Advantages to the FHA Mortgage for Maryland Homebuyer and Homeowners

By
Mortgage and Lending with 1st Continental Mortgage

  Advantages to the FHA Mortgage for Maryland Homebuyer and Homeowners

No Other Program offers 97% Financing on a purchase

95% on a Refinance

Minimal Down Payment and Closing Costs.

  • Down payment less than 3% of Sales Price  and 100% Financing options available
  • Gift for down payment and closing costs are allowed up to 6% of Sales price.
  • No reserves or savings required.

Easy  Credit Qualifying Guidelines

  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 2 years after a Bankruptcy.
  • FHA will allow a home purchase 3 years after a Foreclosure

  

Maryland  FHA Loan Programs

At one point and time many years ago, the Maryland FHA loan was the only alternative to local bank financing for home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to Maryland FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Maryland Home Buyers for its low rates and the real security it provides borrowers.

For Maryland banks and other mortgage lenders, FHA mortgage loan financing offers the security of a government insured Mortgage. Win/Win! To learn more, call today at 954-391-8387or just use our fast and easy quick application!

MarylandFHA LOANS For first time home buyers, the FHA home loans can have key advantages:

Easy Qualification - The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you're likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Down payment Requirements - FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Down payment assistance programs that work well with Maryland FHA home loans.

Less than A-1 Credit is Okay - The Maryland FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Maryland or any of the other Maryland counties we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan - The Maryland  FHA home loan rates are extraordinarily competitive. FHA's lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind - The Maryland  FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you'll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

Options for Maryland Manufactured Housing - Under certain conditions, you can even finance a Mobile Home or manufactured home using a Maryland  FHA mortgage loan. Call 1-954-391-8387to get pre-approved for a Maryland FHA loan for manufactured housing or just use our quick application to learn more!

FHA Loans Are Fully Assumable - When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-954-391-8387 to speak with a friendly Maryland FHA loan specialist now!

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

FHA Home Loans for Purchasing a Maryland Home

Although Maryland FHA home loans require additional paperwork, the reality is that applying for an FHA mortgage loan in Marylandis not much different from applying for conventional financing. In fact, for many borrowers the small amount of extra time turns out to be an exceptional mortgage bargain because they save thousands of dollars over the life of their Maryland Mortgage.

At 1st Continental Mortgage, we have been working with the FHA program for many years. We're experts at assembling the proper paperwork and presenting your loan application to FHA approved lenders diligently and professionally. It's one of the ways that we have earned our reputation for closing FHA home loans in Maryland on-time.

You may be surprised at how flexible sellers are in the current market and how many programs there are that provide Down payment assistance to applicants for FHA financing to purchase Maryland homes, condos, and townhouses. The fact is, seller can pay up to 6% towards your closing costs. This means, no closing costs for you when negotiated during the purchase contract!

The FHA program offers excellent fixed rate options and never a prepayment penalty. If other mortgage lenders are quoting you sub prime rates, you owe it to yourself to make the call to 1st Continental Mortgage to compare the costs of getting an FHA home loan for your home purchase. Call 954-391-8387 to speak with an FHA mortgage expert before accepting any conventional mortgage quote as the best you can do!

Maryland FHAHome Loans Offer the Convenience of Streamlined Refinance

An FHA streamline refinance is one of the easiest home loans for Mortgage Lenders and borrowers. Since HUD approved you for the original FHA loan, the paperwork to refinance is minimal and the process is simple.

So long as you have made your Maryland FHA loan mortgage payments on time for the previous 12 months, you can lower your monthly payment if interest rates go down with minimal out of pocket expense. Even if you have been late on your FHA mortgage, you might still qualify for an FHA streamline refinance in Maryland under very specific conditions.

Less documentation and no appraisal are just two of the reasons a FHA streamline refinance is cheaper and faster for the borrowers who qualify.

Maryland FHA Mortgage Loan

Maryland Streamline Refinance Requirements

When your 1st Continental Mortgage lender helps you get a streamlined FHA refinance on your existing mortgage loan, he or she will make certain that you meet these conditions:

  • Your current mortgage must be an FHA mortgage.
  • You must have had your FHA Mortgage for at least 6 months.
  • You must have paid your mortgage on time for the most current 12 months.
  • Your FHA Streamline Refinance must lower the principal and interest portion of your mortgage payment by at least $50 or convert the mortgage from an ARM to a fixed rate FHA home loan.
  • You can't get cash out on the FHA streamline refi.
  • You must have an FHA appraisal if you are rolling the closing costs into the FHA streamline refinance.
  • Any existing liens on your Florida home must be subordinate to the new FHA mortgage.

