires you to complete a homebuyer education course, but many are offered online and take just a few hours.

FHA Loans

FHA (Federal Housing Administration) loans are insured by the federal government, which means lenders can be more flexible. FHA loans require:

• As little as 3.5% down
• Credit scores as low as 580 (though 620 is better)
• More lenient debt-to-income ratios for borrowers with otherwise strong profiles
• Mortgage insurance (which you’ll pay monthly, but it’s required for all FHA loans with less than 10% down)

FHA loans are popular with Maine first-time buyers, especially those with smaller down payments saved.

VA Loans (If You’re Eligible)

If you served in the military, a VA loan is worth serious consideration. VA loans typically offer:

• 0% down payment required
• No mortgage insurance
• Slightly lower rates than conventional loans
• Assuming the seller agrees to pay the VA funding fee (many do), you truly need no money down

To qualify, you’ll need a Certificate of Eligibility from the VA. Your lender can help you request one.

USDA Rural Loans

Maine’s rural areas are eligible for USDA loans, which offer similar benefits to VA loans: 0% down and no mortgage insurance. USDA loans are designed to support rural homeownership and are genuinely useful in Maine’s smaller towns and communities. Affordable markets like Waterville and Orono may qualify, depending on specific location.

Check USDA eligibility maps to see if your target area qualifies.

Local Down Payment Assistance Programs

Some Maine communities and nonprofits offer down payment assistance grants. These are free money; you don’t repay them. Ask your real estate agent about local programs, and check with your town or city office about assistance programs they might offer.

Choosing the Right Location

Maine is geographically large (about 35,000 square miles), and real estate prices vary dramatically by region. Choosing where to buy is as important as deciding to buy. For a broader comparison, our guide to the best places to live in Maine is a helpful starting point.

Understanding Regional Price Tiers

Cumberland County represents Maine’s most expensive market. Portland and nearby towns (Falmouth, Cape Elizabeth, Scarborough) have strong job markets, good schools, and real urban amenities. Expect to pay $500,000 to $700,000+ for a typical home. But you’re getting what you pay for: vibrant communities, restaurants, walkability, and proximity to jobs. Our insider’s guide to Portland covers the area in depth.

Mid-range markets include:

• Auburn and Lewiston: Androscoggin County, around $252,800 median. Revitalization is happening here, with new residents discovering the region. These are real Maine cities with character and community, 30 minutes from Portland.
• Bangor and Greater Bangor Area: Central Maine’s largest city. Home prices mid-$300,000s. Good job market, good schools, significantly lower prices than Portland.

Affordable markets, particularly interesting for first-time buyers:

• Waterville: Median $220,000. College town (Colby College), cultural amenities, professional presence. An hour from Portland.
• Orono: Penobscot County, median $305,000. Home to University of Maine, college-town amenities, beautiful setting.
• Franklin County Towns: Farmington, Jay, and surrounding communities in the $195,000 range. Rural charm, but less job diversity.

If you’re focused on the Greater Portland area but need affordability, Standish and the Gorham/Windham/Westbrook corridor offer lower prices while keeping you within commuting distance. Our first-time buyer’s guide to Greater Portland breaks down these options in detail.

Commute Considerations

Maine is getting more expensive overall, but it’s still not uncommon for someone to choose an affordable town in central Maine and commute 45 minutes to an hour for work in Portland. With remote work becoming more normal, this calculation changes. You might work from home three days a week and only commute twice. For a closer look at commute patterns, see our Southern Maine commuting guide.

Map out your realistic commute. A $250,000 home in Waterville is only a good deal if you’re not spending $400 monthly on gas getting to Portland. Factor commute costs into your total housing cost.

Schools and Community Amenities

School quality is an important factor for resale value regardless of your household situation. Research school ratings, not through generic national sites, but through actual Maine Department of Education data. Talk to locals about school quality. They’ll give you honest perspective. Our guide to Maine school districts is a good starting point.

