Bath, ME · Conventional Loans
Bath, ME Conventional Loans — 3% to 20% Down, Best Pricing
Conventional loans are the workhorse of the Bath mortgage market. Down payment options run from 3% (HomeReady, Home Possible) to 5% standard to 20% (no PMI), with credit scores starting at 620 and best pricing at 740+. For qualified Bath buyers, conventional almost always beats FHA on total cost over a 5+ year hold.
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2026 conforming loan limit in Sagadahoc County
The conforming loan limit statewide in Maine is $806,500 for 2026 — and Sagadahoc County is no exception. Loans at or under $806,500 are "conforming" and get the best conventional pricing. Loans above become jumbo, with slightly different underwriting and sometimes lower rates for the strongest borrowers.
Low-down-payment conventional in Bath
HomeReady (Fannie Mae) and Home Possible (Freddie Mac) both allow 3% down with competitive pricing and discounted PMI for income-qualified Bath buyers. "Income-qualified" here means household income at or below 80% of the area median. These programs are particularly strong in Bath because PMI — which conventional does require under 20% down — is reduced versus a standard 3% or 5% conventional loan.
PMI rules on Bath conventional loans
PMI is required on conventional loans with less than 20% down. The good news: it drops automatically at 78% LTV and can be requested for removal at 80% LTV. On a typical Bath purchase at the county median, that's 4-7 years of PMI before it disappears — after which your payment permanently drops $100-$250/month. FHA MIP, by contrast, usually runs the life of the loan.
Conventional vs. FHA in Bath
For a buyer with 680+ credit and enough savings for 5% down, conventional almost always wins in Bath. PMI is cheaper, drops off, and the rate is typically tight with or better than FHA. FHA only pulls ahead on credit below 660 or when the debt-to-income ratio runs high. Seth runs the apples-to-apples comparison on every preapproval so you can see both on paper before picking.
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Bath ME Conventional Loan FAQ
Other financing options in Bath
Maine USDA loan guide — 0% down rural mortgage, eligibility map, income limits by county, and preapproval.
Maine VA loan guide — 0% down, no PMI, competitive rates for veterans and active duty.
Maine jumbo loan guide — 2026 limits, rates, down payment requirements, and preapproval for homes over $806,500.
Maine FHA loan guide — 3.
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