FHA Loan Riverdale Maryland

FHA loan Riverdale Maryland

The Best FHA Home Loan Rates!

Riverdale Maryland’s #1 FHA loan lender. Helping borrowers in Riverdale 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 Riverdale 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 Riverdale 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.

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 Riverdale 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 Riverdale Maryland

With a long history, Riverdale, Maryland would officially be incorporated in 1920. Being right alongside the University of Maryland and with its proximity to Washington D.C., Baltimore, and the Maryland state capital, Annapolis, the town of Riverdale became a very popular location to reside in. Having its own stop on the Baltimore and Ohio Railroad made it easy for those looking to move to the area as well as attract those just passing through. Today, Riverdale, Maryland is home to many beautiful parks, historical sites, and countless things to do.

Riverdale, Maryland has had constant residential development since its incorporation and has worked hard to keep up with the demand for housing in the area. Due to this, you can find all sorts of home styles at many different price points. The average sale price of a home in Riverdale, Maryland is around $500,000.

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