Maryland FHA Mortgage Loan Refinance

Programs for Cashing Out Equity

Although a streamline refinance does not allow you to cash out equity, we have a FHA loan refinance program that is specifically designed for borrowers who want to cash out equity to consolidate debts, make home improvements or to access funds for other purposes.

Unlike many conventional loan programs, the FHA mortgage does not adjust the rate based upon loan to value or credit score. You will find the FHA has very reasonable underwriting guidelines for cash out refinancing.

We have helped many clients borrow up to 85% of the appraised value of their homes and use the funds to consolidate debts or to make home improvements and other purposes. Qualified borrowers will have to look hard to find lower rates and better terms than they can get on Maryland FHA cash out refinance right now!

Call 1st Continental Mortgage today at 1-800-570-0448 or use our quick application to apply for an FHA refinance on your home in LA County or any of the other Maryland counties we offer FHA mortgages in.

FHA Home Loans For Mobile Homes with Land

Although some conventional lenders in Maryland shy away from making a loan on Mobile Homes or manufactured homes, many FHA mortgage loan lenders do not.

In fact, mobile homeowners fortunate enough to connect with a Maryland mortgage lender, who is well schooled in how FHA loans work for mobiles and manufactured homes, can get a better interest rate, better terms, and a lower monthly payment by going FHA in nearly every case.

If you're shopping for financing to buy a mobile or manufactured home on land in Sumter County or any of the other 66 counties in Maryland that we serve, call 954-391-8387  and let us give you a quote for an FHA mortgage loan to purchase your mobile or manufactured home.

It only takes a few minutes to get an FHA loan mortgage quote on your Maryland mobile home. We'll wager that the savings on your monthly mortgage payments will make it some of the highest paid work you've ever done.

Few people realize that the FHA loan uses the same underwriting criteria for single and double wide mobile homes and manufactured housing as it does for traditional site built block or stick homes. In addition, FHA is one of the very few programs that can offer up to 97% financing on mobile homes on land. In addition, did you know that the seller can contribute up 6% toward your closing costs on an FHA mobile home loan and that down payment assistance can be used in Florida? It's true! You could package your mobile home financing to create a real no money down loan with unbelievably low rates.

Call 954-391-8387 or use our secure online quick application for a free no obligation quote on financing your manufactured or mobile home using an FHA mortgage loan.

Maryland FHA Mobile Home Lending Guidelines

The Department of Housing and Urban Development (HUD) sets forth these guidelines for determining if a mobile or manufactured home qualifies for an FHA mortgage loan in Maryland:

  • The mobile or manufactured home must be constructed in accordance with the Federal Manufactured Home Construction and Safety Standards. A red tag is attached to the rear of each section of homes that comply with the standards.
  • The home must be taxed as real estate by the local tax assessor's office.
  • The mobile or manufactured home must have been built after June 15, 1976.
  • The mortgage must have a term of at least 30 years from when amortization begins.
  • The mobile home or manufactured home must be on a permanent foundation.
  • The axles and tongue must be removed from the mobile or manufactured home.
  • The mobile home or manufactured home must have adequate skirting and insulation, and the crawl space must have adequate ventilation.

If you would like to determine if your mobile or manufactured home meets the guidelines for section 184 financing from FHA, call one of our Maryland mortgage pros at 1-800-570-0448. We'll be glad to help you determine if the property that you are interested in can be used as collateral for an FHA mobile home mortgage.

FHA 203k Mortgages For Maryland Homeowners Making Home Improvements

The FHA 203k loan program is nothing more than a specialized FHA home loan designed to help homeowners make home improvements. It is especially popular in neighborhoods with properties in need of rehabilitation.

The FHA 203k loans work in Maryland communities in much the same way as Construction loans for home improvement. Eligible borrowers can use the proceeds from these mortgage to renovate and improve their primary residences.

Qualifying for a 203k FHA mortgage uses the same guidelines as a standard FHA mortgage for the purchase of a Maryland  home.

Target Borrowers for FHA 203K Maryland Mortgages

This specialized FHA mortgage is for Maryland  homebuyers who wish to buy a home that needs repairs or renovations. Just as is the case with a conventional construction loan, a single FHA 203k loan covers both purchase of the Maryland real estate and renovation. FHA 203K financing can be used to purchase a property on a site and move it to a new foundation on the mortgaged property and rehabilitate it.

In addition, Maryland homeowners can also use a 203k FHA mortgage to refinance existing debt when they finance one or more home improvements using the FHA 203k mortgage program.

Many borrowers are finding out what a good deal a Maryland FHA home loan really is. Call 954-391-8387 today or simply use our quick application to find out more!

