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%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 1,447 4.43% $12,089
UNITED WHOLESALE MORTGAGE, LLC 932 4.79% $13,128
FIRST HOME MORTGAGE CORPORATION 645 5.07% $13,945
CALIBER HOME LOANS, INC. 599 4.60% $13,410
NFM, INC. 570 5.24% $12,515
PENNYMAC LOAN SERVICES, LLC 514 3.90% $10,180
NVR Mortgage Finance, Inc. 485 4.43% $15,925
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 456 5.16% $11,431
HOMESPIRE MORTGAGE CORPORATION 436 5.07% $13,452
PRIMARY RESIDENTIAL MORTGAGE, INC. 430 5.18% $13,980
FREEDOM MORTGAGE CORPORATION 426 4.60% $11,761
LOANDEPOT.COM, LLC 386 4.52% $11,814
Towne Bank 362 4.67% $11,150
CARDINAL FINANCIAL 333 4.73% $14,127
Meridian Bank Corporation 331 4.74% $9,789
Mr. Cooper ( Nationstar Mortgage ) 328 4.24% $11,842
EMBRACE HOME LOANS, INC. 315 4.95% $12,891
Plains Commerce Bank 276 4.82% $12,973
Paramount Residential Mortgage Group, Inc. 250 5.25% $14,806
HOMESIDE FINANCIAL, LLC 245 5.09% $12,938
HOME POINT FINANCIAL CORPORATION 240 4.32% $12,852
CROSSCOUNTRY MORTGAGE, LLC 222 5.16% $13,951
Carrington Mortgage Services, LLC 220 4.69% $12,891
EAGLE HOME MORTGAGE, LLC 219 4.89% $16,244
DIRECT MORTGAGE LOANS, LLC 196 5.42% $12,173
Prosperity Home Mortgage, LLC 186 5.30% $12,404
BROKER SOLUTIONS, INC. 178 5.11% $12,368
NEWREZ LLC 163 4.75% $11,266
PRIMELENDING, A PLAINSCAPITAL COMPANY 161 5.16% $11,835
AMERISAVE MORTGAGE CORPORATION 160 4.51% $12,954
MOVEMENT MORTGAGE, LLC 154 5.04% $11,532
Sandy Spring Bank 153 5.01% $10,807
M&T Bank 147 4.52% $8,931
GUARANTEED RATE, INC. 137 4.61% $13,508
FIDELITY DIRECT MORTGAGE, LLC 127 5.06% $14,078
BAY CAPITAL MORTGAGE CORPORATION 122 4.84% $11,377
DRAPER AND KRAMER MORTGAGE CORP. 120 4.51% $13,845
LAKEVIEW LOAN SERVICING, LLC 115 3.76% $7,759
HOMEBRIDGE FINANCIAL SERVICES, INC. 115 4.53% $13,189
First Heritage Mortgage, LLC 114 5.04% $15,616
DHI MORTGAGE COMPANY, LTD. 113 4.07% $11,244
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 111 4.64% $3,883
George Mason Mortgage, LLC 109 4.61% $12,155
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 108 5.12% $14,756
Lakeview Community Capital, LLC 103 3.58% $7,309
MCLEAN MORTGAGE CORPORATION 103 4.79% $10,942
Ameris Bank 102 4.85% $12,051
CHERRY CREEK MORTGAGE, LLC 98 5.53% $4,871
ACADEMY MORTGAGE CORPORATION 97 5.10% $13,294
MY MORTGAGE, INC. 93 4.88% $12,537
GUARANTEED RATE AFFINITY, LLC 91 4.91% $10,829
THE MORTGAGE LINK, INC. 88 4.90% $12,196
Vellum Mortgage, Inc. 87 5.16% $13,498
