2024 FHA Loan Limits in Maryland
An FHA loan can help you get your foot in the door when it comes to homeownership. You don’t need perfect credit in order to qualify, though with the right credit score you could qualify for a down payment as low as 3.5%. Maryland FHA loan limits range from $498,257 to $1,149,825 for a single-family home.
Maryland FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ALLEGANY | $498,257 | $637,950 | $771,125 | $958,350 | $149,000 |
| ANNE ARUNDEL | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| BALTIMORE | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| BALTIMORE CITY | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| CALVERT | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,072,000 |
| CAROLINE | $498,257 | $637,950 | $771,125 | $958,350 | $225,000 |
| CARROLL | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| CECIL | $557,750 | $714,000 | $863,100 | $1,072,600 | $485,000 |
| CHARLES | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,072,000 |
| DORCHESTER | $498,257 | $637,950 | $771,125 | $958,350 | $220,000 |
| FREDERICK | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,072,000 |
| GARRETT | $498,257 | $637,950 | $771,125 | $958,350 | $215,000 |
| HARFORD | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| HOWARD | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| KENT | $498,257 | $637,950 | $771,125 | $958,350 | $274,000 |
| MONTGOMERY | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,072,000 |
| PRINCE GEORGE'S | $1,149,825 | $1,472,250 | $1,779,525 | $2,211,600 | $1,072,000 |
| QUEEN ANNE'S | $667,000 | $853,900 | $1,032,150 | $1,282,700 | $580,000 |
| SOMERSET | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| ST. MARY'S | $498,257 | $637,950 | $771,125 | $958,350 | $365,000 |
| TALBOT | $498,257 | $637,950 | $771,125 | $958,350 | $392,000 |
| WASHINGTON | $498,257 | $637,950 | $771,125 | $958,350 | $269,000 |
| WICOMICO | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| WORCESTER | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
How are FHA loan limits determined?
The FHA loan limit “floor” and “ceiling” are based on a set percentage of the conforming loan limit of $766,550 which is set annually by the Federal Housing Finance Agency (FHFA). The FHA loan limit “floor” is set at 65% of the national conforming loan limit. The floor limit applies to areas where 115% of the median home price is below the “floor” amount. The FHA’s ceiling is set at 150% of the conforming limit for higher-cost areas.
Eleven of Maryland’s 24 counties fall under the FHA’s loan limit floor. Only five have the FHA ceiling limit applied, and the remaining eight counties fall somewhere in between.
Let’s say you are in a county that has higher median sale prices, like Calvert, Charles, Frederick, Montgomery or Prince George’s County. In these counties, the median sale price is $1,072,000. Multiplying that number by 115% gives you $1,232,800. That means the single-family loan limit in those counties must exceed that number. The single-family limit in those counties is the FHA ceiling amount of $1,149,825.
How to qualify for an FHA loan in Maryland
FHA loans provide a more accessible path towards home ownership. With lower credit score requirements than conventional mortgages, meeting the following FHA loan requirements could help you become a homeowner:
→ Credit score of at least 580. You can qualify for an FHA mortgage with a down payment as low as 3.5%.
→ Credit score of 500 to 579. You can still qualify for an FHA loan, but only with a down payment of at least 10%.
→ Debt-to-income (DTI) ratio of 43% or less. To qualify, your total monthly debt burden must be no more than 43% of your monthly gross income. If you have considerable student loan debt that prevents you from meeting DTI requirements, the Maryland Mortgage Program runs a separate homebuyer program that may help you.
→ Account for mortgage insurance premiums. You are required to pay for two different types of FHA mortgage insurance premiums. The upfront mortgage insurance premium (UFMIP) is usually 1.75% of the mortgage amount. The annual premium, which is usually added to the monthly payment, ranges from 0.15% to 0.75% of the loan amount.
→ Secure an FHA home appraisal. The FHA home appraisal process is more complex than it would be with a conventional mortgage, as it also involves a home inspection.
→ Move in. Even if you’re purchasing a multifamily unit, you are required to live in one of the units for at least one year. Your move-in day must be within 60 days of closing.
Buying a multifamily property with an FHA loan
If you can afford the monthly mortgage payments, an FHA loan could help you purchase a multifamily home with up to four units at just 3.5% or 10% down, depending on your credit score. You will need to plan on living in one of the units for at least 12 months, but you can count the anticipated rent from the other units as income to lower your DTI ratio, making these larger properties more attainable than you may initially think.
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Maryland
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 | 580 | ||
 | Not disclosed | ||
 | 580 | ||
 | 580 | ||
 | 580 |
