## What areas in Maine are well positioned for growth? 

 

Maine, the largest state in New England, offers a unique blend of rugged coastline, charming towns, and a strong sense of community. While the overall population growth is projected to be slow and steady, there are interesting trends to consider for potential real estate investors:

 

Maine boasts a diversified economy with a focus on healthcare, manufacturing (paper, shipbuilding), tourism, and agriculture (lobster industry). The unemployment rate is consistently lower than the national average. Additionally, Maine has a growing senior population, which could influence demand for age-restricted housing or accessible units in the coming years. Furthermore, the Maine Department of Transportation has several ongoing and planned infrastructure projects to improve roads, bridges, and public transportation systems across the state. Specific details on projects within a 5-10 year timeframe can be found on their website (https://maine.gov/mdot/projects/).

 

1. Greater Portland Area:

 

The Greater Portland Area is experiencing slow but steady population growth, with an estimated 10,000 new residents expected in the next 5 years. The region boasts a diverse economy with major employers in healthcare (Maine Medical Center - 18,000 employees), finance (TD Bank - 20,000 employees), and education (University of Southern Maine - 10,000 students).

 

- 04101 (Downtown Portland): Revitalized downtown with a growing job market, entertainment options, and walkability. Rents could see moderate increases due to demand from young professionals.
- 04071 (South Portland): Up-and-coming area with growing businesses and proximity to Portland. Rents could see moderate increases due to increased demand.
- 04008 (Westbrook): Family-friendly suburb with good schools and easy access to Portland. Rents could see stable growth due to steady demand.
- 04102 (West End): Established neighborhood with historic charm and proximity to downtown Portland. Rents could see stable growth due to limited availability.

2. Bangor Area:

 

The Bangor Area is experiencing slow population growth, with an estimated 5,000 new residents expected in the next 5 years. Key economic sectors include healthcare (Eastern Maine Medical Center - 8,000 employees), education (University of Maine - 31,000 students), and manufacturing.

 

- 04401 (Downtown Bangor): Undergoing revitalization with new developments and cultural attractions. Rents could see moderate increases as demand rises.
- 04408 (Brewer): Family-friendly community across the Penobscot River from Bangor with good schools. Rents could see stable growth due to steady demand.
- 04402 (Old Town): Historic area with a growing focus on arts and culture. Rents could see moderate increases with revitalization efforts.

 

3. Lewiston-Auburn Area:

 

The Lewiston-Auburn Area is experiencing slow population growth, with an estimated 3,000 new residents expected in the next 5 years. Key economic drivers include healthcare (Central Maine Medical Center - 4,000 employees), manufacturing (textile industry), and retail.

 

- 04240 (Downtown Lewiston): Revitalization efforts are attracting new businesses and residents. Rents could see moderate increases as demand rises.
- 04210 (Auburn): Established residential community with good schools and proximity to Lewiston. Rents could see stable growth due to steady demand.
- 04230 (Lisbon): Family-friendly suburb with a growing population. Rents could see moderate increases due to increased demand.

 

## What areas do you do serve in Maine?


 


We work with all properties in Maine that have a non-rural designation. Use this [rural designation search tool](https://www.offermarket.us/blog/rural-designation-search-tools) to see if your property is considered rural.


 


## How do DSCR loans work in Maine?


 


The overall process of getting a DSCR Loan in Maine is approximately as follows. You submit an application for a loan (you can get started on your loan with an [instant quote](https://www.offermarket.us/loan)) answering 14 questions about your property. An instant quote will tell you if you qualify for the loan in under 1 minute of your time. It will also show you the a preliminary interest rate and loan amount. Once you select desired LTV (which can be changed later), your quote will be converted to a Loan File for processing purposes.


 


You will have to submit documents as part of your Loan File for underwriting. Documents we may ask for will include personal and property documents such as purchase contracts, current leases, borrowing entity documents, deeds, title work (we will engage a title company or an attorney on your behalf to draw up these documents), background and credit reports (that we will order), bank statements for liquidity verification as well as other documents that may be applicable to your specific deal. Full list of requirements can be found here in [DSCR loan requirements](https://www.offermarket.us/blog/dscr-loan-requirements).


 


We will also handle all the aspects of scheduling and appraisal for you. Please note that we have a promotion, where new clients receive a 100% refund at closing for their appraisal and existing clients forever get a 50% refund for their appraisal at closing as our way to say thank you for allowing us to partner with you! Once all the loan documents are submitted, the Loan File goes through underwriting, at which point the underwriting committee may ask for additional documents depending on their discretion. Once the committee receives all the documents and approves the file, closing can be scheduled.


