Maryland Mortgage Rates

Best Mortgage Loan Rates in Maryland:
* FHA Loans As low as 3% Down
* FICO score as low as 550
* Close as fast as 15 Days!
* First Time Home Buyers Orlando Welcome
* FHA Home Loans with 3.5% Down!
* VA Home Loans – No Money Down!
* Foreign National and ITIN Loans
* Business Owners No Doc Loans!
* Non-QM Experts!

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When it comes to securing mortgage loans in Maryland, finding the best rates and terms is essential for both homebuyers and refinancers looking to optimize their financial investment. In this comprehensive guide, we’ll explore the intricacies of mortgage loans in Maryland, uncovering strategies to find the best rates and terms that will lead to financial success in homeownership or refinancing endeavors.

Maryland Mortgage Loan Programs

CambridgeHomeLoan.com can help guide you to obtain the best mortgage rates and terms in Maryland From a first time home loan, VA Loan or Jumbo Loan for a second home or vacation home in the great state of Maryland.

Maryland MORTGAGE CALCULATOR 

Mortgage Calculator
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What Are The Different Types Of Mortgages In Maryland?

  • FHA Loan Maryland (Federal Housing Administration): FHA loans are government-backed loans designed for first-time homebuyers with lower credit scores. They require a smaller down payment (3.5%) but come with mortgage insurance premiums.

    FHA 203k Loan Maryland (Federal Housing Administration): FHA loans in Maryland are government-backed loans designed for first-time homebuyers with lower credit scores. They require a smaller down payment (3.5%) but come with mortgage insurance premiums.

    VA Loan Maryland (Department of Veterans Affairs): VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. These loans offer 100% financing and generally have competitive interest rates.

     USDA Loans (United States Department of Agriculture): USDA loans are intended for rural and suburban homebuyers with low to moderate incomes. They provide 100% financing and often have lower interest rates.

    Jumbo Loan Maryland  Jumbo loans are used for high-value properties that exceed conventional loan limits. They typically require larger down payments and have stricter credit requirements.

Reverse Mortgages: Reverse mortgages in Maryland are designed for seniors aged 62 and older. They allow homeowners to convert home equity into cash, with loan repayment deferred until the homeowner sells the home, moves out, or passes away.

Non-Qualified Mortgage (Non-QM) Loans: Non-QM loans are for borrowers who don’t meet conventional mortgage standards are self employed or do not have a w2 to possibly tax return to show income. Various types include:

 Profit and Loss Home Loan for Maryland business owners. (P&L) Loans:  Suitable for self-employed individuals who may have fluctuating income. Closest thing to a no doc loan there is today.

Statement Loans: Based on bank statements only rather than tax returns, beneficial for those with non-traditional income documentation. You can use 12 months or 24 months of business or personal bank statements

Foreign National Loans: Tailored for non-U.S. citizens or non-permanent residents.

Asset Depletion Loan: Uses assets like retirement savings, trust funds, treasuries, etc.,  to qualify you for a loan.

DSCR Loans: A DSCR loan Maryland is typically used when purchasing under an LLC or company and can provide up to 85% LTV. The DSCR loan is based on the assets income and not focused primarily on the borrower. There is no borrower income or employment requirement.

Fix and Flip LoansFix and flip loans are short-term financing options for real estate investors purchasing, renovating, and reselling properties. These loans often have higher interest rates but shorter terms. The can close in as fast as 5 days and provide up to 90% LTV. For more information contact CambridgeHomeLoan.com.

HOW DO I QUALIFY FOR A MORTGAGE IN MARYLAND

Qualifying for a mortgage in Maryland, as in other locations, involves several key factors that lenders consider. Keep in mind that specific requirements can vary among lenders, so it’s advisable to consult with a mortgage professional for personalized guidance. However, here are common criteria that lenders typically assess:

Credit Score:– A higher credit score is generally associated with better mortgage terms. CambridgeHomeLoan.com can provide a mortgage with a minimum credit score of FICO 550.

Income and Employment:– Lenders assess your income and employment history to ensure you have a stable source of income to make mortgage payments. Consistent employment and sufficient income are crucial factors and these vary from W2 employees to self employed borrowers

Debt-to-Income Ratio (DTI):
Lenders calculate your debt-to-income ratio by comparing your monthly debt payments to your gross monthly income. A lower DTI ratio is generally favorable, indicating that you have more income available to cover your mortgage payments.

Down Payment:– The amount of money you can put down as a down payment affects your loan-to-value ratio and can impact your eligibility and interest rates. While some loan programs allow for low and even no down payments, a larger down payment can be advantageous and lower your interest rate and monthly payments. 

Property Appraisal:– The property you intend to purchase must typically undergo an appraisal to determine its value. Lenders want to ensure that the property’s value supports the loan amount.

Loan-to-Value (LTV) Ratio:– The LTV ratio is the ratio of the loan amount to the appraised value of the property. Lower LTV ratios are generally more favorable.

Reserve Requirements:– Some loan products may require you to have cash reserves or savings to cover a certain number of months’ worth of mortgage payments.

Documentation:– Be prepared to provide documentation such as tax returns, W-2s, pay stubs, bank statements, and other financial records to verify your financial stability and eligibility.

Type of Loan:– Different loan programs have varying eligibility criteria. FHA, VA, and Conventional loans, for example, have different requirements. Non QM loans also provide additional options for Business owners, Jumbo Loans and Foreign Nationals.

