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FHA Loan in Maryland
Our FHA Loan Program Benefits:
- As low as 3.5% Down
- Seller concessions allowed
- FICO starting at 550
- Gift funds to close allowed
- First Time Home Buyer Loans
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FHA Low money down Home Loans in Maryland
FHA Loan in Maryland
FHA Loan provides a qualifying person who has not purchased a house in 3 years or a first time home buyer a 3.5% down loan option with the best owner occupied rates in the Maryland market today. We can help you secure the best rates and terms for the FHA loan in Maryland.
How to quality for FHA loan in Maryland ?
Homebuyers usually choose FHA Loan in Maryland as it has fewer eligibility criteria as compared to conventional loans. Below are the requirements to secure an FHA Loan:
DTI Ratio (Debt to income Ratio): The lenders evaluate your DTI score based on your debt payments vs. gross income on a monthly basis. The highest DTI for the approval of an FHA loan is exactly 43%. As a mortgage bank we do have some leeway here.
Down payment & Credit Score: Have you made up your mind to buy a beautiful property in Maryland? If so, keep in mind that the FHA allows loans with a starting FICO of 500 with a 10% down payment. For buyers with a FICO of 580 or better a borrower who has not purchased a home in 3 years or a First Time Home Buyer can purchase a home with a down payment of just 3.5%.
Occupancy: It’s compulsory to reside in the property that you buy with an FHA loan in Maryland for at least 12 months.
Mortgage Insurance: Paying the mortgage insurance is required as it allows the lender to offer these better rates and terms and protects the bank in the event of a default. Basically, there are two kinds of mortgage insurance that you have to pay.
How FHA Loans work in Maryland?
FHA Loan Benefits in Maryland
Low Down Payment: FHA loans typically require a down payment of as low as 3.5% of the home’s purchase price. This makes homeownership more accessible to first-time buyers.
Flexible Credit Requirements: While FHA loans do have credit score requirements, they are often more lenient than those of conventional loans, making them a great option for borrowers with less-than-perfect credit.
Competitive Interest Rates: FHA loans often feature competitive interest rates, which can result in lower monthly mortgage payments and long-term savings.
Government Backing: FHA loans are insured by the government, which reduces the risk for lenders. This results in more favorable terms for borrowers.
Streamlined Refinancing: FHA offers streamline refinancing programs that make it easier for homeowners to refinance their existing FHA loans.
FHA Loan Limits in Maryland
FHA Loan Requirements in Maryland
Credit Score: While FHA loans are known for their flexibility, a credit score of at least 580 is usually required to make a 3.5% down payment. If your credit score is below 580, a 10% down payment may be required.
Income and Employment: You must have a steady source of income and a two-year employment history.
Debt-to-Income Ratio: Your total debt payments, including your mortgage, should not exceed a certain percentage of your income. Typically, the debt-to-income ratio should be around 43%.
Residency: You should be a legal resident of the United States and intend to use the property as your primary residence.
How Long Do I have to wait after a bankruptcy to qualify for an FHA Loan in Maryland?
If your Chapter 13 bankruptcy was discharged 2 or more years ago, you may still be eligible for an FHA loan Maryland. For Chapter 7, it may take 3 years before you can qualify. Ask your loan officer for more information about your situation.
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