Conventional Loan in Maryland
In today’s real estate landscape, over 60% of US homebuyers use conventional mortgage loans to purchase homes, and the situation is not so different in Maryland. It’s a sharp contrast from a few years ago when government-backed loans were the outright preferred choices. That should tell you a lot. For starters, it means that conventional loans are growing more popular by the day, all thanks to the very flexible lending guidelines.
In Maryland, for instance, there are no restrictions on the type of property you can purchase using a conventional mortgage loan. That means you can apply for a conventional loan in Maryland for a primary, second or investment property; regardless of whether it is a 1, 2, 3 or 4 unit property, condo, manufactured home, planned unit or co-op. Most Maryland lenders will also offer very competitive interest rates, lower insurance costs, and subsidized closing costs.
It is because of such attractive lending terms, together with the very few steps to closing, that borrowers and even home sellers like conventional mortgages. In case you didn’t know, one way to outdo other bidders when making an offer is to use a conventional mortgage. The minimal legwork and high level of surety that comes with the loan will give the seller confidence that you are a sure bet. But of course, like any other mortgage, there are qualification requirements. For example, do your income, credit and employment records allow you to qualify? How much down payment and closing costs should you prepare for? What are the conventional mortgage limits in Maryland?
We have covered all that and more right here, but in case you need more information, please contact TJC Mortgage, and we will help. You can also apply for a conventional mortgage right here on our website and enjoy exclusive deals that are reserved for our esteemed customers.
Maryland County Mortgage Service Areas