 


The closing, will be handled by the title company or at the office of closing attorney. Once closing is complete, funds will be wired. Post closing, the loan will be entered into servicing and you will receive information regarding setting up auto-pay or other options that may be available for your loan depending on the specific servicer's capabilities.


 


## Can you lend on properties worth less then $100k?


 


In short, no, appraisal as is value must come in at above 100k. We can only lend on properties that are less then $100k if they are in a portfolio with other properties and the portfolio's total as-is value on the appraisal is above $250k. In order to qualify for our loans, the property must appraise for at least $100k as-is at the time of the appraisal, however, total loan amount may be less then 100k, minimum loan amount is $55k.


 


## Do you do cash out refi no seasoning for Maine loans?


 


We do offer refinance options with no seasoning requirements. Here is the general criteria for cash out refi no seasoning for Maine loans. Easiest way to see if you qualify is to answer a few question in our [online quoter](https://www.offermarket.us/loans). It will compare all of our lending criteria against your answers and give you a response in under 1 minute without you needing to read anything. If in case you want to do it the hard way, please read on to see some of the guidelines below with a [full list of our requirements here](https://www.offermarket.us/blog/cash-out-refi-no-seasoning).


 


Minimum loan amount has to be above $55,000. Minimum As-Is value on the appraisal has to be $100,000. Between 1-4 units. Must have an active lease with proof of security deposit collected. Property condition must be [C4 or better](https://www.offermarket.us/blog/property-condition-ratings-c1-c2-c3-c4-c5-c6). Minimum credit score of 680. Credit score between 680 to 699, gets maximum LTV of 70%, credit score of 700+ gets maximum LTV of 75%. Max LTC, 100% (less than 90 days seasoning), 140% (90 to 179 days seasoning). Minimum verified rehab, 20% of purchase price (less than 90 days seasoning), n/a (90+ days seasoning). Minimum verified rehab, is an improvement that has been done to the unit to verify increase in as-is value in such as short period of time (less then 90 days) to justify the no seasoning period. Origination fee of 1 to 2 points depending on the loan amount to keep the lights on. Lender fee, $1,995 (doesn't go to OfferMarket), includes multiple fees to several different 3rd party verification services, necessary to certify the information in the Loan File for closing. Appraisal at AMC market price, we also have a promotion that new clients get 100% of their appraisal refunded at closing and 50% refund for existing clients. Time to close, 20-25 days.


 


I know this is a lot of information. You don't have to lift a finger to calculate any of this to see if you qualify, all you have to do is answer 14 simple questions about your deal and we will tell you if we are a good fit for you and what kind of deal we can offer you. To get an answer on your specific situation, please answer 14 simple questions here in our [online quoter for Maine DSCR loans](https://www.offermarket.us/loans).


 


## Do I need to have my property insured to qualify for funding?


 


Yes, but if you don't already have insurance, we can roll it into the lending process with no extra charge or effort to you. Our insurance team works with thousands of carriers and is intimately familiar with the insurance requirements of your loan. They will be able to ether talk to the agent of your choice or find the most competitive offer without our network of carriers to complement your loan with no extra effort or expense to you. If you already have insurance, you should get an instant quote to see if we can offer you a more competitive rate and save you thousands of dollars over the lifetime of your policy. [Get you instant insurance quote](https://www.offermarket.us/insurance) here.


 


## What are the best DSCR Lender Maine?


 


There are many DSCR lenders in Maine and you have many options to get your loan funded. As fellow rental property investors, we built OfferMarket to be a low cost DSCR lender. We believe you should never have to wonder if you're getting the best possible terms from your lender. You should never need to waste time negotiating. That's why we provide you with our best possible term sheet every single time -- you get our lowest rate and lowest fees.


 


Your first loan with OfferMarket is the start of a long term relationship. It's our opportunity to provide you with remarkable value and prove that we deserve to be your partner on your real estate investing journey. We feel a sense of obligation to prove we deserve your business on each and every loan.


