Find FHA Loan Specialists in Prince Frederick, MD
Compare fha loan specialists in Prince Frederick. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Maryland before hiring.
Showing 12 fha loan specialists in Prince Frederick, MD
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FHA loan specialists in Prince Frederick, Maryland assist homebuyers with government-backed mortgages insured by the Federal Housing Administration. These loans require a minimum down payment of 3.5 percent and are popular in Calvert County for first-time buyers. Maryland law requires all mortgage loan originators to be licensed through the Nationwide Multistate Licensing System.
What Does a FHA Loan Specialist in Prince Frederick Cost?
Upfront mortgage insurance premium for FHA loans is 1.75 percent of the loan amount, and annual mortgage insurance premiums range from 0.45 to 1.05 percent. Closing costs in Maryland typically range from 2 to 5 percent of the purchase price. Lender fees and third-party costs like appraisal and title search vary. This is general information, 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 are the minimum credit score requirements for an FHA loan in Prince Frederick?
The standard minimum credit score for an FHA loan is 580 with a 3.5 percent down payment. Borrowers with scores between 500 and 579 may qualify with a 10 percent down payment. Local lenders in Prince Frederick can review your specific situation.
Are there property condition requirements for FHA loans in Maryland?
Yes, FHA loans require an appraisal that meets minimum property standards set by HUD. The home must be safe, sound, and secure. In Maryland, this includes checks for lead-based paint in homes built before 1978.
How long does the FHA loan process take in Prince Frederick?
The typical FHA loan process takes 30 to 45 days from application to closing. Maryland law requires a three-day right of rescission for refinances. Delays can occur if additional documentation is needed.