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Dundalk Home Purchase Loans
Low FHA Rates for Maryland New Home Financing

Dundalk is an unincorporated community and a census-designated place in Dundalk County, Maryland. It is only 7 miles east of Maryland's largest city. The community is surrounded by Interstate I-695 (the Beltway), Interstate I-95, and Maryland State Highways 20 and 150. (Sources: Wikipedia and CityTownInfo.com)

The median price for a home in Dundalk is $235,000. FHA has temporarily raised its loan limit to $560,000, which is plenty for average-priced homes. These increased loan limits 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.

 

Dundalk Home Buying with FHA Loans

Dundalk home buying with FHA is the best way to go, especially if you have a score of less than 700. FHA Dundalk 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 Dundalk makes good financial sense. The minimum credit score for Dundalk home financing is only 580. Itís at least 660 for conventional loans.

As Treasury yields dropped earlier in the summer, conventional mortgage rates stayed steady or even rose. The reason for this is increased risk to lenders due to the foreclosure crisis. Keith T. Gumbinger, a vice president at financial publisher HSH Associates, sums it up like this: "Risk means higher rates." Concerns about the health of Fannie Mae and Freddie Mac, the big buyers of mortgages, are also driving up rates. However, you still get low, fixed interest rates with FHA because the government sets FHAís rates. Plus you can do a FHA streamline refinance if interest rates drop.

Buying a Foreclosure Home in Dundalk

It is possible to get a foreclosure for 10 to 50% lower than market value. You can typically find foreclosures in the courthouse real estate auctions in your local newspapers. In going through these listings, donít overlook the HUD foreclosures. You can sometimes get a real bargain on a HUD home. You just need to be represented by a HUD certified realtor to buy a HUD home.

Other Popular Maryland Cities for FHA Financing

Baltimore Home Purchase Loans
Towson Home Loan Rates
Bowie Home Financing Rates
Essex Home Purchase Loans
Hagerstown Home Loan Rates

Annapolis Home Financing
Columbia Home Purchase Loan
Frederick Home Loans
Gaithersburg Home Financing
Glen Burnie Home Purchase Loans
Reisterstown Home Financing Rates

 

 

15-Year FHA Rates | 30-Year FHA Rates | 5-Year ARM Rates
All FHA mortgage products are provided by FHA Home Loan Services, which may arrange loans with third party providers. FHA Home Loan Services is national mortgage lender. Not everyone will qualify for a government insured mortgage. FHA Home Loan Services cannot guarantee all loans will be made or whether all loan applications will be approved by the investing bank.
This is not a commitment for a FHA house loan or an advertisement for credit as defined by paragraph 226.24 of regulation Z.
©2008 FHA Home Loan Services - All Rights Reserved - Disclaimers