Maryland FHA Loan Rates, Closing Costs & Stats

Maryland

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Maryland FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Maryland averaged 6.88% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Maryland's average FHA mortgage closing costs are $10,161.

The average rate for the prior week (2024-04-05) was 6.41% and one month ago for the week of 2024-03-08, the average rate was 6.35%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.86%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Maryland FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Maryland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,232 6.20% $13,916
UNITED WHOLESALE MORTGAGE, LLC 910 6.33% $16,350
NVR Mortgage Finance, Inc. 559 6.00% $15,655
NFM, INC. 461 6.85% $14,193
FIRST HOME MORTGAGE CORPORATION 399 6.56% $16,964
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 295 6.63% $12,992
EMBRACE HOME LOANS, INC. 273 6.36% $14,622
MOVEMENT MORTGAGE, LLC 270 6.55% $12,165
FREEDOM MORTGAGE CORPORATION 268 6.72% $16,992
NEWREZ LLC 267 6.40% $15,574
Towne Bank 265 6.28% $13,286
HOMESPIRE MORTGAGE CORPORATION 260 6.84% $14,702
EAGLE HOME MORTGAGE, LLC 259 6.19% $17,002
LOANDEPOT.COM, LLC 247 6.31% $13,603
PRIMARY RESIDENTIAL MORTGAGE, INC. 247 6.73% $14,752
Meridian Bank Corporation 240 6.51% $10,709
PENNYMAC LOAN SERVICES, LLC 222 6.17% $15,083
CROSSCOUNTRY MORTGAGE, LLC 222 6.71% $15,104
DHI MORTGAGE COMPANY, LTD. 188 5.73% $11,150
Prosperity Home Mortgage, LLC 180 6.62% $13,504
CARDINAL FINANCIAL 169 6.35% $15,418
HOMESIDE FINANCIAL, LLC 165 6.81% $14,004
First Heritage Mortgage, LLC 158 6.55% $16,852
Mr. Cooper ( Nationstar Mortgage ) 149 6.07% $17,332
Carrington Mortgage Services, LLC 148 6.34% $15,297
FIDELITY DIRECT MORTGAGE, LLC 147 6.87% $15,004
DIRECT MORTGAGE LOANS, LLC 144 6.97% $13,114
Paramount Residential Mortgage Group, Inc. 141 6.83% $14,598
CMG MORTGAGE, INC. 140 6.41% $15,960
M&T Bank 139 6.33% $9,769
BROKER SOLUTIONS, INC. 135 6.73% $14,129
ARK-LA-TEX FINANCIAL SERVICES, LLC. 129 6.69% $12,690
Plains Commerce Bank 127 6.33% $15,769
AMERICAN FINANCIAL NETWORK, INC. 120 6.83% $15,848
CALIBER HOME LOANS, INC. 114 6.26% $15,825
BAY CAPITAL MORTGAGE CORPORATION 114 6.45% $13,702
Sandy Spring Bank 113 6.53% $11,718
Vellum Mortgage, Inc. 98 6.79% $14,611
DRAPER AND KRAMER MORTGAGE CORP. 97 6.22% $15,341
GUARANTEED RATE, INC. 95 6.33% $16,923
PRIMELENDING, A PLAINSCAPITAL COMPANY 94 6.87% $13,428
Residential Mortgage Solutions, Inc. 94 6.89% $11,376
BAY EQUITY LLC 94 6.49% $14,433
GUILD MORTGAGE COMPANY 93 6.85% $12,525
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 91 6.74% $15,664
AMERISAVE MORTGAGE CORPORATION 91 5.93% $15,367
Presidential Bank, FSB 91 6.54% $14,679
THE MORTGAGE LINK, INC. 89 6.73% $15,808
George Mason Mortgage, LLC 88 6.49% $13,062
Truist 81 6.21% $13,361
NATIONWIDE MORTGAGE BANKERS, INC. 79 6.68% $16,016
Waterstone Mortgage Corporation 77 6.50% $14,899
CHURCHILL MORTGAGE CORPORATION 74 6.52% $14,552
MUTUAL OF OMAHA MORTGAGE, INC. 73 6.54% $15,694
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 69 6.38% $5,537
