Maryland - FHA 203k Approved, FHA 203k Guidelines








Maryland



  Maryland FHA 203K Lenders


      1. WELLS FARGO BANK NA
      originates 203K: Yes
      address:  8830 STANFORD BLVD STE 302
                    COLUMBIA, MD 21045
      phone:  (410) 290-1500

      2. WEI MORTGAGE CORPORATION
      originates 203K: Yes
      address:  15200 SHADY GROVE RD STE 206
                    ROCKVILLE, MD 20850
      phone:  (240) 243-9000

      3. WINTRUST MORTGAGE CORPORATION
      originates 203K: Yes
      address:  7484 CANDLEWOOD RD STE J
                    HANOVER, MD 21076
      phone:  (410) 859-4100










































Maryland FHA 203K Resource Page

The Federal Housing Administration's 203(k) loan program can help people who wish to rehab homes in Maryland with a variety of home repairs and upgrades. From making a property handicapped-accessible to waterproofing a home or simply upgrading appliances in poor condition, the FHA ’s 203(k) loan program may be able to help.

The FHA’s 203k Maryland loans range from $5,000 to $35,000, and cover an assortment of projects designed to rehabilitate and repair single family properties. While the FHA does not directly dole out the money, it insures the loan in a partnership with a lender.

Eligible properties must be one to four dwelling units that have been constructed for at least one year. Additionally, the units must comply with local zoning regulations. Loans may apply to houses moved from one site to another for rehabilitation.

Benefits of a 203k loan in Maryland extend to all ends of the spectrum. Typically, purchasing a home needing repairs or upgrades is a multi-step process. Homebuyers must obtain funds to purchase a home, and then secure additional funds to pay for the upgrade. These short term loans can come with high interest rates. The 203(k) loan allows the borrower to take out just one mortgage to cover both the purchase of the property and the cost of upgrades.


Current homeowners can also use 203(k) to refinance existing loans.

Maryland first-time borrowers should begin the process by consulting a housing counselor, who will counsel them on how to proceed.

While typical FHA loans have up to 20,000 approved lenders loans require additional administrative capabilities that many lenders do not have.

To find a 203k approved lender in Maryland, please see the page for your locale on this website.

Depending on the scale of the project, there are two 203k options for borrowers.

The standard 203k program begins with a feasibility study, overseen by an approved consultant. Through this process, the FHA determines whether the improvements would be justified upon completion.