We are here to help you

Call us: 1-866-361-3406

Maryland FHA Home Loans

FHA Mortgage Loan Programs in Maryland
FHA Loan Requirements - 2023 FHA Loan Limits

Maryland FHA Loan | Requirements | 2023 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Maryland.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Maryland FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Illinois.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2023 FHA loan limits for all counties in Illinois below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Maryland.  To have an FHA lender contact you, request a free consultation.

2023 Maryland FHA Loan Limits

Below are the 2023 FHA loan limits for every county in Maryland:

County Single Family  2 Units 3 Units 4 Units
ALLEGANY  $472,030  $604,400  $730,525  $907,900
ANNE ARUNDEL  $632,500  $809,700  $978,750  $1,216,350
BALTIMORE  $632,500  $809,700  $978,750  $1,216,350
CALVERT  $1,089,300  $1,394,775  $1,685,850  $2,095,200
CAROLINE  $472,030  $604,400  $730,525  $907,900
CARROLL  $632,500  $809,700  $978,750  $1,216,350
CECIL  $529,000  $677,200  $818,600  $1,017,300
CHARLES  $1,089,300  $1,394,775  $1,685,850  $2,095,200
DORCHESTER  $472,030  $604,400  $730,525  $907,900
FREDERICK  $1,089,300  $1,394,775  $1,685,850  $2,095,200
GARRETT  $472,030  $604,400  $730,525  $907,900
HARFORD  $632,500  $809,700  $978,750  $1,216,350
HOWARD  $632,500  $809,700  $978,750  $1,216,350
KENT  $472,030  $604,400  $730,525  $907,900
MONTGOMERY  $1,089,300  $1,394,775  $1,685,850  $2,095,200
PRINCE GEORGE’S  $1,089,300  $1,394,775  $1,685,850  $2,095,200
QUEEN ANNE’S  $632,500  $809,700  $978,750  $1,216,350
ST. MARY’S  $472,030  $604,400  $730,525  $907,900
SOMERSET  $472,030  $604,400  $730,525  $907,900
TALBOT  $472,030  $604,400  $730,525  $907,900
WASHINGTON  $472,030  $604,400  $730,525  $907,900
WICOMICO  $472,030  $604,400  $730,525  $907,900
WORCESTER  $472,030  $604,400  $730,525  $907,900
BALTIMORE CITY  $632,500  $809,700  $978,750  $1,216,350

    Get a Free Mortgage Consultation

    Minimum Down Payment Required

    Home Loan Programs Available In:

    Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Kansas, Kentucky, Louisiana, Idaho, Iowa, Illinois, Indiana, Maine, Massachusetts, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.