Home financing in Cumberland County.

Home financing simply means borrowing money to buy a home, with the home itself serving as collateral for the loan. In Cumberland County — which includes Portland, South Portland, Westbrook, Gorham, Falmouth, and Scarborough — the housing market is active and prices have risen steadily, making financing options more important than ever for working families and solo contractors.

The most common loan types you will encounter here are:

• **Conventional loans** — offered by banks and credit unions, usually requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the federal government, they allow lower credit scores (as low as 580) and down payments as low as 3.5%. These are popular with first-time buyers in Maine.

• **USDA loans** — available for homes in eligible rural areas. Some parts of western Cumberland County (towns like Standish, Baldwin, and Raymond) may qualify.

• **VA loans** — for eligible veterans and active-duty service members. Maine has a significant veteran population and VA loans come with no required down payment.

• **ITIN loans** — for buyers who do not have a Social Security Number but have an Individual Taxpayer Identification Number. Several Maine lenders and CDFIs offer these.

• **Maine State Housing (MaineHousing) loans** — state-backed mortgages with below-market interest rates and down payment assistance, available through approved local lenders.

Remember: Origen Capital is a directory, not a lender. The resources below are here to help you find the right local partner.

Cumberland County is Maine's most populous county, home to Portland's diverse urban core, a growing immigrant and refugee population, a busy construction trades sector, and a strong small-business economy. This local context matters for financing:

**Self-employed contractors and tradespeople** — Electricians, framers, plumbers, and landscapers who work independently may have variable income. Most lenders will want two years of self-employment history, but Maine-based CDFIs and credit unions often evaluate applications more holistically than large national banks.

**Immigrants and New Americans** — Portland is home to one of the largest Somali and asylum-seeker communities in the United States. Local lenders including Coastal Enterprises Inc. (CEI) and some credit unions have experience working with buyers who have limited U.S. credit history or who use an ITIN instead of a Social Security Number.

**First-time homebuyers** — MaineHousing defines a first-time buyer as someone who has not owned a home in the past three years. Many programs target this group specifically.

**Income limits** — MaineHousing programs have income limits that are updated annually. For Cumberland County, limits are generally higher than in rural Maine counties because of the higher cost of living. Check MaineHousing.com or ask a HUD-approved counselor for current numbers.

**Credit** — A score of 620 or higher opens most conventional doors. Below 620, FHA loans and credit union products are often available. If you have no credit score at all, ask about manual underwriting — some Maine lenders still do this.

No matter your background, you do not need to figure this out alone. Free, confidential homebuyer counseling is available locally (see Section 4).

Gathering your paperwork early saves a lot of time. Here is what most lenders in Cumberland County will ask for:

**Identity & Residency**

• Government-issued photo ID (passport, state ID, or driver's license)

• Social Security Number OR Individual Taxpayer Identification Number (ITIN)

• If applicable: visa, green card, or work authorization documents

**Income**

• Last two years of federal tax returns (all pages, all schedules)

• W-2s or 1099s for the last two years

• If self-employed: business tax returns, profit-and-loss statement, and a letter explaining your business

• Last 30 days of pay stubs (if employed by someone else)

• Documentation of any other income: rental income, child support, Social Security, disability

**Assets**

• Last two to three months of bank statements (all accounts, all pages)

• Documentation of any gift funds — lenders need a signed gift letter

• Retirement account statements if you plan to use those funds

**Property**

• Signed purchase and sale agreement (once you are under contract)

• Address of the property for the appraisal

**Credit**

• Lenders will pull your credit report — you do not need to bring it, but review it yourself first at AnnualCreditReport.com before you apply.

Tip: If you are self-employed or use an ITIN, bring a cover letter explaining your situation in plain language. It helps the loan officer understand your story before they look at numbers.