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FHA Loans in Bethesda, MD



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What is an FHA Loan in Bethesda, MD?

fha loans Bethesda, MD

For homebuyers with lower income or lower credit scores an FHA mortgage loan might be a great solution. A Federal Housing Administration (FHA) Loan is a type of mortgage loan insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). These loans are designed to help lower-income and first-time homebuyers qualify for a mortgage by offering lower down payment requirements, relaxed credit score requirements, and more lenient debt-to-income ratio requirements compared to conventional loans.

How Do FHA Loans Work in Bethesda, MD?

The FHA provides mortgage insurance to approved lenders, which protects these lenders against loss if the borrower defaults on the loan. This allows lenders to offer loans to borrowers who may not qualify for traditional loans and helps make homeownership more accessible to a broader range of borrowers. FHA will only insure loans for homes that are a permanent structure with a foundation. Mobile homes, RV’s, and house boats are not eligible types of property for an FHA loan.

Benefits and Drawbacks of the FHA Loan in Bethesda, MD

Benefits of FHA loans in Bethesda, MD include:

  • Lower fha loans down payment requirements (as low as 3.5% of the purchase price)
  • More relaxed credit score requirements (as low as 580) – lenders may have different requirements
  • Allowed to include some closing costs in the loan
  • More lenient debt-to-income ratio requirements
  • The FHA 203(k) loan provides funds for both purchasing and renovating a home
  • FHA streamline mortgage refinance without a credit check, income verification, or appraisal.
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Drawbacks of FHA loans in Bethesda, MD include:

  • Higher mortgage insurance premium costs (a requirement for the life of the loan)
  • Maximum loan limits that may be lower than conventional loans
  • Stricter appraisal requirements
  • Required to pay an upfront mortgage insurance premium and monthly premium for life of the loan.

Boris Cherner Mortgage Lender

Purchasing or refinancing your home is a complex undertaking that involves a number of participants and variables. I have been in the mortgage industry since 1997 and I understand the anxiety that comes with making the most expensive investment of a lifetime. My objective is to be your advisor, to educate you and to make the mortgage loan transaction as transparent and as stress-free as possible. I enjoy establishing personal connections and work mostly by referral. I thoroughly explain the process and available options, and guide my clients to make choices that best fit their needs and financial goals. Once the underwriting begins I communicate regularly and keep my clients apprised of the loan status from the beginning through the end. My relationship with clients does not end at the closing table. You are my client for life and I am always available to answer your questions and provide you with guidance.

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FHA Loan Requirements in Bethesda, MD

FHA loans have certain requirements that must be met in order to qualify for the loan. Here are the general requirements:

  1. Minimum credit score: Borrowers must have a minimum credit score of 580 to be eligible for an FHA loan. Most lenders may have higher requirements, so it’s important to check with multiple lenders to see what credit score is needed.
  2. Debt-to-income ratio: Borrowers must have a debt-to-income ratio of no more than 43% to qualify for an FHA loan. This means that the total of the borrower’s monthly debt payments (including the proposed mortgage payment) should not exceed 43% of their gross monthly income.
  3. Down payment: Borrowers must have a down payment of at least 3.5% of the purchase price of the home. However, some borrowers may be eligible for down payment assistance programs that can help with the cost of the down payment.
  4. Employment history: Borrowers must have a stable employment history with a minimum of two years on the job. Self-employed borrowers must have a two-year history of self-employment.
  5. Home appraisal: Before the loan can be funded, the home must be appraised by an FHA-approved appraiser. The appraisal is used to determine the value of the home and confirm that the loan amount does not exceed the value of the home.
  6. Property requirements: The home must meet certain property requirements, such as being in good condition and meeting minimum property standards set by the FHA.
  7. Mortgage insurance: Borrowers must pay upfront mortgage insurance premium of 1.75% of the loan amount. Additionally, borrowers must pay monthly mortgage insurance, which is currently .85% of the loan amount annually, for the life of the loan. This insurance protects the lender against losses in case the borrower defaults on the loan.

It’s important to note that these requirements are subject to change, and borrowers should check with an approved FHA lender for the most up-to-date information on FHA loan requirements.

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How to Find an FHA Lender and Apply for an FHA Loan in Bethesda, MD

Here is a general overview of the steps to find an FHA lender and apply for an FHA loan:

  1. Research FHA-approved lenders: You can find a list of FHA-approved lenders on the U.S. Department of Housing and Urban Development (HUD) website or by contacting a HUD-approved housing counseling agency.
  2. Compare loan terms and rates: Once you have a list of potential lenders, compare their loan terms, interest rates, and other important details to find the best lender for you.
  3. Get pre-qualified: Contact a lender to get pre-qualified for a loan. This process involves providing the lender with basic financial information and getting an estimate of how much you can afford to borrow.
  4. Complete a fha loan application: If you are pre-qualified, you can then move forward with the loan application process. This involves providing the lender with detailed financial information and documentation, such as tax returns and pay stubs.
  5. Home appraisal: Before the loan can be funded, the home must be appraised by an FHA-approved appraiser. The appraisal is used to determine the value of the home and confirm that the loan amount does not exceed the value of the home.
  6. Loan approval: If the loan application is approved, the mortgage lender in Bethesda, MD will then review the loan terms, interest rate, and other details with you.
  7. Closing: Once the loan is approved, the closing process begins. This involves signing all the necessary documents, paying closing costs, and completing any other necessary steps to complete the loan process.

