FHA loan Bowie

FHA Loan Bowie Benefits:

* Low Down Payment: As Low As 3% Down
* First Time Home Buyer Bowie
* FICO score starting at FICO 550
* FHA Loan 3.5% Down
* HomeReady Loan 3% Down

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FHA Loan Bowie Maryland – Bowie Maryland’s #1 FHA loan lender. Helping borrowers in Bowie qualify for the best FHA loan to meet their borrowing requirements! Popular with first time homebuyers, FHA loans require lower minimum credit scores and low down payments.

FHA Loan Requirements Bowie Maryland

  • FICO score of at least 580 for a 3.5% down payment
  • A credit score of 500 to 579 for a 10% down payment
  • Mortgage insurance that is offset due to lower FHA interest rates than a conventional loan.
  • FHA Debt to income ratio of 50% or less

Qualify for a 3.5% down FHA Home Loan. Use this application to prequalify and start shopping for your FHA Loan in Bowie Maryland today!  Purchase, Refinance, Cash Out Refinance.

Prequalify now to see how much of an FHA Home Loan you can qualify for. 

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Benefits of an FHA Home Loan in Bowie Maryland

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ALL ABOUT THE FHA LOAN BOWIE MARYLAND

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:

  1. The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
  2. The payment must be included in the DTI / Debt to income calculation.
  3. The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.

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. 

 

 

About Bowie Maryland

Bowie, Maryland began as a small farming area in central Maryland. While first being famous for the residence of former Governor Samuel Ogle in 1745 and named Huntington City in the late 1800s, it would shortly be renamed to Bowie, after another former governor, Oden Bowie. The town of Bowie would officially be incorporated in 1916 and would see its population and economy boom around 1950, when a developer bought most of the land and built thousands of homes. Around this time, the local Bowie Race Track would grow famous but it would be short lived. 

The track would close in 1985 but would continue to be used as a racehorse training facility until 2015. Though there is no more racing or training at Bowie Race Track, the current owner is planning on bringing back action to the track in upcoming years. Today, Bowie holds many local attractions and one of the best public school systems in the United States, while still being one of the safest. 

The real estate market in Bowie, Maryland has continued to flourish and stills holds much opportunity. The average residence listing price in Bowie is around $425,000, though you can find beautiful homes within any price range. With many old and new developments there is much to offer for anyone looking to reside in Bowie, Maryland. 

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