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Last updated: Jun 20, 2024
6.119% APR 30 Year Fixed
$1,487 / month
Rate: 5.920%
Fees: $625
Points: 1.908
Pts amt: $4,770
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  • 2024 FHA Loan tools and resources
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  • Easy to qualify, no obligation
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Maryland Mortgage Overview

The average Maryland home price is $314,000 and just about 66 percent of homes are owner-occupied. It's nice and close to our nation's capital, yet a lot less expensive to live there, which is great for those who work in or near the capital. You can get affordable closing and still work where you want.

If you're looking for a Maryland home, here are your mortgage options.

Maryland FHA loans

FHA loans are a low down payment option with flexible guidelines. You need only 3.5 percent down and may use gift funds for some or all of it. You'll need a 580 credit score to get these terms, but if you have a 500 - 579 score, you may still qualify with a 10 percent down payment. FHA loans have mortgage insurance for the life of the loan.

Maryland VA loans

If you served our country, the VA offers a 100 percent financing program if you have at least a 620 credit score. With no down payment and flexible guidelines, it's easy for veterans to stop renting and become homeowners. As long as you meet the disposable income requirements for your area, you are on your way to owning a home.

Maryland USDA loans

If you don't qualify for the above programs, the USDA loan may offer an option. Your household income must be less than 115 percent of the area's income and you need a 640 credit score. Maryland USDA loans are available in low populated areas that the USDA deems rural, but are just outside city lines.

Maryland conventional loans

If you have great credit (660+) and a good debt ratio (lower than 40 percent), you may qualify for a conventional loan. You need 3 percent down as a first-time homebuyer or 5 percent as a subsequent buyer. Conventional loans require PMI until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Maryland

The Maryland Department of Housing has two major programs — the Advantage and Flex program:

1st Time Advantage Direct or Flex Direct

First-time homebuyers buying in a targeted area may secure the 1st Time Advantage or Flex Direct loan with low interest rates and flexible terms. It doesn't include down payment assistance, but you can use DPA from other sources with it.

1st Time Advantage 5000 or Flex 5000

The 1st Time Advantage or Flex 5000 is the same as Advantage Direct, but it includes up to $5,000 in closing costs and down payment assistance. The assistance is a second mortgage, but you don't owe anything until you sell the home or refinance the first mortgage.

1st Time Advantage 3% Loan

The 1st Time Advantage 3% or Flex Loan is the same as the Advantage Direct, but it comes with 3% of the first mortgage in closing cost and/or down payment assistance. The aid is a second mortgage that's not due or payable until you refinance or sell the home.

Flex 3% or 4% Grant

The Maryland Department of Housing also offers a Flex 3% or 4% down payment and closing cost assistance grant that isn't repayable. However, you must be a low-income borrower to qualify.

Maryland SmartBuy Program

The Maryland Department of Housing helps borrowers with existing student debt to qualify for a mortgage by providing 15% or less of the home's price to pay off student loans. The balance must pay off at least one borrower's student loans completely to qualify.

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