Think about community amenities too. Do you want walkability? Good restaurants? Cultural events? That drives you toward Portland and larger towns. Are you seeking peace and quiet, access to the outdoors, and a smaller community feel? That points toward smaller towns. For help narrowing down your options, see our guide to finding the right Southern Maine town.

Working with a Maine Real Estate Agent

This is worth saying clearly: hire a good Maine real estate agent. Not a national firm’s franchise office in Maine, but someone who actually knows Maine communities, Maine real estate, and Maine buyer concerns.

Why Local Knowledge Matters

A good Maine real estate agent knows that the foundation matters more than the kitchen. They understand wells and septic systems. They know which neighborhoods have basement moisture issues, which ones have great school systems, and which ones are trending upward.

They know the seasonal considerations: which homes have plumbing issues because of freeze-thaw cycles, which roads get poor snow removal. They can tell you whether a property will actually have good cell service or if you’ll be reliant on one carrier.

They know the local market deeply. They understand if a price is genuinely good or if you’re being positioned to overpay. They have relationships with other agents, which matters when you’re writing an offer.

What to Look For in an Agent

Interview agents before hiring one. Ask:

• How long have you been selling real estate in Maine?
• How many first-time buyers have you worked with?
• What are you hearing about the market right now?
• Can you explain to me why that house down the street is priced as it is?

You want someone who’s enthusiastic but honest. If they’re saying everything is a great deal, they’re incentivizing themselves over you. If they’re honest about overpriced properties and discourage you from making poor offers, they’re worth keeping.

Most agents work on commission (they get a percentage of the sale price), so their financial incentive is for you to buy something. Be aware of that, and choose someone whose judgment you trust anyway.

How to Work Effectively with Your Agent

Be clear about your true needs versus wants. Tell them your budget, your timeline, and the towns you’re genuinely considering. They’ll work better for you if they understand the real constraints.

Don’t shop with multiple agents simultaneously. It’s unprofessional and makes their job harder. Commit to one agent, at least for a trial period.

Trust their expertise on offers. When it’s time to make an offer, follow their recommendations on price and terms. They’re reading the market in real time.

The Home Search: What to Look For in Maine

Now you’re actively searching. You’re looking at listings, driving through neighborhoods, and hopefully getting excited about properties. But Maine homes come with their own particular characteristics worth understanding.

Heating Systems

Maine gets cold. Very cold. How a home is heated is critically important. Modern heat pumps are becoming more common, but many older Maine homes rely on:

• Oil heat: Still very common. You’ll need to budget for heating oil in winter, understand the current price and trend, and ensure the tank is in good condition.
• Natural gas: Less common in rural Maine, but available in some areas.
• Wood heat: Supplementary wood stoves or primary wood heat. If it’s primary, you need to understand the heating load, wood storage, and whether you actually want to maintain a wood-burning system.
• Propane: Common in areas without natural gas.

Ask about the heating system’s age, when it was last serviced, and average heating costs. A home with efficient heat pump heating and a recent conversion will be cheaper to heat than an older oil-heated home. This matters to your actual monthly costs. For more on what to expect, see our guide to surviving and thriving through Maine winters.

Wells and Septic Systems

In rural Maine, many homes use private wells for water and septic systems for waste. These are significantly different from town water and sewer.

A well provides water, but you’re responsible for its maintenance and testing. Most homes have wells drilled 100+ feet deep. They’re generally reliable, but well testing should happen during your inspection phase. Septic systems need regular maintenance. You’ll need to pump them every 3-5 years and avoid flushing certain things. Repair bills for a failed septic can run $10,000 to $30,000.

When shopping for a home in Maine, if it has a well and septic, factor in maintenance costs. If the well is newer (drilled in the last 10 years), that’s good. If it’s original to the home (30+ years old), understand that replacement could be needed.

