One-Time Close Loans | FHA and VA Construction Loans
VA and FHA One-Time Close Construction Loans

2024 FHA Construction Loan Limits in MAINE tell homebuyers how much borrowing power they have to build a home. VA Limits are set by the lenders.

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FHA Loan - One-Time Close Construction Loan

2024 VA and FHA Construction Loan Limits

Borrow for Single Family Home Loans in MAINE Counties

The FHA has a maximum construction loan amount that it will insure, which is known as the FHA lending limit. These loan limits are calculated and updated annually, and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. The type of home, such as single-family or duplex, can also affect these numbers.

Construction loan limits no longer apply to new VA Loans. The Department of Veterans Affairs (commonly referred to as the VA) can now back larger loans than previous allowed. This change doesn't mean that you have unlimited borrowing power. Your lender will still have credit requirements that you need to meet as well as maximum loan amounts based on their own standards. VA lenders establish their own limits based on company policies. The amount we generally see is shown below, labeled as the VA Lender Limit.

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"For 2024, the FHA floor was set at $498,257 for single-family home loans. This lending limit covers most U.S. counties."

16 match(es) found

ANDROSCOGGIN County
LEWISTON-AUBURN, ME
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
AROOSTOOK County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
CUMBERLAND County
PORTLAND-SOUTH PORTLAND, ME
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $546,250
FRANKLIN County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
HANCOCK County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
KENNEBEC County
AUGUSTA-WATERVILLE, ME
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
KNOX County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
LINCOLN County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
OXFORD County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
PENOBSCOT County
BANGOR, ME
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
PISCATAQUIS County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
SAGADAHOC County
PORTLAND-SOUTH PORTLAND, ME
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $546,250
SOMERSET County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
WALDO County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
WASHINGTON County
NON-METRO
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $498,257
YORK County
PORTLAND-SOUTH PORTLAND, ME
VA Construction Loan Limit FHA Construction Loan Limit
$1,500,000 $546,250

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