Opening the Door to Homeownership in Maryland
Lower credit requirements, smaller down payments, and flexible guidelines. FHA loans are designed to make buying your first home possible even when your financial history is not perfect.
Check Your EligibilityWhat Is an FHA Loan?
FHA loans are insured by the Federal Housing Administration, which allows lenders to offer easier qualification standards than conventional financing. Because the federal government backs a portion of the loan risk, more buyers can qualify including those with lower credit scores, limited down payment savings, or past credit challenges.
Michael DeHaut Jr. has been guiding Maryland first-time buyers through FHA loans for over 20 years. Mike's job is to find the right fit, not the easy answer. He will tell you exactly what makes sense for your situation and why.
3.5% Down at 580+
Buyers with a 580 credit score or higher qualify for a 3.5% down payment, one of the lowest available anywhere.
500 to 579 Score Options
Credit scores between 500 and 579 may still qualify with a 10% down payment.
Flexible DTI Guidelines
FHA allows higher debt-to-income ratios than conventional, helpful for buyers carrying student loans or car payments.
Seller Concessions
Sellers can contribute up to 6% toward closing costs, a real advantage in buyer negotiations.
Stackable with MMP
FHA pairs well with Maryland Mortgage Program down payment and closing cost assistance.
Purchase and Refinance
Available for both home purchases and refinances including streamline refinance options for existing FHA borrowers.
FHA loans can be stacked with Maryland Mortgage Program benefits including down payment assistance and below-market interest rates. Ask Mike about combining FHA financing with MMP assistance. In some cases it can significantly reduce what you need at closing.
Understanding FHA Mortgage Insurance
FHA loans require two forms of mortgage insurance: an upfront premium at closing (1.75% of the loan amount, which can be rolled in), and an annual premium split across monthly payments. For most FHA loans, this insurance stays for the life of the loan.
This is the trade-off worth understanding. FHA gets you in with lower upfront requirements but the long-term insurance cost adds up compared to a conventional loan where PMI can be removed. Mike will show you the real dollar difference between both options so you can decide with clear information.
Michael DeHaut Jr. | NMLS #202640 | Bay Capital Mortgage | Company NMLS #39610
2553 Housley Road Suite 200, Annapolis, MD 21401 | (240) 417-0591
Licensed in MD, VA, DC, PA, DE, WV, FL, NC & TN | Equal Housing Opportunity
State License
DE NMLS# MLO-202640
DC NMLS# MLO202640
MD NMLS# 202640
PA NMLS# 62419
WV NMLS# LO-33647
VA NMLS# MLO-58478VA
FL NMLS# LO99674
NC NMLS# I-220839
TN NMLS# 202640