Foundations

Maine’s freeze-thaw cycles are hard on foundations. Stone or concrete block foundations can shift and develop cracks. Modern poured concrete foundations are better. Some homes have been recently underpinned (meaning the old foundation was replaced with new). This is a strong point in a home’s favor.

During your walkthrough, look at basements for signs of water intrusion, cracks, or structural issues. Ask the seller if the foundation has been professionally assessed. Recent foundation work is a big selling point because it’s one of the most expensive things to fix.

Insulation and Energy Efficiency

Maine winters are long. A well-insulated home keeps heat in and heating costs down. Older homes (pre-1980s) often have minimal insulation. Newer homes have better insulation, though building standards have improved dramatically over time.

Ask about attic insulation levels, whether pipe insulation is present, and when the home was last weatherized. Energy-efficient windows are helpful but not essential. Lots of beautiful older Maine homes have original wood windows and are still reasonably efficient.

Roof Age and Condition

Roofs don’t last forever. A typical asphalt shingle roof lasts 15-25 years. Ice dams are a Maine reality: when warm air melts snow on a roof but gutters refreeze the water, backing it up under shingles. This causes damage.

Ask about the roof’s age and whether the home has ever had ice dam damage. A metal roof is popular in Maine for good reason. It sheds snow easily. If the roof is original to a home built in the 1980s or earlier, replacement is probably soon.

Age of the Home

Newer isn’t always better in Maine. Some of the most beautiful, well-maintained homes are 100+ years old. If you’re drawn to older properties, our guide to buying historic or antique homes in Maine covers what to watch for. But older means:

• More maintenance likely
• Systems (electrical, plumbing, HVAC) may need attention
• Potential hidden issues as systems fail

A well-maintained 1920 home might be perfect. A neglected 1990 home might be a nightmare. Condition matters more than age.

Making an Offer and Negotiating in Today’s Market

You’ve found a home. You love it. Now you make an offer. In the current Maine market, you have more leverage than buyers had just two years ago.

Understanding Your Position

With inventory up 27% year-over-year and newly listed homes up 21%, you’re not in a desperate buyer position. Sellers have more homes to compete with. This is your advantage. Use it.

Structuring Your Offer

A serious offer in Maine includes:

• Price: Your proposed purchase price. In the current market, if a home is priced at $395,000 and you think it’s worth $385,000, an offer at $385,000 has a genuine chance. Two years ago, you’d be laughed out of the room.
• Down payment: What you’re putting down. 20% is traditional, but 10% or 5% is very common with first-time buyers.
• Financing contingency: Standard language protecting you if financing falls through.
• Inspection contingency: Allowing you to inspect the home and address any issues.
• Appraisal contingency: Protecting you if the home appraises for less than the offer price.
• Closing date: When you want to close, typically 30-45 days out.

Negotiating in a Balanced Market

In the current Maine market, sellers understand they have options but they’re not guaranteed offers. A well-written offer with a clear timeline and genuine preapproval is compelling.

Don’t lowball, but don’t overpay either. Use comparable sales in the area (your agent can pull these) to justify your offer price. If similar homes sold for $375,000 to $385,000, an ask of $420,000 is unreasonable, and you should offer accordingly.

If there’s a bidding war (yes, they still happen for properties in great locations or exceptional condition), decide your walk-away price and stick to it. There are other homes.

Negotiating Repairs After Inspection

Once inspection happens (discussed next), you’ll likely find issues. In the current market, you have leverage here. If the roof is 10 years old and needs replacement in 5-10 years, you can ask for a $15,000 credit. If the foundation has minor cracks but no structural damage, you can ask for a $5,000 credit to address them. Sellers often accept these requests.

The Inspection and Due Diligence Phase

After your offer is accepted, you have 7-10 days (usually) to hire an inspector and have the home thoroughly examined.

