FHA Lending in the State of Maryland

FHA mortgage loans are an excellent source of financing in the State of Maryland. FHA loans are a government insured loan that tends to be a little more lenient credit-wise than traditional Fannie Mae financing. With purchase money financing with just 2.25% down and cash-out refinancing up to 95% of the value of your home, FHA mortgage financing may be your best bet. Contact your mortgage professional at or via e-mail at .

In order for a mobile home to be financed by FHA it needs to be permanently fixed to its foundation. A structural engineer will need to provide certification for FHA to accept this. One also needs a FHA lender that will allow for mobile home financing. This mortgage broker can assist you with this information.

When you get a FHA loan you are required to have mortgage insurance if your loan amount is over 80%. To figure out how much your mortgage insurance is you multiply your loan amount by 1.5%. This is actually a mortgage insurace fee. The monthly fee is multiplying your loan amount by 0.5% then dividing by 12. This is usually much better than the PMI that is calculated for conforming loans over 80%.

There are mortgage limits to FHA loans in Maryland. These are dependent in which Maryland county you live in. Counties closer to Washington, D.C. and Baltimore have a larger mortgage size available - approx $362,000. Counties in outlying areas such as Western Maryland or the Eastern Shore are between $200,000 and $225,000. Contact to request further information.

FHA allows for financing just 2 years after the discharge of a Chapter 7 Bankruptcy, provided you have re-established good credit. You may refinance out of a Current Chapter 13 Bankruptcy payment plan provided you have the trustee's permission, a timely mortgage history, and a timely payment history on your bankruptcy. You must have had the payment plan for at least 1 year.

If you own a mobile home on a permanent foundation in the State of Maryland you may be eligible for FHA Financing. You must own the land as well and the mobile home must been constructed after June 15, 1976. FHA financing allows for singlewide, doublewide, and triplewide financing.

Are you interested in becoming a landlord and perhaps getting your tenants to pay your mortgage? FHA allows up to 4 unit property's to be purchased with one of their loans so long as you are going to be living in one of the units. FHA allows for 85% of the incoming rent to be used as qualifying income. I.E., if each of the other units rents for $1000, then you will be able to use an additional $2,550/mos as income to help qualify for your 4 unit building.