FHA loan Elkridge Maryland
We are Elkridge Maryland’s #1 FHA loan lender. We are helping borrowers in Elkridge 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 Elkridge 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 Elkridge 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 Elkridge, 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 Elkridge 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 Elkridge Maryland
Elkridge is located close to the center of Maryland. Elkridge is part of Howard County. Founded early in the 18th century, Elkridge is located at the confluence of three counties, the other two being Anne Arundel and Baltimore counties.
Elkridge is in Howard County and is one of the best places to live in Maryland. Living in Elkridge offers residents a dense suburban feel and most residents own their homes. Many families and young professionals live in Elkridge and residents tend to lean liberal. The public schools in Elkridge are highly rated.
Major Attractions in and around Elkridge, MD
- Live! Casino & Hotel Maryland (24-hour spot for slots & table games)
- Rockburn Branch Park (Nature hiking, ball fields & picnic spot)
- Patapsco Valley State Park – Avalon Area (Trails, waterfalls & a swinging bridge)
- Rockburn Skills Park (Park and garden)
- Washington Boulevard
- Historic Troy Manor
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