Hiring a Maine Home Inspector

A home inspector should be licensed (Maine does license inspectors), certified, and insurance-backed. They should spend 2-3 hours on a typical home, not 30 minutes. Request an inspector who knows Maine specifically. They’ll understand freeze-thaw cycles, seasonal issues, and Maine-specific concerns better than someone trained only in warmer climates.

The inspection report will be 20-40 pages documenting condition. You’ll learn about systems’ ages, defects, repairs needed, and priorities. It’s not a pass/fail; homes rarely pass perfectly. It’s a tool to understand what you’re buying and what work lies ahead.

Maine-Specific Concerns

Beyond a standard inspection, understand Maine-specific issues:

Radon: Radon is a naturally occurring radioactive gas that can accumulate in basements. Maine homes have elevated radon risk. Consider radon testing. It’s inexpensive ($150 to $300) and important. If a home tests above the EPA’s action level (4.0 pCi/L), radon mitigation systems can be installed for $800 to $2,500.

Water Quality: If the home has a private well, testing is essential. You should test for bacteria (E. coli, coliform), nitrates, and basic chemistry. Unsafe water is a serious issue. Town water is tested by municipalities; private wells are your responsibility.

Septic System: If the home has a septic system, when was it last pumped? Does the seller have records? Has it ever backed up or failed? A septic system inspection by a septic professional (not just the general home inspector) is worth considering if you’re uncertain.

Roof and Ice Dams: Ask about ice dam history. Significant water intrusion from ice dams requires attention. Proper attic ventilation and insulation prevent ice dams.

Foundation and Basements: Assess all foundation cracks for significance. Hairline cracks are normal. Structural cracks running horizontally or at 45-degree angles are serious. Water intrusion patterns on basement walls tell you about moisture problems.

Systems Age: Note the age of the furnace/heating system, water heater, electrical panel, and plumbing. Systems approaching end-of-life (typically 15-20 years for HVAC, 8-12 years for water heaters) should be budgeted for replacement within a few years.

Closing on Your Maine Home

You’ve made it to closing. This is the final step where you get the keys and the home is legally yours.

Understanding Closing Costs

Closing costs typically range from 2% to 5% of the purchase price. On a $350,000 purchase, expect $7,000 to $17,500. These include:

• Lender fees: Origination fees, appraisal, credit report, underwriting
• Title insurance: A one-time fee protecting you against title disputes
• Attorney fees: Maine requires an attorney at closing (unlike some states). Plan on $500 to $1,000
• Property survey: Sometimes required; $300 to $500
• Inspections and testing: Radon test, water test, home inspection (though this is technically done pre-closing)
• Homeowners insurance: First year premium
• Property taxes: Prorated based on closing date and town tax rates
• HOA fees: If applicable

Ask your lender for an itemized breakdown of all closing costs. By federal law, they must provide a Closing Disclosure three business days before closing.

The Role of a Maine Real Estate Attorney

Maine requires attorneys at closing, and this is actually good for you. Your attorney reviews all documents, ensures title is clear, and protects your interests. Interview attorneys (they’re not all equally good) and understand their fees upfront.

Your attorney should:

• Review the purchase and sale agreement
• Conduct a title search
• Arrange title insurance
• Ensure all documents are properly prepared
• Be present at closing
• Ensure proper recording of the deed

Title Insurance

This is a one-time insurance policy protecting you against title defects. Owner’s title insurance is standard and non-negotiable. The one-time fee (typically $600 to $1,200) is worth every penny. Without it, an undiscovered lien or prior claim could threaten your ownership years later.

The Final Walkthrough

The day before or morning of closing, you do a final walkthrough of the home. Verify:

• All agreed-upon repairs have been completed
• The home is in the condition agreed upon
• All appliances/items that were supposed to stay are still there
• No damage has occurred since the final inspection

If something is wrong, contact your attorney immediately. Don’t close until it’s resolved.

Closing Day

You’ll meet with your attorney and lender representative (or attend virtually, as many closings now happen partially or entirely remotely). You’ll sign a massive stack of documents. The lender will wire funds to your attorney, who will distribute funds to the seller, pay off any existing mortgages, cover closing costs, and then record the deed with your town.

