Conventional loans in Maine: conforming limit, real monthly costs, PMI timeline

Conforming limit $832,750, median about $400,000, property tax about 1.2%: those three figures decide most of what a conventional mortgage costs in Maine. Below, the down payment and monthly numbers at 3%, 5%, 10% and 20% down, the month PMI can end, and the state rules a conventional borrower here should know.

The Maine conforming limit and where jumbo starts

In Maine, a one-unit conventional loan above $832,750 is jumbo in 2026. The median price of about $400,000 means the median buyer is well inside the limit even with 3% down (loan $388,000), so conforming rules apply to most purchases. Two-, three- and four-unit homes have higher limits. Every Maine county is in the table below; see conforming loan limits and jumbo loans.

Maine loan limits, county by county (2026)

FHFA’s 2026 county list gives every Maine county the same one-unit limit, $832,750, and the same multi-unit limits ($1,066,250 / $1,288,800 / $1,601,750). Nothing in the state is designated high-cost, so a loan above $832,750 is jumbo anywhere in Maine.

Source: FHFA, Conforming Loan Limit Values for 2026 (county list, mortgages acquired in calendar year 2026). Limits are for Fannie Mae and Freddie Mac loans; FHA and VA use their own county figures.

Down payment and monthly payment, four ways

Each row is the same $400,000 Maine home at 6.5% for 30 years — only the down payment changes. PMI is an illustrative market rate for that down payment; property tax is the state’s rough 1.2% effective rate divided by twelve.

The 3% row assumes a program such as HomeReady or Home Possible; income limits apply. Compare with FHA at 3.5% down on the FHA vs conventional guide.

When PMI ends in Maine

Three dates matter: the month the balance hits 80% of the original price (you ask), 78% (the servicer must act) and the loan’s midpoint (cancellation regardless of value, if current). On Maine’s median with 5% down at 6.5%, the schedule reaches 80% in about 10 years and 4 months; with 3% down, about 11 years and 1 months; with 10% down, about 7 years and 11 months. Over that time the 5% buyer pays roughly $29,512 in PMI at $238 a month.

Recording taxes, transfer taxes and closing practice

Maine closings are handled by title companies and by attorneys in roughly equal measure, and no statute requires a lawyer to preside. Lenders frequently retain a Maine attorney to examine title under the Maine Title Standards and to certify it, while the title agent or the same attorney conducts the signing and disbursement. Funding is wet, and buyer costs in the 2 percent to 3 percent range are typical, with the transfer tax split with the seller.

Maine does not tax the mortgage or the note; the registry of deeds charges a per-page recording fee for the lien. The real estate transfer tax (36 Maine Revised Statutes 4641-A) is $2.20 per $500 of consideration, split equally between buyer and seller on the deed. A borrower who refinances therefore pays recording fees only. Maine’s real estate transfer tax is $2.20 per $500 (0.44%), split equally between buyer and seller by statute ($1.10 per $500 each).

Maine buyer closing costs — the buyer’s half of the transfer tax, title, attorney and lender fees — typically total 2% to 3% of the price.

Three Maine rules to read before signing

Prepayment. Maine’s Consumer Credit Code (Title 9-A) generally allows a consumer to prepay in full without penalty and forbids prepayment penalties on the high-rate, high-fee mortgages defined in Article 8-A. For a conventional first mortgage outside those categories, federal QM limits govern any remaining penalty, and supervised lenders must disclose it on the Loan Estimate. The federal ability-to-repay rule caps penalties tightly and bans them on adjustable or higher-priced loans.

Spouses and title. Maine is a separate-property state that abolished dower and curtesy, so a spouse who is not on the deed does not need to sign a mortgage of the other spouse’s property.

Homestead. Maine’s creditor homestead exemption (14 Maine Revised Statutes 4422) was raised substantially in recent years to $80,000 of equity, doubled for owners who are 60 or older, disabled, or living with a minor dependent; verify the current figure because the Legislature revisits it.

The complete state layer — licensing, predatory-lending limits, disclosures, foreclosure — is on mortgage laws in Maine.

Frequently asked questions

What is the conforming loan limit in Maine for 2026?

For 2026, $832,750 (one unit) in all 16 Maine counties — the national baseline, with no county above it. The county table on this page lists the two-, three- and four-unit figures. Above the limit, the loan is jumbo and follows lender rules.

When can I cancel PMI on a conventional loan in Maine?

Two thresholds apply everywhere, including Maine: you may ask at 80% loan-to-value (original value, good payment history) and the servicer must stop charging at 78%. Scheduled payments on a $380,000 loan at 6.5% reach 80% of a $400,000 price after about 10 years and 4 months. Fannie Mae and Freddie Mac also allow cancellation on a new appraisal after enough seasoning.

Does Maine add anything to a conventional loan’s closing costs?

Maine does not tax the mortgage or the note; the registry of deeds charges a per-page recording fee for the lien. Maine’s real estate transfer tax is $2.20 per $500 (0.44%), split equally between buyer and seller by statute ($1.10 per $500 each). Maine buyer closing costs — the buyer’s half of the transfer tax, title, attorney and lender fees — typically total 2% to 3% of the price.

Related: Renovation loans: HomeStyle, CHOICERenovation and FHA 203(k) compared, Loan-level price adjustments: why two borrowers get different rates on the same loan, Paying off your mortgage early: extra payments, biweekly plans and the actual math, Piggyback loans (80/10/10): a second mortgage instead of PMI. First home in Maine: programs and assistance. Hub: Conventional loan.