Ameris Bank 68 6.81% $12,390
WesBanco 66 6.49% $12,532
Atlantic Coast Mortgage, LLC 62 6.37% $14,950
OCMBC, INC. 62 6.98% $15,614
EMM LOANS LLC 61 6.13% $14,238
GUARANTEED RATE AFFINITY, LLC 57 6.57% $12,914
UNION HOME MORTGAGE CORP. 54 7.00% $14,293
SUN WEST MORTGAGE COMPANY, INC. 51 6.42% $15,309
Shore United Bank 50 6.28% $13,152
ENVOY MORTGAGE, LTD 49 6.69% $14,845
INTERLINC MORTGAGE SERVICES, LLC 49 6.65% $9,366
PLAZA HOME MORTGAGE, INC. 47 6.21% $16,389
The Federal Savings Bank 45 6.50% $16,587
SWBC MORTGAGE CORPORATION 44 6.81% $11,394
Mortgage Research Center, LLC 42 6.96% $8,780
Fulton Bank 42 6.44% $12,836
ACADEMY MORTGAGE CORPORATION 42 6.36% $15,167
Equity Prime Mortgage LLC 41 6.80% $16,953
LAND HOME FINANCIAL SERVICES, INC. 40 7.08% $15,548
Keystone Funding, Inc. 40 6.21% $14,705
Sierra Pacific Mortgage Company, Inc. 40 6.40% $14,041
HOMEBRIDGE FINANCIAL SERVICES, INC. 40 6.61% $14,558
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 40 6.64% $11,958
UNIVERSAL MORTGAGE & FINANCE, INC. 40 6.84% $17,682
Alcova Mortgage LLC 39 7.07% $6,936
MY MORTGAGE, INC. 39 6.73% $14,689
TIDEWATER MORTGAGE SERVICES, INC. 38 6.77% $13,774
Flagstar Bank, FSB 37 6.44% $13,363
LAKEVIEW LOAN SERVICING, LLC 37 6.13% $13,503
MORTGAGE EQUITY PARTNERS LLC 37 6.85% $16,095
BAYSHORE MORTGAGE FUNDING, LLC 36 6.86% $15,520
NORWICH COMMERCIAL GROUP, INC. 36 6.46% $17,272
EVERETT FINANCIAL, INC. 36 6.88% $17,905
PLANET HOME LENDING, LLC 34 5.87% $14,630
SOUTHERN TRUST MORTGAGE, LLC 33 6.41% $11,055
T2 FINANCIAL LLC 33 6.97% $12,686
PNC Bank 31 6.32% $9,391
PENTAGON FEDERAL CREDIT UNION 30 5.82% $11,889
VILLAGE CAPITAL MORTGAGE 30 6.12% $12,832
MILLENNIUM FINANCIAL GROUP, INC. 29 6.86% $10,944
Citizens Bank 29 6.36% $9,465
SUCCESS MORTGAGE PARTNERS, INC. 29 6.78% $15,485
MICHIGAN MUTUAL, INC. 28 6.31% $17,730
FIRST SAVINGS MORTGAGE CORPORATION 28 6.64% $16,200
CONTOUR MORTGAGE CORPORATION 27 6.65% $12,835
Capital Bank 26 6.78% $11,438
Nations Lending Corporation 26 6.42% $13,687
EQUITY RESOURCES, INC. 26 6.84% $11,775
INTERCOASTAL MORTGAGE COMPANY 25 6.36% $14,660
RELIANCE FIRST CAPITAL, LLC 24 6.45% $15,221
BECKAM FUNDING CORP. 24 7.21% $23,222
C & F Mortgage Corporation 23 6.31% $8,143
Lakeview Community Capital, LLC 23 6.21% $13,934
1ST FINANCIAL, INC. 22 6.36% $17,903
CHERRY CREEK MORTGAGE, LLC 22 6.73% $4,969
Evolve Bank & Trust 22 7.13% $16,296
PULTE MORTGAGE LLC 22 5.67% $11,797
PIKE CREEK MORTGAGE SERVICES, INC. 21 6.62% $13,901
Century Mortgage Company DBA Century Lending Company 21 6.41% $17,845
NATIONS DIRECT MORTGAGE, LLC 20 6.34% $17,134
DAS Acquisition Company, LLC 19 6.93% $17,157
LOANPAL, LLC 19 5.87% $15,023
American Mortgage & Equity Consultants, Inc. 18 6.94% $12,893
Wells Fargo Bank 17 6.51% $12,519
ABSOLUTE HOME MORTGAGE CORPORATION 17 6.78% $13,375
First Federal Bank 17 6.24% $21,094
Integrity Home Mortgage Corp 17 6.74% $12,540
AmRes Corporation 16 6.79% $15,673
ARC HOME LLC 16 6.69% $18,130
PHH Mortgage Corporation 16 6.18% $12,445
MLD MORTGAGE INC. 15 6.24% $16,427
First Option Mortgage, LLC 15 6.75% $17,379