You’ll receive the keys, a closing statement showing all financial details, the recorded deed, and copies of every document signed.

After You Close: Settling Into Your New Maine Home

Congratulations! You own a home in Maine. Now what?

Immediate Tasks

• Update utilities and services: Ensure electricity, water/sewer, heating (oil, propane, gas, whatever applies), and internet are set up in your name.
• Change the locks or rekey: You don’t know who has copies of the old keys. Rekeying is inexpensive ($50 to $100).
• Set up homeowners insurance: Your mortgage lender will require this. You should have it arranged before closing.
• Register with your town: Register with the tax assessor, ensure property records are updated, and understand your property tax due dates.
• Schedule HVAC maintenance: If you have an oil burner, propane, natural gas, or electric heating system, get it professionally maintained. Typically done in September before winter.

Longer-Term Considerations

• Septic pumping schedule: If you have a septic system, schedule pumping (every 3-5 years) and maintain records.
• Well testing: Annual testing for private wells is wise, though not legally required (though some municipalities recommend it).
• Foundation monitoring: Watch for new cracks or moisture intrusion and address them promptly.
• Energy efficiency improvements: Weather sealing, attic insulation, and heat pump installation can reduce heating costs significantly.
• Exterior maintenance: Gutters, roofing, and siding need periodic attention in Maine’s climate.

Building Community

Welcome to your Maine community! Introduce yourself to neighbors. Attend town meetings. Join local organizations or groups. Maine communities are often close-knit, and being an active community member is deeply valued. If you’ve relocated from out of state, our complete guide to moving to Maine covers the full transition.

Common Mistakes Maine Buyers Make (and How to Avoid Them)

We’ve covered a lot of ground. Here are the most common mistakes first-time Maine home buyers make:

1. Underestimating Heating Costs

Many newcomers to Maine are shocked by winter heating bills. A poorly insulated oil-heated home can cost $300 to $400 monthly to heat in January. Budget accordingly and factor heating costs into your total housing cost.

2. Ignoring Seasonal Issues

Homes have seasonal personalities. A home that looks great in summer might have ice dam issues in winter or basement moisture in spring. If possible, visit potential homes in multiple seasons or at least ask locals about seasonal issues.

3. Not Truly Understanding Septic Systems

If you’ve always had town sewer, a septic system feels foreign. Don’t treat it casually. Understand what goes in, get it pumped on schedule, and budget for potential failures.

4. Choosing Location Primarily on Price

Yes, Waterville is more affordable than Portland. But if your job is in Portland and you’re commuting 45 minutes daily, the savings evaporate in gas and car maintenance. Location decisions should balance affordability with lifestyle and work practicality.

5. Skipping Inspections or Ignoring Inspection Issues

You cannot see inside walls, under floors, or inside chimney flues. A professional inspection is non-negotiable. And if the inspection reveals significant issues, don’t close without addressing them.

6. Not Getting Preapproved or Getting Preapproved Too Late

Preapproval lets you make competitive offers and prevents shopping for homes you can’t actually afford. Get it early.

7. Overextending Financially

Just because a lender says you can afford $400,000 doesn’t mean you should buy a $400,000 home. Consider property taxes, insurance, heating, maintenance, and keep breathing room in your budget for emergencies and life.

8. Not Using a Local Agent

National services and discount brokers don’t have local knowledge. A good Maine agent is worth their commission.

9. Making Large Purchases Before Closing

Don’t buy a new car, get a pet, or make major purchases between your preapproval and closing. Lenders re-verify your finances before closing, and new debts can disqualify you.

10. Not Budgeting for Post-Close Repairs

Even after a good inspection, homes need work. Budget 1 to 3% of the purchase price annually for maintenance and repairs. On a $350,000 home, that’s $3,500 to $10,500 yearly.