WHAT IS THE REQUIRED DOCUMENTATION FOR A MORTGAGE LOAN IN MARYLAND

The documentation required for a mortgage loan can vary depending on the type of loan and the lender’s specific requirements. Here’s a general overview of the documentation commonly needed for FHA loans, VA loans, and Non-QM (Non-Qualified Mortgage) loans:

FHA Loans:

1. Personal Information:
– Social Security number.
– Valid photo identification.

2. Income Verification:
– W-2 forms for the past two years.
– Pay stubs covering the most recent 30 days.
– If self-employed, tax returns for the past two years 
OR current profit and loss statement.

3. Employment Verification:
– Verification of employment (VOE) or recent pay stubs.

4. Asset Information:
– Bank statements for the past two months.
– Documentation of other assets such as retirement accounts.

5. Credit Information:– Authorization to pull credit reports.

6. Property Information:- A signed purchase agreement for the property.

7. Gift Letters (if applicable):- If using gift funds for the down payment, a gift letter from the donor may be required.

8. Miscellaneous Documents:- Other documents as required by the lender, such as explanations for derogatory credit.

VA Loan Requirement Maryland: VA Loans are no money down home loans for active and retired military 

1. Certificate of Eligibility (COE):
– Form DD-214 or Certificate of Eligibility from the VA.

Employment Verification:– Verification of employment (VOE) or recent pay stubs. Non-QM Loans:

Non-QM loans are often designed for borrowers who don’t meet the traditional mortgage criteria. Documentation requirements can vary widely depending on the specific lender and the borrower’s unique situation. Some common documents may includ

1. Income Verification:
– W-2 forms or 1099s.
– Pay stubs or proof of income for self-employed borrowers.

2. Employment Verification:
– Verification of employment (VOE) or other income documentation.

3. Asset Information:
– Bank statements and documentation of other assets.

4. Credit Information:
– Credit reports and proof of creditworthiness.

5. Property Information:
– A signed purchase agreement or other property-related documents.

6. Special Circumstances:
– Documentation related to any unique circumstances that impact the borrower’s ability to qualify for a conventional loan.

12 Month Bank Statement Loan

Qualify with just 12 months of business or personal bank statements.
Learn More

P&L Only Home Loan

Qualify with just a P&L From Your CPA or Accountant! Learn More

FHA Loan Program For First Time Home Buyer Maryland

FHA guidelines for Employment history and loan income requirements?

A two-year employment and income history is required for both employees and self-employed borrowers by way of pay stubs, tax returns and W2s or 1099s.

Borrowers with court ordered alimony and child support must document receipt of the income for a minimum of three (3) months and proof that it will continue for at least three (3) years.

FHA Loan Income Requirement

FHA guidelines for Employment history and loan income requirements?

A two-year employment and income history is required for both employees and self-employed borrowers by way of pay stubs, tax returns and W2s or 1099s.

Borrowers with court ordered alimony and child support must document receipt of the income for a minimum of three (3) months and proof that it will continue for at least three (3) years. FHA Loans are one of the most popular loans in Orlando and around the country today due to the low credit requirement and downpayment necessary to purchase a home.

HomeReady Mortgage Maryland
Low down payment HomeReady® Home Loan

HomeReady Mortgage confidently serves today’s low-income credit worthy home borrowers.

The HomeReady® loan is a low down payment home loan program that for offer 3% down. Credit scores however are higher than FHA loan with starting requirements for a FICO at 620  vs 580. 

This may be offset by the lower capital contribution required of 3% vs 3.5% .  Cash for a down payment can come from multiple sources including grants, gifts and community seconds with no minimum requirement to use your personal funds.  The program is great for developer built new home loans.

The HomeReady® home loan mortgage program requires you to take a quick course about home ownership. You can check  the education requirements for this program HERE

EXPERT FIRST TIME HOME BUYER MARYLAND GUIDE

Vacation Home Mortgage Loan Maryland

Vacation Home Loans in Maryland is one of the best investment and lifestyle moves you can make. CambridgeHomeLoan.com can provide low down payment products. With low-interest rates, tax advantages, and appreciation of value why not invest in a vacation home. Apart from the immediate benefit of having a place to stay in your favorite vacation spot, the peripheral rewards of owning a vacation home can make the acquisition especially lucrative, especially if you plan to rent the property when you’re not using it.

If you have been thinking about buying a vacation home in Maryland but aren’t sure if you’d qualify, you may find the process easier than you think.

Typical Second Home Mortgage Loan Requirements:

  • 10% minimum down payment
  • 620+ Credit Score
  • 45% or less Debt-to-Income Ratio
  • No Recent Bankruptcies or Foreclosures
  • Verifiable Income
    CambridgeHomeLoan.com has vacation home loans from FHA second home loans to P&L and Statement Only loans for business owners buying a vacation home for their own use and investment home loans for Airbnb and investors in the Maryland Market.

Navigating the landscape of mortgage loans in Maryland demands a keen understanding of the state’s unique real estate dynamics and lending practices. Maryland’s housing market offers a diverse range of properties, from bustling urban centers to serene suburban neighborhoods and scenic rural areas. Whether you’re a first-time homebuyer or a seasoned investor, securing the right mortgage loan from CambridgeHomeLoan.com is paramount to achieving your homeownership goals.

With competitive interest rates and a variety of loan products tailored to suit different financial situations, borrowers in Maryland have the opportunity to find the perfect mortgage solution to fit their needs here. From traditional fixed-rate mortgages to adjustable-rate options and government-backed loans, the options are plentiful. Additionally, refinancing options provide opportunities for homeowners to optimize their financial situation by taking advantage of the most favorable terms and rates. 

Commercial Real Estate Loans
Value Added 100% Financing
Refinance 
Cash Out Refinance!