FHA loan Takoma Park Maryland
We are Takoma Park Maryland’s #1 FHA loan lender. We are helping borrowers in Takoma Park 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 Takoma Park 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 Takoma Park 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 Takoma Park, 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.
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Benefits of an FHA Home Loan in Takoma Park 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 Takoma Park Maryland
Takoma Park is a city in Montgomery County, Maryland, United States. It is a suburb of Washington, and part of the Washington metropolitan area. Founded in 1883 and incorporated in 1890, Takoma Park, informally called “Azalea City”, is a Tree City USA and a nuclear-free zone.
Takoma Park is in Montgomery County and is one of the best places to live in Maryland. Living in Takoma Park offers residents an urban feel and most residents own their homes. Many families and young professionals live in Takoma Park and residents tend to be liberal. The public schools in Takoma Park are highly rated.
Major Attractions in and around Takoma Park, MD
- Sligo Creek Trail (Running)
- Silver Spring B&O Railroad Station (Restored train station built in 1940s)
- Rock Creek (Park and garden, hiking, running, deer and river)
- Acorn Urban Park (Small park with gazebo & shaded paths)
- Washington D.C. Temple (Modern temple of the LDS faith)
- Sligo Creek
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