TJC Mortgage, Inc. 15 6.84% $12,307
CBM Mortgage, Inc. 14 6.63% $15,223
JPMorgan Chase Bank 14 6.61% $8,772
TOWNE MORTGAGE COMPANY 14 6.50% $12,711
AMERICAN FINANCIAL RESOURCES, INC. 14 6.38% $13,746
U.S. Bank 13 6.27% $13,652
TOP FLITE FINANCIAL, INC. 13 7.10% $14,255
FIRST ALLIANCE HOME MORTGAGE, LLC 13 6.57% $16,470
Bank of America 12 6.63% $9,505
AmeriHome Mortgage Company, LLC 12 5.96% $14,980
HOMEAMERICAN MORTGAGE CORPORATION 11 5.58% $12,353
ZILLOW HOME LOANS, LLC 10 6.53% $13,963
ALLIED MORTGAGE GROUP, INC. 10 6.40% $13,731
Atlantic Union Bank 10 6.80% $10,389
MID AMERICA MORTGAGE, INC. 10 7.33% $16,346
LIBERTY HOME MORTGAGE CORPORATION 10 6.91% $12,328
MDE Home Loans, LLC 9 6.38% $21,170
JET HOMELOANS, LLC 9 5.95% $17,815
TD Bank 9 6.25% $11,116
GENEVA FINANCIAL, LLC 9 6.94% $15,040
Homesale Mortgage, LLC 8 6.69% $11,530
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 8 7.00% $22,287
GSF Mortgage Corporation 8 6.14% $16,300
MORTGAGE SOLUTIONS OF COLORADO, LLC 8 6.81% $13,993
FIRST COMMUNITY MORTGAGE, INC. 8 7.13% $13,386
RADIUS FINANCIAL GROUP INC. 8 7.61% $13,487
AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.78% $17,782
Watermark Capital, Inc. 7 6.71% $14,893
POLARIS HOME FUNDING CORP. 7 6.48% $12,472
NETWORK CAPITAL FUNDING CORPORATION 7 5.84% $15,241
Northpointe Bank 7 6.63% $11,227
Blue Ridge Bank 7 6.70% $14,808
MORTGAGE ACCESS CORP. 6 7.21% $10,314
GEO-CORP, INC. 6 7.27% $14,674
US MORTGAGE CORPORATION 6 6.21% $15,876
MILEND, INC. 6 6.50% $14,401
CREDIT UNION MORTGAGE ASSOCIATION, INC. 5 6.55% $11,681
Loan Simple, Inc. 5 6.85% $18,331
Citibank 5 6.05% $14,864
VAN DYK MORTGAGE CORPORATION 5 6.43% $11,095
Financial Freedom Mortgage, LLC 5 6.48% $13,481
Franklin Loan Corporation 5 5.80% $18,646
Barrington Bank & Trust Company, N.A. 5 6.53% $13,345
NBKC BANK 5 6.33% $11,735
SECURITYNATIONAL MORTGAGE COMPANY 5 6.48% $15,906
EagleBank 5 6.48% $13,533
JMAC LENDING, INC. 4 6.97% $14,609
Florida Capital Bank 4 6.69% $11,926
First National Bank of Pennsylvania 4 6.31% $12,671
NATIONS RELIABLE LENDING, LLC 4 7.09% $14,784
Encompass Lending Group, LP 4 7.03% $15,778
THRIVE MORTGAGE, LLC 4 7.19% $13,161
The Loan Store, Inc. 4 6.19% $35,769
LOANLEADERS OF AMERICA, INC. 4 5.50% $18,141
PANORAMA MORTGAGE GROUP, LLC 4 6.69% $13,573
CORNERSTONE HOME LENDING, INC. 4 6.50% $21,890
Cornerstone First Mortgage, Inc 4 7.09% $13,424
MORIA DEVELOPMENT, INC. 4 6.44% $13,209
Bank of England 4 6.16% $13,600
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 6.90% $12,878
Princeton Mortgage Corporation 3 7.38% $13,674
AMERICAN FINANCING CORPORATION 3 5.58% $22,120
Credence Funding Corporation 3 5.67% $11,165
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 5.92% $15,718
MLB RESIDENTIAL LENDING, LLC 3 6.83% $24,251
NP, Inc. 3 6.79% $16,984
STOCKTON MORTGAGE CORPORATION 3 6.67% $10,549
LEGEND LENDING CORPORATION 3 6.33% $15,975
NASA Federal Credit Union 3 6.29% $15,573
LADERA LENDING, INC. 3 6.79% $12,862
SUMMIT FUNDING, INC. 3 6.29% $19,210
Strong Home Mortgage, LLC 3 6.17% $11,691
DATA MORTGAGE, INC. 2 7.06% $11,220
NATION ONE MORTGAGE CORPORATION 2 6.69% $15,149