Nations Lending Corporation 85 5.09% $12,303
NATIONWIDE MORTGAGE BANKERS, INC. 83 5.81% $13,214
Sierra Pacific Mortgage Company, Inc. 81 4.40% $11,193
INTERLINC MORTGAGE SERVICES, LLC 79 5.25% $10,476
Hometown Lenders, Inc. 78 5.12% $13,652
OCMBC, INC. 78 4.99% $14,091
CMG MORTGAGE, INC. 78 4.77% $12,810
GUILD MORTGAGE COMPANY 69 5.04% $11,654
BAYSHORE MORTGAGE FUNDING, LLC 67 5.08% $13,346
Financial Freedom Mortgage, LLC 67 5.11% $12,905
Truist 67 4.56% $11,052
1ST FINANCIAL, INC. 66 5.23% $14,383
Presidential Bank, FSB 66 4.95% $12,518
The Federal Savings Bank 64 4.72% $15,582
EMM LOANS LLC 64 5.23% $13,521
Shore United Bank 63 4.92% $12,262
Waterstone Mortgage Corporation 63 5.04% $14,388
Fulton Bank 62 4.66% $10,378
WesBanco 61 5.16% $11,686
First Home Bank 57 4.95% $14,528
EVERETT FINANCIAL, INC. 57 5.29% $8,675
PNC Bank 56 4.73% $8,036
SOUTHERN TRUST MORTGAGE, LLC 54 4.78% $11,247
1ST PREFERENCE MORTGAGE CORP. 53 4.30% $11,313
ARK-LA-TEX FINANCIAL SERVICES, LLC. 53 4.64% $12,433
Residential Mortgage Solutions, Inc. 53 5.35% $10,957
PANORAMA MORTGAGE GROUP, LLC 51 5.62% $13,915
SUN WEST MORTGAGE COMPANY, INC. 50 5.13% $12,483
PLANET HOME LENDING, LLC 49 4.28% $10,536
APEX HOME LOANS, INC. 48 4.48% $11,776
FINANCE OF AMERICA MORTGAGE LLC 48 4.62% $15,618
TIDEWATER MORTGAGE SERVICES, INC. 48 5.06% $12,177
Flagstar Bank, FSB 48 4.54% $11,664
NORWICH COMMERCIAL GROUP, INC. 47 5.16% $13,690
T2 FINANCIAL LLC 46 5.62% $12,576
Mortgage Network, Inc. 46 4.75% $8,998
MUTUAL OF OMAHA MORTGAGE, INC. 45 4.89% $14,087
EagleBank 45 4.69% $12,051
Atlantic Coast Mortgage, LLC 44 5.07% $13,361
AmRes Corporation 43 4.70% $14,467
Equity Prime Mortgage LLC 42 5.38% $12,825
BAY EQUITY LLC 42 5.55% $13,492
Integrity Home Mortgage Corp 42 4.77% $9,878
First Option Mortgage, LLC 41 5.35% $13,380
Capital Bank 41 4.79% $12,634
EQUITY RESOURCES, INC. 40 4.59% $10,215
UNIVERSAL MORTGAGE & FINANCE, INC. 40 5.17% $17,458
Evolve Bank & Trust 39 5.41% $16,705
VILLAGE CAPITAL MORTGAGE 38 3.59% $5,807
LAND HOME FINANCIAL SERVICES, INC. 37 5.13% $13,167
PLAZA HOME MORTGAGE, INC. 36 4.92% $15,562
ENVOY MORTGAGE, LTD 35 5.33% $15,599
AMERICAN BANCSHARES MORTGAGE 35 4.96% $13,507
SWBC MORTGAGE CORPORATION 34 5.14% $9,158
CONTOUR MORTGAGE CORPORATION 34 5.25% $13,822
NATIONS DIRECT MORTGAGE, LLC 33 4.53% $16,916
Bank of America 33 4.36% $8,341
RESIDENTIAL HOME FUNDING CORP. 32 4.93% $11,473
ALLIED MORTGAGE GROUP, INC. 31 4.80% $12,140
Alcova Mortgage LLC 30 5.47% $3,398
