RE/MAX Exclusive - Maryland Real Estate

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About FHA

The Federal Housing Administration (FHA) insures loans made to borrowers who otherwise would not qualify to own a home, as well as to borrowers with limited cash available for a large downpayment. The FHA loan program is one of the best options available for most first-time home buyers. This program makes purchasing a home easier and less expensive than other types of available home financing. You can speak with an FHA loan expert now by calling 1.800.845.7526.

Minimal Down Payment

FHA allows you to put down as little as 3% of the sales price of the property. If you do not have the total cash required for the downpayment, a gift from a family member or cash from a non-profit Downpayment Assistance Program (DAP) is acceptable. The Seller can also credit up to 6% of the sales price towards the buyers costs.

Liberal Underwriting Guidelines

The FHA loan program allows for higher debt ratios with no minimum credit score requirements. You do not have to be a first-time buyer to obtain an FHA loan. However, you may not have more than one FHA insured loan at any time. FHA will allow for a home purchase two years after Bankruptcy and three years after a Foreclosure. FHA loans can used for the purchase of a primary residence only (no vacation homes or rental properties).

No Income Limitations

The FHA loan program is not restricted to just low income or first-time buyers. Move-up buyers that are unable to meet Conventional underwriting guidelines or buyers without a large downpayment can also qualify under FHA. The FHA loan program has no income limitations although maximum loan amounts vary by region.

Corporate Office
RE/MAX Exclusive - Maryland Real Estate - 7484 Candlewood Rd., E - Hanover, MD 21076
Toll Free: 1.888.263.7526 Phone: 410.689.6100 Fax: 410.859.8772

Northeast Region
RE/MAX Exclusive - Maryland Real Estate - 1311 Continental Dr., C - Abingdon, MD 21009
Toll Free: 1.800.710.0128 Phone: 410.679.2301 Fax: 410.679.2303

Central Pennsylvania Region
RE/MAX Exclusive - Pennsylvania Real Estate - Shrewsbury Commons Professional Center - 16326 Mt. Airy Road - Shrewsbury, PA 17361
Toll Free: 1.866.856.4100 Phone: 717.235.8500 Fax: 717.235.9165