Maryland Mortgage Refinance

As a Florida homeowner, eventually, you'll consider refinancing your Maryland mortgage. Before you decide to refinance, you should confer with an experienced Maryland Mortgage Lender. Our licensed mortgage pros work hard to stay current on the best refinance mortgage programs. Our training objectives are to help each of our clients achieve the best combination of interest rate, mortgage terms, and low home loan closing fees for a Maryland  refinance. Call today at 954-391-8387or use our quick application to learn more!

For over a decade, 1st Continental Mortgage has been the mortgage lender of choice in Maryland because we deliver excellent rates and superb white glove mortgage service to Maryland homeowners. 1st Continental Mortgage loan officers are well equipped to make refinancing your Maryland Mortgage a smooth and pleasant transaction from application to closing.

After conferring with one of our loan officers, you may find that refinancing your existing mortgage loan isn't the most suitable way to meet your financial goals. In finance, there are often many ways to achieve a goal, and a conversation with a Maryland mortgage expert can save you time in locating the homeowner loan that is going to work the best for your unique set of circumstances.

Why not call one of our friendly experienced loan officers today for a free review your financial situation and objectives. We're confident that when you complete your phone interview, you'll be certain you are applying for the best refinance homeowner loan. A loan that will serve your long-term interests and not just the interest of the mortgage originator you're working with. Call 954-391-8387 today or use our quick application for a free, no-obligation consultation.

For most of our clients, getting a refinance on their Maryland Mortgage is the most important single financial transaction they will ever undertake. It's actually more important than when you first decided to purchase your Florida home! It's not something that most people do every day. In fact, some homeowners may only refinance two or three times in a lifetime.

Nevertheless, differences among Maryland mortgage programs for refinancing that appear small can make a huge difference over the life of a typical Maryland mortgage. The hard truth is, refinancing your home into the wrong loan can cost you tens of thousands of dollars or even put you at risk of losing your FL home to foreclosure.

At 1st Continental Mortgage, we'll listen carefully to your objectives for the refinance loan, ask the right questions, and use our experience to match you with the best program and lender from among the hundreds of debt consolidation refinance programs we offer.

At 1st Continental Mortgage, we're experts at identifying the small differences in competing refinance mortgage loan programs that can save our clients big dollars. We'll be glad to share what we know to help you create the best refinance scenario for your situation. Call 954-391-8387or use our secure online quick application to see how simple it is to refinance a mortgage in Collier County or any of the other Florida counties we serve.

Whether you are motivated to refinance your Maryland  home by a desire to lower your interest rate, lower your monthly payment, change your terms, or remove a former spouse from a mortgage, we will be happy to help. Over the last decade, we have heard our share of excellent reasons for making changes to an existing Florida mortgage.  We have excellent Maryland refi solutions for all kinds of homeowners from interest only refinances for a newly single professional; to refinancing a Mobile Home on land with a low fixed rate FHA mortgage in Wesley Chapel, Florida; to helping a young family avoid the shock of dramatically higher mortgage payments from an ARM.

Maryland Debt Consolidation Refinance

Cash Out Refi in Maryland

For some Maryland clients, the need to refinance is driven by debt consolidation. It's not uncommon today for borrowers to feel that their credit card debt or other installment debt has taken on a life of its own. We know how to help you get the most for your hard-earned home equity when it comes to doing a cash out refinance for debt consolidation. Refinancing for debt consolidation can help free up hundreds of dollars a month and in some cases, the mortgage interest may be tax deductible. If you have home equity and need a fresh start, call 1-800-570-0448 or use our quick application. We think you'll be glad you did!

We don't recommend refinancing a first mortgage to every client as a vehicle to consolidate debt or get cash out. Sometimes a prepayment penalty on the first mortgage makes a Second Mortgage or home equity line of credit a better way to access home equity. In other cases, the first mortgage may have a desirable characteristic, such as a below market interest rate, that makes refinancing simply not worthwhile. We'll be happy to help you generate a range of refinance program options and to choose the best from among them.

Why not call us today at 1-800-570-0448 or fill out our quick application to get a fast quote on refinancing your Florida mortgage!

Here are just a few of the reasons our past clients have expressed for refinancing their Florida homes:

  • Lower the interest rate on your present fixed rate mortgage;
  • Convert a high risk Florida ARM to a stable 30 year fixed rate mortgage;
  • Refinance out of a fully indexed Adjustable Rate Mortgage into a FHA fixed rate loan;
  • Consolidate all your high interest credit card debts into a single monthly mortgage payment
  • Refinance to pull cash out for hospital bills, college tuition, or to finance a wedding, honeymoon or exotic vacation;
  • Escape a Florida bad credit mortgage program into a more permanent mortgage;
  • Improve your cash flow with a refinance to an Interest Only mortgage.