 


## Are you able to lend on rural properties?


 


We can't lend on rural properties. How can I find out, if my property is rural? Here are more detail on how to verify if your property is rural in our [Rural Designation Search Tools](https://www.offermarket.us/blog/rural-designation-search-tools). The 2 search tools are hosted by USDA Rural Development Property Eligibility and CFPB Rural and Underserved Areas Checker. Both of the tools must flag the property as none rural for it to be eligible for our funding. Use these instruction to find out [if your property is considered rural](https://www.offermarket.us/blog/rural-designation-search-tools)


## What are the requirements for a DSCR loan in Maine?


 


If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Maine. If you want a more detailed quote for your specific deal, click "start" next to "apply for a DSCR loan" and our online quoting system will produce an accurate quote based on 14 questions related to your deal. Most investors are able to get a complete quote in under a minute because those 14 questions most investors will know answers to. Our most detailed [DSCR Loan Requirements](https://www.offermarket.us/blog/dscr-loan-requirements) can be found here. Once you complete an online quote, you can proceed to your Loan File, where you can peruse the Loan Terms which will detail all the fees and proceeds of the loan in one convenient interface. [Get an instant loan quote and Loan File](https://www.offermarket.us/loans)


 


Otherwise, you can read on to see common guideline breakdowns:


 


### Credit Score


 


In most cases, a 720 credit score will qualify you for the lowest interest rate and highest loan amount. We recommend protecting your credit score and striving for a 740+ score to make sure you get the best terms.


 


### No Seasoning


 


Most DSCR lenders require 6 months of seasoning. At OfferMarket, we have a no seasoning program for qualified borrowers. We also offer 90 day (3 month) seasoning for borrowers with 700+ credit score or 5+ rental experience.


 


### Rural Properties


 


Rural properties are not a good fit for DSCR loan programs. If your property is considered rural in any of the following ways, it may not be eligible:


 


- Rural designation by Federal Government (CFPB, USDA)
- Rural designation by appraiser
- Population under 10,000
- 5+ miles from a 100,000+ population center


 


Rural designation is a gray area so we recommend proceeding with caution on any purchase where the subject property checks one or more of the above bullets. We can't lend on rural properties. How can I find out, if my property is rural? Here are more detail on how to verify if your property is rural in our [Rural Designation Search Tools](https://www.offermarket.us/blog/rural-designation-search-tools). The 2 search tools are hosted by USDA Rural Development Property Eligibility and CFPB Rural and Underserved Areas Checker. Both of the tools must flag the property as not rural for it to be eligible for our funding. Use these instruction to find out [if your property is considered rural](https://www.offermarket.us/blog/rural-designation-search-tools)


 


<div style="display: grid; grid-template-columns: repeat(1, minmax(0, 1fr)); overflow: auto; white-space: nowrap;">
<table>
<thead>
<tr>
 <th>Guidelines</th>
 <th>Criteria</th>
</tr>
</thead>
<tbody>
<tr>
 <td>Max Loan Amount: Purchase</td>
 <td>80% of purchase price (20% down payment)</td>
</tr>
<tr>
 <td>Max LTV: Refi</td>
 <td>75% cash out, 80% rate and term</td>
</tr>
<tr>
 <td>Min credit Score</td>
 <td>660</td>
</tr>
<tr>
 <td>Min seasoning</td>
 <td>No seasoning or 3 months depending on experience, loan amount</td>
</tr>
<tr>
 <td>Appraisal</td>
 <td>On-site (As Is 1004/1007 for single family, As Is 1025 for 2-4 units)</td>
</tr>
<tr>
 <td>Credit report</td>
 <td><a href="https://www.offermarket.us/blog/what-is-a-tri-merge-credit-report" target="_blank" rel="noopener noreferrer">Tri merge</a></td>
</tr>
<tr>
 <td>Property location</td>
 <td><a href="https://www.offermarket.us/blog/rural-designation-search-tools" target="_blank" rel="noopener noreferrer">Non-rural</a></td>
</tr>
</tbody>
</table>
</div>


 


Full list of requirements can be found here in [DSCR loan requirements](https://www.offermarket.us/blog/dscr-loan-requirements).


 


## How to get a DSCR Loan in Maine?


 


The easiest way to start your Maine DSCR loan is to click the start button next to "apply for DSCR loan" banners at the top or bottom of this page. OfferMarket's team has expansive experience working with real estate investors across Maine.


 


## What are the requirements for a DSCR loan in Maine?


 


If you scroll up on this page, you will see a simple checklist that details high level requirements for our DSCR loans in Maine. If you want a more detailed quote for your specific deal, click "start" next to "apply for a DSCR loan" and our online quoting system will produce an accurate quote based on 14 questions related to your deal. Most investors are able to get a complete quote in under a minute because those 14 questions most investors will know answers to. Our most detailed [DSCR Loan Requirements](https://www.offermarket.us/blog/dscr-loan-requirements) can be found here. Once you complete an online quote, you can proceed to your Loan File, where you can peruse the Loan Terms which will detail all the fees and proceeds of the loan in one convenient interface. [Get an instant loan quote and Loan File](https://www.offermarket.us/loans)


 


## Why use Maine DSCR Loans to buy investment properties?


 


DSCR (debt-service coverage ratio) loans can help real estate investors shorten their cash cycle and grow their rental portfolios more rapidly in a few key ways. First, the higher leverage and lower down payments allowed by DSCR loans mean investors can acquire more properties with the same amount of cash on hand, rather than tying it all up in larger down payments. Additionally, the option for interest-only payments creates more positive cash flow that can be reinvested into new property acquisitions. Finally, DSCR underwriting based solely on the rental income of the property itself, rather than the investor's personal income, enables investors to scale their portfolios more quickly without running into debt-to-income ratio restrictions.