Mid Penn Bank 2 6.56% $16,491
Commerce Home Mortgage, Inc. 2 6.38% $16,007
MCLEAN MORTGAGE CORPORATION 2 6.31% $12,159
Hometown Equity Mortgage, LLC 2 7.06% $14,742
BNC National Bank 2 5.63% $11,144
RESIDENTIAL BANCORP 2 6.50% $9,757
BETTER MORTGAGE CORPORATION 2 5.94% $14,029
SOVEREIGN LENDING GROUP INCORPORATED 2 6.19% $19,633
LENDING 3, INC. 2 7.75% $13,853
UNITED SECURITY FINANCIAL CORP 2 7.81% $21,644
AMCAP MORTGAGE, LTD. 2 7.19% $12,943
A&D Mortgage LLC 2 7.00% $21,805
Acre Mortgage and Financial Inc 2 6.50% $16,817
JAMS-01, INC. 2 6.81% $11,780
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $15,784
BAY-VALLEY MORTGAGE GROUP 1 6.25% $9,848
PREMIA MORTGAGE, LLC 1 6.75% $8,184
Simmons Bank 1 6.75% $17,545
CityWorth Mortgage LLC 1 6.25% $21,819
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.38% $14,110
FIRST MORTGAGE COMPANY, INC. 1 6.25% $14,915
Magnolia Bank 1 6.00% $16,185
Stifel Bank and Trust 1 6.75% $9,269
FM Home Loans, LLC 1 6.63% $19,929
ONY GLO, INC. 1 5.88% $5,042
AXIA FINANCIAL, LLC 1 5.63% $18,515
Summit Community Bank, Inc. 1 6.63% $4,727
ON Q FINANCIAL, INC. 1 6.75% $15,967
MID-ISLAND MORTGAGE CORP. 1 6.25% $59,591
Assurance Financial Group, L.L.C. 1 5.75% $15,611
OCEANSIDE MORTGAGE COMPANY 1 7.13% $3,954
Wilmington Savings Fund Society, FSB 1 5.75% $12,273
OAKTREE FUNDING CORP. 1 6.13% $24,617
The Freedom Bank of Virginia 1 6.13% $13,200
The Huntington National Bank 1 7.63% $11,180
MK LENDING CORP. 1 6.50% $9,315
LEADERONE FINANCIAL CORPORATION 1 7.25% $11,437
The Union Bank Company 1 5.25% $12,043
DELMAR FINANCIAL COMPANY 1 6.25% $14,827
American Security Mortgage Corp. 1 6.25% $13,199
North American Savings Bank, F.S.B. 1 5.25% $6,163
NJ LENDERS CORP. 1 7.13% $7,345
TOTAL MORTGAGE SERVICES, LLC 1 7.75% $15,044
Dollar Bank, Federal Savings Bank 1 5.75% $7,051
NexBank 1 5.75% $24,032
TruHome Solutions, LLC 1 6.50% $11,362
Kwik Mortgage Corporation 1 7.13% $8,694
NEW FED MORTGAGE, CORP. 1 7.75% $10,312
HARTFORD FUNDING, LTD. 1 7.75% $23,257
GUARANTY HOME MORTGAGE CORPORATION 1 6.75% $8,105
MORTGAGEONE, INC. 1 6.75% $12,354
NEW DAY FINANCIAL, LLC 1 6.75% $10,706
Fifth Third Bank 1 6.88% $7,175
CAPITAL CENTER, L.L.C. 1 5.75% $6,284
MANN FINANCIAL INC. 1 6.13% $11,013
CALCON MUTUAL MORTGAGE LLC 1 7.25% $5,449
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $12,371
MYCUMORTGAGE, LLC 1 7.13% $19,482
JET DIRECT FUNDING CORP 1 7.25% $17,486
RESIDENTIAL HOME FUNDING CORP. 1 5.75% $16,319
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 7.25% $20,475
ROYAL UNITED MORTGAGE LLC 1 6.75% $21,000
Victorian Finance, LLC 1 5.63% $7,583
SeaTrust Mortgage Company 1 6.63% $10,430

The top Maryland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,232 FHA loans originated. Their average total fees are $13,916, which is $2,434 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Maryland FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($4,969), STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($5,537), Alcova Mortgage LLC ($6,936), C & F Mortgage Corporation ($8,143) and JPMorgan Chase Bank ($8,772).