With more than 100 lender programs to draw upon, 1st Continental Mortgage loan officers have been delivering the right homeowner refinancing loans for over a decade to thousands of Maryland. Here is a partial list of the mortgage programs that we can help you with:

  • Fixed rate mortgage refinance with 10 year, 15 year, 20 year, 30 year and 40 year fixed rate terms;
  • Interest only mortgage refi options;
  • Debt consolidation refinance programs;
  • Florida Jumbo mortgage and Super Jumbo mortgage refinancing programs;
  • Bad Credit mortgage programs;
  • Second mortgage, home equity loans, and home equity lines of credit options;
  • Specialty mortgage products such as no income verification, no ratio, SISA and no doc mortgage programs.

The mortgage professionals of 1st Continental Mortgage are waiting to hear from you right now about your next Maryland  homeowner refinance opportunity. Just give them a ring at 1-800-570-0448 or apply securely online using our quick application. With so many excellent refinancing options for Maryland homeowners, we're certain to have a Maryland  refinancing mortgage program designed for you!

FHA Frequently Asked Questions

Maryland FHA Limits


MSA Name County Name One - FamilyTwo - FamilyThree - Family
CUMBERLAND, MD - WV (MSA) ALLEGANY$200,160$256,248$309,744
BALTIMORE - TOWSON, MD (MSA) ANNE ARUNDEL$362,790$408,616$496,449
BALTIMORE - TOWSON, MD (MSA) BALTIMORE$362,790$408,616$496,449
BALTIMORE - TOWSON, MD (MSA) BALTIMORE CITY$362,790$408,616$496,449
WASHINGTON - ARLINGTON - ALEXANDRIA, DC - VA - MD - WV METROCALVERT$362,790$464,449$561,411
NON-METROCAROLINE$200,160$256,248$309,744
BALTIMORE - TOWSON, MD (MSA) CARROLL$362,790$408,616$496,449
WILMINGTON, DE - MD - NJ METROPOLITAN DIVISION CECIL$292,685$329,656$400,517
WASHINGTON - ARLINGTON - ALEXANDRIA, DC - VA - MD - WV METROCHARLES$362,790$464,449$561,411
CAMBRIDGE, MD (MICRO) DORCHESTER$200,160$256,248$309,744
BETHESDA - GAITHERSBURG - FREDERICK, MD METR FREDERICK$362,790$464,449$561,411
NON-METROGARRETT$332,500$374,500$455,000
BALTIMORE - TOWSON, MD (MSA) HARFORD$362,790$408,616$496,449
BALTIMORE - TOWSON, MD (MSA) HOWARD$362,790$408,616$496,449
NON-METROKENT$248,588$279,988$340,173
BETHESDA - GAITHERSBURG - FREDERICK, MD METR MONTGOMERY$362,790$464,449$561,411
WASHINGTON - ARLINGTON - ALEXANDRIA, DC - VA - MD - WV METROPRINCE GEORGE'S$362,790$464,449$561,411
BALTIMORE - TOWSON, MD (MSA) QUEEN ANNE'S$362,790$408,616$496,449
SALISBURY, MD (MSA) SOMERSET$249,840$281,399$341,887
LEXINGTON PARK, MD (MICRO) ST. MARY'S$289,750$326,350$396,500
EASTON, MD (MICRO) TALBOT$282,150$317,790$386,100
HAGERSTOWN - MARTINSBURG, MD - WV (MSA) WASHINGTON$286,900$323,140$392,600
SALISBURY, MD (MSA) WICOMICO$249,840$281,399$341,887
OCEAN PINES, MD (MICRO) WORCESTER$332,499$374,498$454,998

Comments (6)

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com
Great information on fha loans.  Have a great Easter and a great upcoming week.
Mar 23, 2008 12:12 AM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
Mar 23, 2008 10:12 AM
Frank Schulte-Ladbeck
Frank Schulte-Ladbeck Professional Real Estate Inspections - Houston, TX
Welcome to Active Rain. If you are looking to target clients in Maryland, you should also use the Localism posting option. Pick one where a region is required. The newbies group has a lot of good information on using this site.
Mar 23, 2008 11:15 AM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru
Richard, first, let me welcome you to ActiveRain. Secondly, thanks for blogging here in the Rain on your first day. And lastly, if there is anything that I can do for you to help your experience here in ActiveRain a better one, please do not hesitate to ask.
Mar 24, 2008 09:44 AM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post.

I hope you will look into the many groups as there are some great group both local and broad based,....

enjoy!

Mar 24, 2008 11:08 AM
Rebecca Schrader
Competitive Insurance of Dundee - Dundee, FL

If you need a Single Wide or Double Wide loan / morgtage in Florida, the same applies down here.  Call Rebecca at 863-229-1235 in Winter Haven, Florida, near Disney.

We specialize in manufactured / mobile home loans state-wide!

You can also catch us at http://www.bojacy.com

Apr 17, 2008 03:25 AM