Find FHA Loan Specialists Near You in Bowie, MD
Directory of fha loan specialists in Bowie, Maryland. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Maryland before hiring.
Showing 11 fha loan specialists in Bowie, MD
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
An FHA loan specialist in Bowie Maryland can guide you through the Federal Housing Administration loan process. These loans are popular for first-time homebuyers and those with lower credit scores. Maryland law requires all mortgage loan originators to be licensed through the Nationwide Multistate Licensing System (NMLS).
What Does a FHA Loan Specialist in Bowie Cost?
Typical costs for an FHA loan specialist in Maryland include an upfront mortgage insurance premium (UFMIP) of 1.75 percent of the loan amount, plus annual mortgage insurance premiums (MIP) of 0.45 to 1.05 percent. Closing costs generally range from 2 to 5 percent of the purchase price. Lender fees may vary from 500 to 1,500 dollars. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What is an FHA loan and how does it work in Bowie Maryland?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. It allows for a down payment as low as 3.5 percent and has flexible credit requirements. In Bowie, these loans are available for single-family homes and certain condos approved by HUD.
What are the credit score requirements for an FHA loan in Maryland?
The minimum credit score for an FHA loan is typically 580 for a 3.5 percent down payment. If your score is between 500 and 579, you may still qualify with a 10 percent down payment. Maryland lenders may have their own overlays, so check with a specialist.
Are there any Maryland-specific rules for FHA loans?
Maryland law requires FHA loan specialists to provide a Loan Estimate within three business days of application. The state also has strict anti-predatory lending laws that limit certain fees. Additionally, Maryland offers a Mortgage Insurance Premium tax deduction for eligible borrowers.