RELIANCE FIRST CAPITAL, LLC 30 5.18% $15,523
First Federal Bank 29 4.31% $12,696
CERTAINTY HOME LOANS, LLC 29 5.71% $14,767
Citizens Bank 29 4.90% $7,629
ABSOLUTE HOME MORTGAGE CORPORATION 28 5.34% $12,121
Acre Mortgage and Financial Inc 28 5.44% $13,319
SECURITYNATIONAL MORTGAGE COMPANY 27 4.94% $13,969
MICHIGAN MUTUAL, INC. 26 4.99% $13,681
NETWORK CAPITAL FUNDING CORPORATION 25 4.50% $13,604
INTERCOASTAL MORTGAGE COMPANY 25 4.68% $15,500
Mortgage Research Center, LLC 25 5.30% $8,196
Blue Ridge Bank 24 5.07% $13,342
First Guaranty Mortgage Corporation 24 4.07% $10,082
STOCKTON MORTGAGE CORPORATION 23 4.06% $13,698
MILLENNIUM FINANCIAL GROUP, INC. 23 4.85% $12,299
TJC Mortgage, Inc. 22 5.30% $13,104
US MORTGAGE CORPORATION 22 4.87% $14,971
SUCCESS MORTGAGE PARTNERS, INC. 22 4.89% $16,288
PULTE MORTGAGE LLC 22 4.94% $10,447
ROUNDPOINT MORTGAGE SERVICING CORPORATION 21 4.49% $10,985
MLD MORTGAGE INC. 21 4.44% $11,664
PIKE CREEK MORTGAGE SERVICES, INC. 21 4.91% $12,459
CHURCHILL MORTGAGE CORPORATION 20 5.47% $13,855
CBM Mortgage, Inc. 20 5.58% $12,919
FIRST SAVINGS MORTGAGE CORPORATION 20 4.91% $13,467
HOMEAMERICAN MORTGAGE CORPORATION 19 3.88% $13,416
West Town Bank & Trust 19 4.74% $10,173
Wells Fargo Bank 19 4.55% $9,671
TOWNE MORTGAGE COMPANY 18 5.27% $9,512
Hometown Equity Mortgage, LLC 17 5.47% $13,947
UNION HOME MORTGAGE CORP. 17 5.23% $12,761
Homesale Mortgage, LLC 17 4.71% $11,182
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 17 5.38% $11,338
MILEND, INC. 16 4.12% $16,325
CAPITAL CENTER, L.L.C. 16 4.38% $7,216
Encompass Lending Group, LP 16 4.02% $12,978
PENTAGON FEDERAL CREDIT UNION 16 4.65% $9,660
GSF Mortgage Corporation 15 5.37% $16,215
Bank of England 15 5.73% $12,838
NP, Inc. 15 4.93% $14,660
MORIA DEVELOPMENT, INC. 15 4.62% $12,563
MORTGAGE ACCESS CORP. 15 4.78% $13,959
MANN FINANCIAL INC. 14 5.63% $9,028
BECKAM FUNDING CORP. 14 6.04% $22,087
AMERICAN FINANCING CORPORATION 13 4.50% $8,638
MDE Home Loans, LLC 13 4.98% $23,566
AMERICAN FINANCIAL RESOURCES, INC. 13 5.39% $12,660
GENEVA FINANCIAL, LLC 13 5.41% $12,963
C & F Mortgage Corporation 12 5.28% $8,632
JPMorgan Chase Bank 12 4.72% $7,358
American Mortgage & Equity Consultants, Inc. 12 5.19% $9,416
LADERA LENDING, INC. 11 4.90% $13,554
SOUTHPOINT FINANCIAL SERVICES, INC. 11 4.77% $13,032
LIBERTY HOME MORTGAGE CORPORATION 11 5.75% $12,614
CREDIT UNION MORTGAGE ASSOCIATION, INC. 11 4.20% $9,139
THRIVE MORTGAGE, LLC 11 4.25% $14,464
ARC HOME LLC 11 5.00% $14,942
ZILLOW HOME LOANS, LLC 11 4.74% $11,822
