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
6.28%
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Maryland's average FHA mortgage closing costs are $9,707.
The average rate for the prior week (2023-11-24) was
6.49% and
one month ago for the week of 2023-10-27, the
average rate was 7%.
The average rate one year ago was 6.11%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.45%.
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.
The top Maryland FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,447 FHA loans originated. Their average total fees are
$12,089, which is $1,039
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Maryland FHA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($3,398), STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED ($3,883), CHERRY CREEK MORTGAGE, LLC ($4,871), VILLAGE CAPITAL MORTGAGE ($5,807) and CAPITAL CENTER, L.L.C. ($7,216).
The lowest rate Maryland FHA lenders (with over 10 loans originated) are
Lakeview Community Capital, LLC (3.58%), VILLAGE CAPITAL MORTGAGE (3.59%), LAKEVIEW LOAN SERVICING, LLC (3.76%), HOMEAMERICAN MORTGAGE CORPORATION (3.88%) and PENNYMAC LOAN SERVICES, LLC (3.90%).
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 |