DSCR Loan Maine offers real estate investors the opportunity to secure financing based on debt service coverage ratio to optimize their investment returns.

DSCR Loans for Rental Property Investors in Maine

DSCR Loan Maine

Mount Washington is a neighborhood in Baltimore City, Maryland. Learn more about Mount Washington real estate in this market overview.

Mount Washington, Baltimore, MD 21215 - OfferMarket

Mount Washington, Baltimore, MD

According to data provided by the [National Multifamily Housing Council's Rent Payment Tracker](https://www.nmhc.org/research-insight/nmhc-rent-payment-tracker/), across the United States, 84% of tenants paid their rent by April 12th. This compares to 90% the year prior, a 7% decline from March rent. We expect May rent performance will be worse, given limited savings, continued record jobless claims and delays disbursing unemployment benefits and payroll protection loans.

 

## Consumer Spending

 

The US is a consumption-driven economy. Consumer spending comprises roughly 70% of GDP. According to Wells Fargo, consumer spending is down 35% at this point compared to same time last year. As you read this and think about your own changes in spending, this probably sounds quite accurate to you.

 

If consumers don't spend, businesses can't pay employees, tenants can't afford rent. Rent rates either need to be reduced or landlords need to accept lower rent revenue vis-à-vis higher non-payment rates. Other things could happen like employees forced to take pay cuts to keep their jobs, which will have a similar effect. Or we see a material shift from homeownership to renting as people lose their homes which might support rent rates... Lots of different scenarios to consider.

 

To put it another way, lower rental income results in lower [net operating income](https://offermarket.us/real-estate-glossary/noi-net-operating-income) (NOI) which results in lower valuation.

 

## Insight From The Public Markets

 

Looking at public markets, Equity Residential (EQR) is down 25%, AvalonBay (AVB) is down 29% from February 21 highs. Income producing properties are valued based on cap rate, so from this perspective we should expect valuations to decline in the near term. This said, the Fed is pumping money into the economy which as we saw in the Great Recession should cause asset values to increase both as means of chasing yield with interest rates near zero and as a hedge against inflation (holding cash is not good in that environment).

 

## Facing Reality

 

We don't see consumer spending snapping back to pre-COVID levels quickly. This will take time as the consumer needs confidence that their health and job is safe before spending on non-necessities, things that bring them out of their homes. We wonder if this economic shock might condition business and consumer spending to be more frugal over a longer time horizon.

 

## Summary

 

We do believe multifamily residential asset valuations will decline in the near term (now through mid-2021), but continue to serve as attractive long-term investments.

 

That's just our 2 cents, we are not economists but we are data-driven buy-and-hold value investors. What are your thoughts? Are you buying now or are you waiting on the sidelines?

 

## About OfferMarket

 

OfferMarket is a marketplace for single family (SFR) and multi-family rental investment properties. If you are a residential real estate investor or looking to start investing, OfferMarket is for you.

Analyze the data on how COVID-19 is affecting multifamily real estate valuations.

How will COVID affect multifamily real estate valuation?

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Grow your real estate investing business with the most competitive DSCR loan product. OfferMarket also provides DSCR rental loans, bridge loans, hard money, fix & flip, rehab, ground up construction loans.

Rental Loans

The Inspection Window is the amount of time (defined in the [Purchase And Sale Agreement](https://www.offermarket.us/real-estate-glossary/purchase-and-sale-agreement)) that a Buyer has to complete a home inspection of the Seller's real property. If the inspection deadline ends and the Buyer has not conducted the inspection and notified the Seller of defects that they need to be resolved either through repair or concession (i.e. reduction of price), then the Buyer's right to terminate the contract expires and they are expected to perform in their role as Buyer and close on the transaction.

The Inspection Window allows buyers to complete home inspections within a set timeframe. Learn how it impacts the Purchase and Sale Agreement.

*Quote takes 1 minute, no credit pull

*1 quote from 40+ carriers

*New listings daily

What is an Inspection Window in real estate?

* Takes 2 minutes, no credit pull

* Takes 2 minutes, no credit pull