The lowest rate Maryland FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (5.58%), PULTE MORTGAGE LLC (5.67%), DHI MORTGAGE COMPANY, LTD. (5.73%), PENTAGON FEDERAL CREDIT UNION (5.82%) and PLANET HOME LENDING, LLC (5.87%).

Maryland FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CUMBERLAND, MD-WV ALLEGANY 2022 $420,680 $538,650 $651,050 $809,150
BALTIMORE-COLUMBIA-TOWSON, MD ANNE ARUNDEL 2022 $583,050 $746,400 $902,250 $1,121,250
BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE 2022 $583,050 $746,400 $902,250 $1,121,250
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV CALVERT 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NON-METRO CAROLINE 2022 $420,680 $538,650 $651,050 $809,150
BALTIMORE-COLUMBIA-TOWSON, MD CARROLL 2022 $583,050 $746,400 $902,250 $1,121,250
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CECIL 2022 $477,250 $610,950 $738,500 $917,800
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV CHARLES 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
CAMBRIDGE, MD DORCHESTER 2022 $420,680 $538,650 $651,050 $809,150
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV FREDERICK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NON-METRO GARRETT 2022 $420,680 $538,650 $651,050 $809,150
BALTIMORE-COLUMBIA-TOWSON, MD HARFORD 2022 $583,050 $746,400 $902,250 $1,121,250
BALTIMORE-COLUMBIA-TOWSON, MD HOWARD 2022 $583,050 $746,400 $902,250 $1,121,250
NON-METRO KENT 2022 $420,680 $538,650 $651,050 $809,150
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV MONTGOMERY 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV PRINCE GEORGE'S 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
BALTIMORE-COLUMBIA-TOWSON, MD QUEEN ANNE'S 2022 $583,050 $746,400 $902,250 $1,121,250
CALIFORNIA-LEXINGTON PARK, MD ST. MARY'S 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE SOMERSET 2022 $420,680 $538,650 $651,050 $809,150
EASTON, MD TALBOT 2022 $431,250 $552,050 $667,350 $829,350
HAGERSTOWN-MARTINSBURG, MD-WV WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE WICOMICO 2022 $420,680 $538,650 $651,050 $809,150
SALISBURY, MD-DE WORCESTER 2022 $420,680 $538,650 $651,050 $809,150
BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE CITY 2022 $583,050 $746,400 $902,250 $1,121,250
CUMBERLAND, MD-WV ALLEGANY 2023 $472,030 $604,400 $730,525 $907,900
BALTIMORE-COLUMBIA-TOWSON, MD ANNE ARUNDEL 2023 $632,500 $809,700 $978,750 $1,216,350
BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE 2023 $632,500 $809,700 $978,750 $1,216,350
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV CALVERT 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NON-METRO CAROLINE 2023 $472,030 $604,400 $730,525 $907,900
BALTIMORE-COLUMBIA-TOWSON, MD CARROLL 2023 $632,500 $809,700 $978,750 $1,216,350
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CECIL 2023 $529,000 $677,200 $818,600 $1,017,300
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV CHARLES 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
CAMBRIDGE, MD DORCHESTER 2023 $472,030 $604,400 $730,525 $907,900
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV FREDERICK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NON-METRO GARRETT 2023 $472,030 $604,400 $730,525 $907,900
BALTIMORE-COLUMBIA-TOWSON, MD HARFORD 2023 $632,500 $809,700 $978,750 $1,216,350
BALTIMORE-COLUMBIA-TOWSON, MD HOWARD 2023 $632,500 $809,700 $978,750 $1,216,350
NON-METRO KENT 2023 $472,030 $604,400 $730,525 $907,900
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV MONTGOMERY 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV PRINCE GEORGE'S 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
BALTIMORE-COLUMBIA-TOWSON, MD QUEEN ANNE'S 2023 $632,500 $809,700 $978,750 $1,216,350
CALIFORNIA-LEXINGTON PARK, MD ST. MARY'S 2023 $472,030 $604,400 $730,525 $907,900
SALISBURY, MD-DE SOMERSET 2023 $472,030 $604,400 $730,525 $907,900
EASTON, MD TALBOT 2023 $472,030 $604,400 $730,525 $907,900
HAGERSTOWN-MARTINSBURG, MD-WV WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
SALISBURY, MD-DE WICOMICO 2023 $472,030 $604,400 $730,525 $907,900
SALISBURY, MD-DE WORCESTER 2023 $472,030 $604,400 $730,525 $907,900
BALTIMORE-COLUMBIA-TOWSON, MD BALTIMORE CITY 2023 $632,500 $809,700 $978,750 $1,216,350

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).