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Baltimore Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Baltimore is an independent city and the largest city in the state of Maryland. It is located in central Maryland at the head of the tidal portion of the Patapsco River, an arm of the Chesapeake Bay, and is approximately 40 miles (64 km) northeast of Washington D.C. Baltimore is a major U.S. seaport and is closer to major Midwestern markets than any other major seaport on the East Coast. (Source: Wikipedia)
FHA has temporarily raised its loan limit to $560,000, which expires on December 31, 2008. And, as of October 1, 2008, FHA will no longer allow seller-funded down payment assistance. Now is the time to make your Maryland home purchase. FHA Baltimore home purchase loans only require a 3% down payment.
You canít get a house with 97 percent loan to value under conventional underwriting. FHA home buying in Baltimore makes good financial sense. The minimum credit score for Baltimore home financing is only 580. Itís at least 660 for conventional loans. You get low, fixed interest rates with FHA. Plus you can do a FHA streamline refinance if interest rates drop. Baltimore home buying with FHA is the best way to go, especially if you have a score of less than 700.
Baltimore Home Buying with FHA Loans
Baltimore offers many homebuyer incentives including down payment and closing cost programs, home purchase loan programs, renovation/rehab programs and city tax incentives.
A housing counseling certificate from a city-approved agency is a requirement for participation in all Baltimore City homeownership incentive programs. See Live Baltimore Home Center for details.
Buying a Foreclosure Home in Baltimore
The Maryland General Assembly passed an emergency measure in its 2008 legislative session that prohibited a notice of foreclosure on a mortgage or deed of trust of a residential property from being filed until 90 days after default or 45 days after a notice of intent to foreclose is sent, whichever is later. So, it can take 90 to 100 days to effectuate an uncontested foreclosure. But, foreclosures typically sell for 10 to 50% lower than market value. Check courthouse real estate auctions in your local newspaper.