Need FHA Loan in Bowie? Need experts to help you in your FHA Loan processing?
Comprehensive Guide explaining- Need FHA Loan in Bowie? Need experts to help you in your FHA Loan processing?
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Bowie Maryland’s #1 FHA loan lender. Helping borrowers in Bowie qualify for the best FHA loan to meet their borrowing requirements. An FHA loan is a government backed mortgage insurance by the Federal Housing Administration (FHA). Popular with first time homebuyers, FHA loans require lower minimum credit scores and low down payments.
FHA Loan Requirements Bowie Maryland
- A credit score of at least 580 for a 3.5% down payment
- A credit score of 500 to 579 for a 10% down payment
- Mortgage insurance that is offset due to lower FHA interest rates than a conventional loan.
- FHA Debt to income ratio of 50% or less
Qualify for a 3.5% down FHA Loan Bowie. Use this application to prequalify and start shopping for your FHA Loan in Bowie Maryland today! Purchase, Refinance, Cash Out Refinance.
According to an announcement by the FHA, the loan limit for 2022 will be $420,680 for most of the country. The 2022 FHA loan limit for the high cost areas will be $970,800.
Contact us to find out what the loan limits in the county you would like to purchase in. Call now 800-826-5077. Prequalify now to see how much of an FHA Home Loan you can qualify for.
About FHA Home Loan- An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. We’re here to make the FHA home loan process easier, with tools and knowledge that will help guide you along the way, starting with our FHA Loan Qualifier. We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a repeat buyer.
Benefits of an FHA Home Loan in Bowie Maryland
- Low down payment with a minimum of 3.5% down payment
- Lower credit scores. Down to 580 to for 3.5% down payment
- Great for first time home buyers.
- An Federal Housing Administration, FHA provides a guarantee loans to the lender who is actually extending the loan.
- To apply for an FHA loan, you'll need to provide your Social Security number, two years of tax returns and employment verification.
- FHA loan payments should be equal to or less than 31% of a borrower’s income. If a borrower has debt, the combination of debt payments and mortgage payment should equal 43% or less of the borrower’s income. The lender may make some exceptions to this rule. We can allow for a ratio of 50% DTI
- To apply for an FHA loan, you'll need to provide your Social Security number, two years of tax returns and employment verification.
About Bowie Maryland
Bowie, Maryland began as a small farming area in central Maryland. While first being famous for the residence of former Governor Samuel Ogle in 1745 and named Huntington City in the late 1800s, it would shortly be renamed to Bowie, after another former governor, Oden Bowie. The town of Bowie would officially be incorporated in 1916 and would see its population and economy boom around 1950, when a developer bought most of the land and built thousands of homes. Around this time, the local Bowie Race Track would grow famous but it would be short lived. The track would close in 1985 but would continue to be used as a racehorse training facility until 2015. Though there is no more racing or training at Bowie Race Track, the current owner is planning on bringing back action to the track in upcoming years. Today, Bowie holds many local attractions and one of the best public school systems in the United States, while still being one of the safest.
The real estate market in Bowie, Maryland has continued to flourish and stills holds much opportunity. The average residence listing price in Bowie is around $425,000, though you can find beautiful homes within any price range. With many old and new developments there is much to offer for anyone looking to reside in Bowie, Maryland.
The national conforming loan limit for one-unit properties is $647,200 in 2022. The FHA loan limit “floor” is 65% of the conforming loan limit — or $420,680 — for most counties across the country. The FHA loan max, or “ceiling,” in high-cost areas is $970,800 — this is 150% of the conforming loan limit.