LOANPAL, LLC 10 5.24% $14,995
VAN DYK MORTGAGE CORPORATION 10 4.89% $9,679
TD Bank 10 4.69% $10,322
MID AMERICA MORTGAGE, INC. 9 5.57% $9,633
AmeriHome Mortgage Company, LLC 9 4.36% $11,724
Strong Home Mortgage, LLC 9 4.35% $12,811
SOVEREIGN LENDING GROUP INCORPORATED 9 4.17% $8,906
CityWorth Mortgage LLC 9 4.71% $18,933
Wyndham Capital Mortgage, Inc. 8 4.69% $10,537
U.S. Bank 8 4.28% $10,128
GEO-CORP, INC. 8 5.41% $14,316
Goldwater Bank, N.A. 8 5.27% $15,607
Atlantic Union Bank 8 5.23% $9,644
Northpointe Bank 8 4.75% $12,195
RESIDENTIAL BANCORP 7 4.93% $11,319
Florida Capital Bank 7 4.73% $12,649
UNITED MORTGAGE CORP 7 4.05% $10,214
LOANLEADERS OF AMERICA, INC. 6 5.08% $18,305
Watermark Capital, Inc. 6 6.00% $16,759
NATIONS RELIABLE LENDING, LLC 6 5.50% $13,212
DAS Acquisition Company, LLC 6 5.38% $14,069
PHH Mortgage Corporation 6 4.77% $12,449
CORNERSTONE HOME LENDING, INC. 6 4.38% $18,098
LEADERONE FINANCIAL CORPORATION 5 5.80% $10,663
Advisors Mortgage Group, L.L.C. 5 4.68% $10,643
Century Mortgage Company DBA Century Lending Company 5 5.05% $15,345
Princeton Mortgage Corporation 5 3.80% $11,416
MISSION MORTGAGE LLC 5 4.38% $9,448
NASA Federal Credit Union 5 4.08% $12,673
NEXERA HOLDING LLC 4 5.78% $23,714
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 5.75% $17,858
North American Savings Bank, F.S.B. 4 4.78% $9,060
MORTGAGE EQUITY PARTNERS LLC 4 3.87% $9,146
OCEANSIDE MORTGAGE COMPANY 4 3.81% $5,945
Peoples Bank 4 4.50% $19,691
Barrington Bank & Trust Company, N.A. 4 4.94% $9,009
KELLER MORTGAGE, LLC 4 4.28% $11,180
JAMS-01, INC. 4 4.63% $11,617
INTELLILOAN, INC. 4 4.84% $15,813
Huntingdon Valley Bank 4 4.00% $12,505
Willamette Valley Bank 4 5.13% $14,490
UNITED SECURITY FINANCIAL CORP 4 5.78% $13,492
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 5.58% $13,416
Magnolia Bank 3 4.33% $9,795
Texana Bank 3 3.83% $13,041
MID-ISLAND MORTGAGE CORP. 3 4.50% $14,511
AMERICAN ADVISORS GROUP 3 4.63% $14,054
NATION ONE MORTGAGE CORPORATION 3 3.88% $12,950
The Huntington National Bank 3 4.71% $11,768
The Freedom Bank of Virginia 3 4.75% $14,580
GUARANTY HOME MORTGAGE CORPORATION 2 6.00% $7,920
OAKTREE FUNDING CORP. 2 5.06% $14,364
MK LENDING CORP. 2 6.19% $27,988
Franklin Loan Corporation 2 5.88% $15,479
Gateway First Bank 2 5.25% $11,115
NEW DAY FINANCIAL, LLC 2 4.81% $7,134
UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 4.56% $17,273
Mutual Federal Bank 2 6.44% $11,780
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 2 4.44% $15,142
