Loan limits in Maine
No county in Maine exceeds the national baseline, so the limit is $832,750 for a single family home, $1,066,250 for a duplex and $1,601,750 for a fourplex. None of it applies if you have full entitlement.
Disabled veteran property tax in Maine
Up to $6,000 of assessed value is exempt.
On a $400,000 home, Maine property tax runs about $4,960 a year at the state average rate of 1.24 percent. A qualifying exemption brings that down to about $4,886.
Two things catch people out, Maine included. The exemption is not automatic, you file with your county assessor, usually with a VA benefits summary letter showing your rating. And deadlines are local, often early in the tax year. Full detail for every state is on our property tax exemption calculator.
Residual income in Maine
Debt to income gets the attention, but residual income is what actually approves or kills a VA file. It is the money left over each month after your mortgage, every debt, income taxes, childcare and estimated home maintenance. Maine sits in the VA Northeast region.
| Household size | Minimum left over each month |
|---|---|
| 1 person | $450 |
| 2 people | $755 |
| 3 people | $909 |
| 4 people | $1,025 |
| 5 people | $1,062 |
Add $80 for each person beyond five. If your debt to income ratio is above 41 percent, the requirement rises by 20 percent. Run yours on the residual income calculator.
Buying a duplex or fourplex in Maine
A VA loan can buy up to four units with zero down as long as you live in one of them, and rent from the other units counts toward qualifying at roughly 75 percent of market value. The limit rises with unit count: $832,750 for a single family, $1,066,250 for a duplex and $1,601,750 for a fourplex at baseline. See the entitlement calculator.
Frequently asked questions
What is the VA loan limit in Maine?
With full entitlement there is no VA loan limit in Maine at all. If part of your entitlement is tied up in another loan, the county conforming limit applies, starting at $832,750 for a single family home. No county in Maine exceeds it.
Do disabled veterans pay property tax in Maine?
Maine exempts $6,000 of assessed value for a qualifying disabled veteran. You still pay tax on value above that. Confirm the current amount with your county assessor.
How much residual income do I need for a VA loan in Maine?
Maine sits in the VA Northeast region. A family of three needs $909 left over each month after the mortgage, all debts, taxes and estimated maintenance. It rises with family size, and by 20 percent if your debt to income ratio is above 41 percent.
Can I buy a home in Maine with no money down?
Yes. A VA loan requires no down payment and charges no monthly mortgage insurance, in Maine or anywhere else. A one-time funding fee applies, waived entirely if you receive VA disability compensation at 10 percent or higher.
What is the average property tax rate in Maine?
Maine averages about 1.24 percent of home value a year, roughly $4,960 on a $400,000 home before any veteran exemption. A qualifying veteran exemption reduces it.
Every VA calculator, set up for Maine
More free tools for veterans
Take your Maine numbers with you
Print this for your lender, then grab the free VA Loan Guide.