Jumbo Loans in Maryland
With an average house listing price of $359,817, Maryland is not the most expensive state as far as real estate is concerned, but it certainly is a expensive compared to many other states. Of course, that is just an average price. In the real sense, there are some Maryland counties whose listing price is far much lower. For example, the average listing price in Allegany is just $106,385. There you can purchase a home using pretty much any mortgage loan, be it government-insured or conventional.
Then there are other counties like Montgomery, Talbot, Charles, and Howard; all of which have average prices that are well over the half a million dollar mark ($750,595, $706866, $648,372 and $536,021 respectively). Others follow closely, with a good number having average listing prices that lie in the 300,000 and 400,000 dollar range. In fact, of all the 24 counties in Maryland, only 7 have their average house listing price below the $300,000 mark.
What does that mean to you as a potential home buyer? Well, it means that if you want to buy a home in The Old Line State, you might consider applying for a jumbo mortgage. Jumbo loans are the most viable options for purchasing luxury and high-cost properties. In Maryland it is more of the latter, and it explains why jumbo loans in Maryland are relatively easy to apply and qualify for.
But of course, there are qualification criteria to be considered. You also need to know the various types of jumbo mortgages that are available in Maryland and learn the advantages and disadvantages associated with these types of loans. We have covered all that and more, including the meaning of a jumbo mortgage and how jumbo loans work in Maryland right here on our TJC Mortgage website. If you need a jumbo mortgage in Maryland, you can start the application process here, and we will help you get approved.
Maryland County Mortgage Service Areas