Loan Simple, Inc. 2 6.06% $11,486
LENDING 3, INC. 2 6.69% $12,423
LEGEND LENDING CORPORATION 2 6.63% $18,003
FIRST EQUITY MORTGAGE INCORPORATED 2 3.44% $18,199
Commerce Home Mortgage, Inc. 2 4.81% $15,275
NBKC BANK 2 2.81% $10,539
FAY SERVICING, LLC 2 4.94% $9,159
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 5.50% $22,907
ANGEL OAK HOME LOANS LLC 2 4.13% $11,738
AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.88% $9,749
First National Bank of Pennsylvania 2 4.13% $12,564
PREMIA MORTGAGE, LLC 2 5.19% $13,715
Sunflower Bank 2 5.13% $15,490
OPEN MORTGAGE, LLC 1 4.25% $11,689
CRESCENT MORTGAGE COMPANY 1 3.13% $9,020
DEVELOPER'S MORTGAGE COMPANY 1 4.75% $5,362
Congressional Bank 1 6.25% $15,711
Colten Mortgage, LLC 1 2.75% $9,009
Citibank 1 4.25% $6,145
FBC MORTGAGE, LLC 1 4.25% $9,749
FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.50% $15,642
First Internet Bank of Indiana 1 5.75% $13,063
F & M BANK CORP. 1 3.25% $12,675
GREENWAY MORTGAGE FUNDING CORP. 1 7.25% $26,633
CANOPY MORTGAGE, LLC 1 6.63% $16,136
HARTFORD FUNDING, LTD. 1 5.50% $10,356
BNC National Bank 1 4.00% $13,194
BETTER MORTGAGE CORPORATION 1 5.63% $25,853
HOMESTAR FINANCIAL CORPORATION 1 6.25% $13,059
HOMESTEAD FUNDING CORP. 1 2.63% $4,009
INTERCAP LENDING INC. 1 4.63% $7,937
JAMES B. NUTTER & COMPANY 1 2.88% $9,087
JET HOMELOANS, LLC 1 5.75% $11,839
Kwik Mortgage Corporation 1 6.13% $14,219
Mortgage Assurance Inc. 1 5.13% $15,558
Assurance Financial Group, L.L.C. 1 4.63% $14,310
NATIONWIDE EQUITIES CORPORATION 1 6.13% $10,271
Amerifirst Financial, Inc. 1 5.63% $6,036
ON Q FINANCIAL, INC. 1 7.25% $10,833
ONY GLO, INC. 1 5.13% $11,030
Credence Funding Corporation 1 4.88% $15,016
Orrstown Bank 1 4.75% $10,687
OVM FINANCIAL, INC. 1 4.25% $15,569
PATRIOT 1 5.00% $10,239
AMERICAN HERITAGE FCU 1 5.13% $9,120
POLARIS HOME FUNDING CORP. 1 3.75% $9,537
Poli Mortgage Group, Inc. 1 4.63% $14,723
AMCAP MORTGAGE, LTD. 1 5.63% $24,749
Quik Fund, Inc 1 7.25% $10,034
SeaTrust Mortgage Company 1 5.75% $14,544
Semper Home Loans, Inc. 1 5.25% $14,911
Specialized Loan Servicing LLC 1 2.38% $8,174
SUMMIT FUNDING, INC. 1 5.75% $11,389
The Union Bank Company 1 4.75% $12,899
ACOPIA, LLC 1 5.75% $10,744
Univest Bank and Trust Co. 1 3.00% $10,177
Wilmington Savings Fund Society, FSB 1 3.13% $11,190
WRIGHT-PATT CREDIT UNION, INC. 1 6.63% $8,875
Cornerstone First Mortgage, Inc 1 5.63% $10,720

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

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).