FHA Loan Calculator for Maryland

FHA Loans in Maryland

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Maryland's median home of $380,000, that's a minimum down payment of $13,300.

FHA Loan Limits in Maryland

FHA loan limits vary by county and are tied to conforming limits. In most Maryland counties, the FHA floor limit is $498,257 (2024). High-cost areas like Maryland (limit: $1,089,300) may qualify for higher limits up to $1,149,825. Montgomery and Howard counties qualify for the maximum high-cost conforming limit. Other Maryland counties are at $726,200.

FHA vs Conventional in Maryland

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Maryland's median home at $380,000, buyers who can put down $76,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Maryland closing costs average $5,400. Maryland has some of the highest closing costs in the US. Transfer taxes are 0.5% at the state level plus local taxes (1.5% in Baltimore City). The state also imposes recordation taxes. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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