FHA Loan Baltimore Maryland Benefits:
* Only 3.5% Down Payment
* Low interest rates
* Fast Closing – As fast as 17 Days
* If you have not purchased a house in 3yrs or
* Best for first time home buyers
* FHA Loan from 3.5% Down, HomeReady 3% Down.
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Looking to purchase a home in Baltimore? CambridgeHomeLoan.com is proud to be Maryland’s premier FHA loan lender, helping homebuyers across Baltimore qualify for the best FHA home loan options available.
Whether you’re a first-time homebuyer or looking to make a fresh start, our FHA loans are designed to provide flexible qualification criteria and competitive interest rates – with down payments starting as low as 3.5%.
At CambridgeHomeLoan.com, we specialize in tailoring mortgage solutions to meet your unique needs. Our experienced lending team works with you every step of the way to ensure a fast, smooth, and stress-free process.
Don’t wait to turn your dream of homeownership into a reality.
Apply today and let CambridgeHomeLoan.com help you secure the perfect FHA loan in Baltimore, Maryland!
FHA Loan Requirements Baltimore Maryland
FHA loans are perfect for first-time homebuyers or anyone with less-than-perfect credit. Here are the basic qualification requirements:
Minimum Credit Score:
580 or higher to qualify for the 3.5% down payment.
Scores between 500–579 may still qualify with a 10% down payment.
Down Payment: As low as 3.5% of the purchase price.
Debt-to-Income (DTI) Ratio: Typically up to 43%, though higher ratios may be allowed with strong compensating factors.
Steady Employment: Proof of consistent income for the past 2 years.
Primary Residence Requirement: The home must be used as your primary residence.
Property Standards: The home must meet HUD minimum property standards to qualify for FHA financing.
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Many Baltimore-area buyers are taking advantage of FHA loans to purchase homes in communities that offer great value, schools, and amenities. Here are some of the most popular towns and neighborhoods where FHA loans are commonly used:
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FHA Loan Q&A Everything You Wanted To Know about FHA Loan
For FHA loans, we know that the waiting period is either two years (Chapter 7) or twelve months (Chapter 13). If you’re planning on taking out a conventional loan, you’ll have a four-year waiting period unless you can show extenuating circumstances. If you’re looking to get a VA loan, you’ll need to wait two years after Chapter 7 or one year after Chapter 13. For a USDA loan, you’ll need to wait three years after Chapter 7 or one year after Chapter 13.
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.
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