Whether you’re looking to buy, build, remodel, or refinance, you can count on us to help with your home, camp, or real-estate project. Katahdin Trust is a locally owned and managed community bank that’s been around for more than 100 years. Let's find a lending solution that works for you.
Fixed & Adjustable Rate Loans
Popular for buying or refinancing a home. Available in varying term lengths, a fixed rate offers stability while an adjustable rate generally offers a lower initial rate that adjusts periodically throughout the life of the loan.
Create your perfect home or camp with a loan that features project and permanent financing with a single closing. Take the stress out of your building project with our flexible approach to construction financing.
If this is your first time buying a home, our Loan Officers are here to guide you through the process. They will help you determine what you can afford and review your financing options. This includes down payment resources and assistance programs.
This is an excellent option if you plan to keep your home for a long time or don't predict much change with your income. Even if interest rates should increase, your mortgage interest rate will stay the same.
An Adjustable Rate Mortgage (ARM) is ideal if you plan to keep your home for a short period of time. It's also a good option for those who predict that your income will grow.
Features
Fixed payment
Guaranteed interest rate for the life of the loan
No prepayment penalties
Fast decision times
Competitive market rates
Suitable during higher interest rate environments
No prepayment penalties
Fast decision time
Flexible Options
Low down payment options
Variety of terms
Rate buy-down options
Mortgage Life and Disability Insurance
Escrow account for taxes and insurance available
All loans are subject to credit approval. Property insurance is required.
Personal Construction Loans
Let's build something great together. We're ready for anything.
As a first-time homebuyer, you have an exciting journey ahead. We know applying for your first mortgage loan and navigating a complex housing market can be daunting. We want your first home purchase to be a rewarding experience and we're here to help first-time homebuyers any way we can.
How much home can you afford? Take the first step and get pre-qualified.
Great fixed rate: 0.25% lower than our fixed rate mortgage
Fast credit decision: Get approved quickly with local servicing
Quick turnaround: Close loan generally within 30 days
Down payment & closing cost assistance: Eligible homebuyers could qualify for up to $29,000 with our Down Payment Assistance Programs!
Reduced Cost: You can go as low as a 10% down payment without private mortgage insurance (PMI).
Automatic Payments
Added Benefits
No application fee
No origination fee
No administration fee
No seller points required
No recapture tax liabilities when you sell your home
No home inspection (although we always recommend one)
Free flood determination
Free credit bureau report
Variety of terms available
Do I Qualify?
To qualify for a First-Time Homebuyer Mortgage:
You cannot have owned a home in the past 3 years*
You meet the following household income limits:
Location
Aroostook County & Patten Area
Bangor Area
Scarborough Area
Income Limits
1-2 persons < $97,900 3 or more persons < $111,835
1-2 persons < $97,900 3 or more persons < $111,835
1-2 persons < $127,500 3 or more persons < $146,625
Subject to credit approval. Income limits effective 5/1/2024. Homebuyer education is required. If unable to attend a face to face training, borrower must take the online homebuyer course at fanniemae.com/education. Up to five acres of land allowed. Existing structures only. Our First-Time Homebuyer Program is not associated with the Maine State Housing Authority. *This includes a mobile home and the land it sits on, but if you have owned a mobile home only, not including any land, you do qualify.
Personal Rural Development Loans
Is your ideal neighborhood a quiet spot in a designated rural area?
If so, you may be eligible for a USDA Rural Development Loan through Katahdin Trust.
Closing costs may be financed in some cases where the property appraises higher than the purchase price. Ask one of our professional Loan Officers for details.
What You'll Need to Consider
Income limits based on 115% US median income and adjusted for family size
One time 1% guarantee fee
Designated rural area' is defined by the U.S. Department of Agriculture Rural Development.
Special Properties
Katahdin Trust offers affordable finance options to help with the purchase of:
Use the equity in your home to finance a home improvement or remodel project, vacation, college costs, or other big purchases with a Home Equity Loan or Line of Credit.
A loan for just about anything – whether you have an unexpected expense or want to buy yourself something special, you can find a loan to fit your needs.
After applying for a loan, homebuyers tend to get a lot of calls and mail from companies not affiliated with the bank trying to sell them things. To help reduce these unsolicited offers, there are a few options applicants can take to opt out of trigger leads.
All loan payments to Katahdin Trust must be accompanied by either an account number, payment notice or payment coupon provided. Mailed payments must be sent to Katahdin Trust, PO Box 36, Houlton, ME 04730. Loan payments may also be made in person to Katahdin Trust personnel at any of our branch locations.
Payments must be received by 6:00 pm Eastern Time Monday through Friday (except bank holidays) to be credited as of that date. All other payments received will be credited as of the next business day or as otherwise permitted by law.
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
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