FHA loan
Prince George's County Maryland

FHA Loan Prince George’s County 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 PG County Maryland

* FHA Loan from 3.5% Down, HomeReady 3% Down.

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FHA Loan Prince George’s County Maryland- Best fha mortgage rates in Prince Georges County Maryland.  We are helping borrowers in Prince George’s County qualify for the best FHA home loan to meet their borrowing requirements. FHA loans starting with just 3.5% down payment. Apply today!

FHA Loan Prince George’s County Maryland

CambridgeHomeLoan.com provides FHA loans for purchases, refinancing and cash out refinancing.

FHA Loan Requirements Prince George’s County 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 Prince George’s County 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 Prince George's County Maryland

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FHA Loan Q&A Everything You Wanted To Know about FHA Loan

A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. 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 pla.

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. 

 

WHY FHA HOME LOAN PRINCE GEORGE’S COUNTY MARYLAND?

About Prince George’s County Maryland

Prince George’s County, Maryland would officially receive its name in 1696 after Prince George of Denmark. It wouldn’t be until the early-to-mid 1700s that Prince George’s County would quickly become populated and would base its economy on the production and sale of tobacco. 

Prince George’s County would keep up with the changing times of the industrial revolution by diversifying its agriculture and opening mass production facilities. Into today, while bordering Washing D.C., Prince George’s County ranges from rural to urban lifestyles with so much to offer. 

The real estate market in Prince George’s County has been on the rise in recent years and yet, still has so much potential. 

Between the newly-renovated, old residences and the brand new developments, the opportunity is obviously present in Prince George’s County. The median list price of a home in Prince George’s County is just under $400,000, with many beautiful residences being found in all price ranges. 

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The public schools in Prince George’s County rank second in the state and are highly competitive with other top-ranked public schools on the national ranking. Everything about Prince George’s County, Maryland make it the perfect place to reside. 

Why Are FHA Loans Attractive For Home Buyers in Maryland?

The low down payment requirement and more lenient FICO credit requirements can make FHA loans PG County Maryland attractive, particularly for First time home buyers, although you don’t have to be a first-time home buyer in order to qualify. 

FHA Loan PG County Maryland Benefits: 

  • Credit score requirements are lower compared to other loans. As low as 3.5% Down. 
  • You could still qualify for an FHA loan if you have a bankruptcy or other financial issues in your history.
  • FHA closing costs can be rolled into the loan
  • Typically higher leverage is allowed. 
  • Seller consessions are allowed
  • Gift funds are allowed

FHA Loan Requirements For FHA Home Loans in Maryland

There are certain requirements borrowers must meet to qualify for an FHA loan, including:

  • The home must be a primary residence 
  • You must move into the property within 60 days of closing
  • The property must have an inspection

There are a few more specific conditions to qualify, including a down payment amount, mortgage insurance, credit score, loan limits and income requirements. To Get prequalified to purchase a home, click here!.

FHA Loan Down Payments

The minimum down payment you are able to make on an FHA loan is directly linked to your credit score. Your credit score is a number ranging from 300 to 850 that’s used to indicate your creditworthiness.

 

An FHA loan requires a minimum 3.5% down payment for credit scores of 580 and higher. If your FICO credit score is in  the 500 – 579 range, you can still qualify with 10% down.. 

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FHA Mortgage Insurance

You’ll pay a Mortgage Insurance Premium (MIP) for all FHA loans. Mortgage insurance is put into place to protect the FHA against losses if you default on your loan.

How Long Do You Have To Pay Mortgage Insurance For An FHA Loan?

In most cases, you pay mortgage insurance for the life of an FHA loan (unless you made a down payment of at least 10%, in which case, MIP would be on the loan for the first 11 years). FHA loan mortgage insurance is assessed in a couple of different ways. First, an upfront mortgage premium is charged, which normally amounts to 1.75% of your base loan amount.

FHA Loans And Credit Score

There are a lot of factors that determine your credit score, including:

  • The type of credit you have (credit cards, loans, etc.)
  • Credit utilization, which is simply how much credit you use
  • Whether you pay your bills on time
  • The amount you owe on your credit cards
  • How much new and recent credit you’ve taken on

DTI Ratio And Your FHA Loan

If you have a higher score, you might be able to qualify with a higher debt to income ration, or DTI. DTI refers to the percentage of your monthly gross income that goes toward paying debts. Your DTI is your total monthly debt payments divided by your monthly gross income (your monthly income before taxes). This figure is expressed as a percentage.

How To Calculate Your DTI Ratio

To determine your own DTI ratio, divide your debts (student loans, car loan, etc.) by your monthly gross income. For example, if your debts, which include your student loans and car loan, reach $2,000 per month and your income is $8,000 per month, your DTI is 25%.

The lower your DTI, the better off you’ll be. If you do happen to have a higher DTI, you could still qualify for an FHA loan if you have a higher credit score.

FHA Loan Limits

There’s a maximum limit to what you can borrow for an FHA loan, depending on the county the home is in.

According to the Department of Housing and Urban Development, the maximum FHA lending amount for high-cost areas (such as large metropolitan areas) is up to $1,089,300 for 2023 In lower-cost areas, the FHA limit is Loan limits are set based on county property values. These are the limits for one-unit properties. If you have multiple units, limits are typically higher.

You can look up the FHA mortgage limits for one or more areas on the FHA mortgage limits page. The page also includes a median sale price value for each area. Those are the median price estimates used for loan limit determination, according to HUD.

FHA Interest Rates

FHA interest can be competitive compared to conventional mortgages. This is because the government-backing allows lenders to offer you a lower rate The rate depends on several factors, including the prevailing interest rates, your income, credit score, the amount you plan to borrow, your down payment amount, DTI ratio and more.

FHA Income Requirements

Your eligibility for an FHA loan doesn’t hinge on a particular income amount, but you must prove that you have a steady employment history. Your income must be verifiable by sharing pay stubs, W-2s, federal tax returns and bank statements with your lender. Your lender may ask for other examples of verification as well.

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