All You Need To Know About Maryland FHA Loans Before Applying For One
The Federal Housing Administration (FHA) offers less strict credit and down payment criteria for home loans. However, these loans also have lending restrictions. FHA loan limitations in Maryland differ by county in 2022. The ceiling in most counties is $420,680. In Talbot County, the upper limit is $431,250; in Cecil County, $477,250; and in Anne Arundel, Baltimore, Baltimore City, Carroll, Harford, Howard, and Queen Anne's County, $583,050. Calvert, Charles, Federick, Montgomery, and Prince George's counties have the highest cap, which is $970,800. What Factors Determine Maryland FHA Loan Limits? The U.S. Department of Housing and Urban Development sets FHA lending restrictions (HUD) each year. The loan amounts are based on conforming loan limitations established by the median home values across the United States because the Federal Housing Administration (FHA) backs the loans. The lowest FHA loan limit, often referred to as the "floor," is 65% of conforming loan li