Maryland FHA Loan
If you're looking for property in Maryland, you're definitely going to want to consider a Maryland FHA Mortgage Loan. The housing market in Maryland has its market swings; but for the most part, it is really ripe for home buyers looking for single family homes and repeat buyers looking to upgrade. Your real estate options in Maryland are seemingly endless, and with fantastically low FHA rates, alongside a market traditionally strong for buyers, now is the time to take action.
If you want to find the perfect home in Maryland, you'd better have your running shoes on -- the homes in the state that offer significant value are generally on and off the market in less than 30 days. This makes having excellent loan options already in place exceedingly important.
Many buyers make the mistake of believing that a Maryland FHA loan is only for first time home buyers or for those with little credit history or bruised credit. But FHA home loans in Maryland are for everyone looking for owner-occupied residential real estate.
Amazingly enough, even in difficult markets, qualifying for a Maryland FHA home loan is a lot easier when compared to more traditional loan options. Plus, the FHA loan products come with built-in and flexible eligibility requirements, which include but are not limited to the following facts:
- There are no income caps on FHA loans
- You'll need a steady work history of at least two years in the same job to qualify (although college can meet this requirement, and on most occasions we can get one-year work histories done, provided you've been in the same field)
- Lower down payment requirements for the purchase of a home than today's traditional financing options
- Not credit score driven!
- Higher debt ratios for both housing and secondary debt
- Interest rates as low as (or even lower than) conventional loans
The benefits of having an FHA loan are seemingly endless. FHA home loans in MD also allow:
- Gift down payments allowed with very minimal paperwork -- a family member, relative, or long-time family friend can pay your down payment for you or contribute to your down payment.
- Down payment assistance programs - if you have not saved your down payment, the FHA program allows you to use qualified grant programs to meet downpayment and closing cost requirements.
- You can use a non-owner as a co-borrower - this means that your co-borrower doesn't have to live with you and you can get assistance from any long time family friend or family member.
The loan limits may also have an impact on how much home you can purchase. Currently, the loan limitations in Maryland allow for the low, middle, and upper-middle income style homes for single family structures, depending on where you decide to purchase your home. These limits really open up your choices. Counties with housing in higher demand will offer you the highest loan limitations -- so if you can find an excellent deal on a property in an expensive area like Annapolis, you'll find yourself in a better position as a long term investment.
Remember, it is important to be sure that you can handle the monthly costs of owning a home -- expenses like insurance payments, mortgage payments, and other costs -- before taking the big plunge into owning and paying for your own home. Let one of our friendly and knowledgeable representatives pre-qualify you today! Get Started Now!