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FHA Loan Baltimore Maryland- Maryland’s #1 FHA loan lender. We are helping borrowers in Baltimore qualify for the best FHA home loan to meet their borrowing requirements. FHA loans starting with just 3.5% down payment. Apply today!
FHA Loan Baltimore Maryland
CambridgeHomeLoan.com provides FHA loans for purchases, refinancing and cash out refinancing.
FHA Loan Requirements Baltimore Maryland
Qualify for a 3.5% down FHA Home Loan. Use this application to prequalify and start shopping for your FHA Loan in Baltimore Maryland today! Purchase, Refinance, Cash Out Refinance.
Steps to your new home. Fill out the application and we will walk you through the process to prequalify. Once your receive your prequal find a local realtor to start showing you homes. Once in contract, send us a copy and your home loan is on its way.
Contact us to find out what the loan limits in the county you would like to purchase in. Call now 800-826-5077
Prequalify now to see how much of an FHA Home Loan you can qualify for.
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FHA Loan Q&A Everything You Wanted To Know about FHA Loan
A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here!. Same rule applies for borrower with chapter 13 bankruptcy.
A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 pla.
Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here!. Same rule applies for borrower with chapter 13 bankruptcy.
A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.
Charge-off accounts are not included in borrowers’ debt.
For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.
Delinquent child support must be paid current or in a payment plan.
Borrowers with delinquent tax debt are ineligible unless currently in payment plan.
Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.
The following is required:
Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).
Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy independently, not as a single event.
The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics.
The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.
Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.
The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.
WHY FHA HOME LOAN BALTIMORE MARYLAND?
About Baltimore Maryland
Baltimore is a major city in Maryland with a long history as an important seaport. Fort McHenry, birthplace of the U.S. national anthem, “The Star-Spangled Banner,” sits at the mouth of Baltimore’s Inner Harbor. Today, this harbor area offers shops, upscale crab shacks and attractions like the Civil War–era warship the USS Constellation and the National Aquarium, showcasing thousands of marine creatures.
Because of its great location, lively neighborhoods, and employment opportunities, that make Baltimore a good place to live, the city’s cost of living is 17% higher than the national average. A large portion of that cost is housing—which is 47% higher than the national average.
Major Attractions in and around Baltimore, MD
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Maryland’s #1 FHA Loan Lender – First Time Home Buyer Experts
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Annapolis, the state capital
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Frederick, MD the second-largest city
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FHA Loan Prince George County, MD
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View and learn more about our investment and commercial financing at CambridgeCapital.org
