If you currently live in the Free State, then you stand a chance to get home purchase credit at almost negligible terms. Indeed, if you apply for FHA mortgage Maryland with us, you will not only enjoy some of the lowest interest rates in the market but you will access the loan at a low down payment of 3.5 percent. These relaxed terms emanate from the fact that the government guarantees payment for the lender who, on the other hand, does not overcharge.
Did you know that besides direct application as a first-time homebuyer, you could also refinance an existing FHA mortgage MD? For this privilege, you need to use the Streamline Refinance option below:
The Streamline Refinance Basics
Our experts recommend this refinance product under the following circumstances:
- When you want to adjust a variable-rate plan into a reigning low interest rate in the market.
- If you want to lower your Upfront Monthly Insurance Premium. Beginning 2012, refinancing brought upfront insurance from the prior 1% to 0.1%.
You may also note that the permanent Monthly Insurance Premium goes down to 0.55%.
Advantages of Refinancing
The following are sample benefits of the Streamline program of FHA mortgage MD:
- You will not need to repeat the appraisal process.
- The process takes less time than a first-time application because of the reduction in paperwork.
Thus, if you are financing an adjustable scheme of 15 years or more, just go for the refinance program to lower the interest rate to that reigning in the market. Count on us to help you make this switch!
In order to pre-qualify for FHA mortgage Maryland, you will have to tender the following verifications:
- An employment record going back to the past two years, indicating steadiness of income.
- Credit score of at least 620, though some lenders will even accept 580!
- Intention to live in the home under purchase as your official residence.
Great Options That Come With FHA mortgage Maryland
This program lets you have the following options that you will rarely find in other home purchase credit schemes. These include:
- The ability to co-opt with another applicant who does not necessarily live on the property.
- It also lets you have a co-signor, usually a spouse, who can commit to meet payments in case you breach repayment due to a financial downturn.
How to Apply for FHA mortgage MD
- 1. Submit your request and pre-qualification details, including credit score.
- 2. Find a certified lender.
- 3. Get approval for the program.
- 4. Remit closing costs and start the process of homeownership.
Whether you are applying for the first time or refinancing, FHA mortgage Maryland will always come to your financial aid.
Apply via FHA Home Loan group and access all major benefits that suit you including low money down and a chance to lower the interest rate via a refinance.
Contact our team right today for direct support! Call  202-4479