The Federal Housing Administation is a federal agency within the Department of Housing and Urban Development. Created in 1934 to provide Lenders with protection against default. FHA mortgages are made by Lenders that are insured by the Federal Government through Insurance Premiums, "MIP", that are paid by the buyer in the form of an upfront MIP.
Any buyer of legal age can apply. Citizenship is not required, as long as evidence of a social security number snd picture identification id presented.
Sales Price or Appraisal Value (whichever is lesser) x 97.75%=Base Loan Amount
Base Loan Amount x 1.5% Up Front MIP= Total Loan Amount
Currently there is no UP Front MIP on condominiums, but there is an anual premium.
Maximum seller contribution allowed is 6%
Maximum Mortgage Limits may vary per state and county:
MSA Name MSA Code County Name County Code State One-Family
Cumberland MD-WV (MSA) 19060 Allegany 001 MD $256,248.00
Baltimore-Towson, MD (MSA) 12580 Anne Arundel 003 MD $360,905.00
Baltimore-Towson, MD (MSA) 12580 Baltimore 005 MD $360,905.00