FHA Loan in Maryland
Nearly 20% of all home purchases in the US are done using the FHA mortgage loan. As is the case in many other states, Maryland home buyers like this loan partly because you can make a down payment of as little as 3.5% and also because it comes with a ton of additional benefits. For example, you may still qualify with ease even if you are a first-time homebuyer with an imperfect credit score. You also stand to enjoy fairly low-interest rates and flexible lending terms.
You will also love to know that the FHA loan in Maryland is more than sufficient to finance a property. The most affordable place to own a home in the state is Allegany County where the average listing price is $103,360. If you compare that with Maryland’s FHA base maximum limit of $275,665 you see that the FHA actually offers much more than you need in certain cases. If you want to buy a home in a high-cost county, you stand to get even more. For instance, the limit in Cecil County is $379,500. Six counties, including Anne Arundel, Harford, and Baltimore City, have a limit of $517,500 while five others have it at $636,150.
The bottom line is, taking an FHA loan in Maryland may be a great option for you, whether you are a first timer or a repeat homebuyer. Just make sure you go through all the requirements to see if you are eligible. We have covered eligibility criteria and so much more right here so be sure to read on and learn all about the FHA loan in Maryland. Also, we strongly recommend that you seek the help of a professional mortgage expert if you want to get a good FHA deal from a great Maryland lender. Here at TJC Mortgage, we help Maryland homebuyers to shop and apply for the best FHA mortgage deals in the state. Contact us today, and we will help you own a home with the FHA loan.
Maryland County Mortgage Service Areas