FHA loan Derwood Maryland
We are Derwood Maryland’s #1 FHA loan lender. We are helping borrowers in Derwood qualify for the best FHA loan to meet their borrowing requirements. An FHA loan is a government backed mortgage insurance by the Federal Housing Administration (FHA). Popular with first time homebuyers, FHA loans require lower minimum credit scores and low down payments.
FHA Loan Requirements Derwood Maryland
- A credit 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 Derwood Maryland today! Purchase, Refinance, Cash Out Refinance.
According to an announcement by the FHA the loan limit for 2022 will be $420,680 for most of the country. The 2022 FHA loan limit for the high cost areas will be $970,800. Not just Derwood, we are the best FHA Loan Maryland lender.
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.
Get Your Pre-Qualification Letter in 15 minutes
Benefits of an FHA Home Loan in Derwood Maryland
- Low down payment with a minimum of 3.5% down payment
- Lower credit scores. Down to 580 to for 3.5% down payment
- Great for first time home buyers.
- An Federal Housing Administration, FHA provides a guarantee loans to the lender who is actually extending the loan.
- To apply for an FHA loan, you'll need to provide your Social Security number, two years of tax returns and employment verification.
- FHA loan payments should be equal to or less than 31% of a borrower’s income. If a borrower has debt, the combination of debt payments and mortgage payment should equal 43% or less of the borrower’s income. The lender may make some exceptions to this rule. We can allow for a ratio of 50% DTI
- To apply for an FHA loan, you'll need to provide your Social Security number, two years of tax returns and employment verification.
About Derwood Maryland
Derwood is located in east-central Montgomery County, Maryland, United States. It lies just north of Rockville, southeast of Gaithersburg, southwest of Olney, and northwest of the greater Silver Spring area.
Derwood is a suburb of Washington, D.C. with a population of 1,890. Derwood is in Montgomery County and is one of the best places to live in Maryland. Living in Derwood offers residents a dense suburban feel and most residents own their homes. In Derwood there are a lot of parks. Many young professionals live in Derwood and residents tend to lean liberal. The public schools in Derwood are highly rated.
Major Attractions in and around Derwood, MD
- Lake Needwood (Lake for boating, fishing & forest hikes)
- Rock Creek Regional Park (Woodland hiking trails & 2 lakes)
- Lake Bernard Frank (Lake and fishing)
- Rock Creek Trail (Running and hiking)
- Carl Henn Millennium Trail
- Go Ape Zipline and Adventure Park (Adventure centre with treetop rope trail)
- Meadowside Nature Center (8 miles of trails & hands-on exhibits)
- King Farm Park (Grassy park with areas for play & sports)
- Agricultural History Farm Park (Vintage farm with exhibits & trails)
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