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FHA Loan Maryland

Manoj Jha

Homebuyers usually choose FHA Loan Maryland as it has fewer eligibility criteria as compared to conventional loans. Below are the requirements to secure an FHA Loan.

DTI Ratio: Debt to income Ratio: The lenders evaluate your DTI score based on your debt payments vs. gross income on a monthly basis. The highest DTI for the approval of an FHA loan is exactly 43%. As a mortgage bank we do have some leeway here.

Down payment & Credit Score: Have you made up your mind to buy a beautiful property in Ellicott City, Maryland? If so, keep in mind that the FHA allows loans with a starting FICO of 500 with a 10% down payment. For buyers with a FICO of 580 or better a borrower who has not purchased a home in 3 years or a First Time Home Buyer can purchase a home with a down payment of just 3.5%.

Occupancy: It’s compulsory to reside in the property that you buy with an FHA loan Maryland for at least 12 months.

Mortgage Insurance: Paying the mortgage insurance is required as it allows the lender to offer these better rates and terms and protects the bank in the event of a default. Basically, there are two kinds of mortgage insurance that you have to pay.

FHA Loan Maryland
Cambridge Capital 4830 West Kennedy Blvd Suite 600, Tampa, FL 33609