Reviews FHA Loans in Bethesda, MD

15:50 08 Sep 23
Boris was great to work with and always available.
Chris NChris N
17:27 30 Aug 23
Boris is my go-to guy when I need to get a loan. He was highly recommended in one of the professional forums.When the rates went down and his organization's policy did not allow the rate adjustment, he put my best interest first and let me know that I could look at other options outside. That's when I knew that he would do what was best for his customers.In my recent complex loan, Boris was a problem solver and guided me through a successful closing. He is very knowledgeable and quick to respond. I have recommended him to all my friends and contacts.
Rubén Meana PañedaRubén Meana Pañeda
11:04 05 Jul 23
Boris was recommended to us by some neighbors. We refinance our house mortgage with him and the experience was great. He help us on all the steps along the way and he is always eager to give us good advice. We recommend him and we will keep using his services in the future.
Julie GuffeyJulie Guffey
23:37 17 Apr 23
Recommended by a close friend of mine, I reached out to Boris for assistance in purchasing a home. I was impressed from the first time we spoke. His knowledge and professionalism exceeds any expectations I had. Boris was quick to respond, answer any questions, and be there whenever I needed him throughout the entire process. He did everything for me possible which made the process simple for me. I would recommend Boris to anyone! He is reliable, trustworthy and exceptional in his field!
Jay StrongJay Strong
15:11 27 Mar 23
Boris helped me buy two homes and refinance one. He is both professional and competent. Most important of all, he is an honest man. I highly recommend using him!
prathap prabakarprathap prabakar
18:52 08 Mar 23
Davy ChienDavy Chien
16:50 04 Mar 23
Boris is very professional and get our loan refinanced done on time and easy
Laxman PaladuguLaxman Paladugu
18:56 01 Mar 23
Boris is one of most experienced and knowledgeful mortgage professional. In my refinancing process he explained each and every step very clearly and supported me in complete process with 100% transparency. I would work with him again and recommend to others!
David KleinDavid Klein
17:29 01 Mar 23
Boris was recommended to me a couple years ago by my daughter. He was exceptionally easy to work with and kept us informed every step of the way. When interest rates went down .5 he recommended a streamline refi. Which was even easier. I strongly recommend Boris if you are looking for a loan, VA or otherwise.
PJ HamidiPJ Hamidi
22:10 11 Dec 22
I've had excellent experiences with Boris, both on the refinance side and the new home mortgage side. He has always been very responsive, patient, clearly communicative, informative, and able to provide the most competitive rates. I'd highly recommend working with him.
Adrian PirvuAdrian Pirvu
16:57 11 Dec 22
Boris is an absolutely exceptional Mortgage Banker! He has helped me through two mortgage refinances and my father-in-law through one. Because I had such a great experience with him through my first refinance, I specifically sought him out when I was looking for my second and when my father-in-law was looking to complete his. Boris goes above and beyond for his clients and he always ensures that their best interests are the top priority.You will not find a better Mortgage Banker than Boris!
Mukul MehtaMukul Mehta
03:36 09 Dec 22
Boris is one of the most seasoned and experienced mortgage professional I have ever worked with. He patiently explained to me the mortgage refinance process, answered every question I had in detail and never pressured me to make a decision. He is equally great with paper work and ensuring the mortgage process completes on time without any issues. I will highly recommend Boris Cherner whether you are a first time home buyer or refinancing your property.
Gene KGene K
21:16 08 Dec 22
Boris was a wonderful person to work with during my first home-buying experience. He got me the best rates while also being incredibly patient and supportive, educating me and guiding me every step of the way. He let me know exactly what to expect and there were no surprises at any point during the purchase and lending process. He made sure the process was smooth and painless, and was constantly in touch from start to end so things could move along. I highly recommend Boris!
Clement JosephClement Joseph
19:46 08 Dec 22
I have refinanced my home loan 2 times with the help of Boris. He is such a patient person who is never tired of answering your queries.He also knows the stuff he's doing.I had recommended Boris to atleast 15 people in my community and everyone got the best support
Anya ChugunovaAnya Chugunova
19:37 08 Dec 22
I worked with Boris and his team on mortgage refinance of my home. The level of care, attention to detail, and professionalism demonstrated by Boris far surpassed my expectations. I really appreciated his knowledge, honesty and transparency throughout the mortgage refi process. Boris stays on top of every detail and is there for you every step of the way to answer any questions and address any concerns. I highly recommend Mr. Cherner and his team for all your mortgage needs!! A++++++
Abdul KhanAbdul Khan
19:09 08 Dec 22
I have had the pleasure of working with Mr. Cherner for the home mortgage needs, and the satisfying experience leading to recommend my two other friends - who also had similar thoughts and an enjoyable experience. What stood out to me was his advise on getting the best rates, but also hand-holding at every step on the documentation needs (which becomes overwhelming). If you are in the market looking for for experience and good value, reach out to Boris. I hope you will not be disappointed.
sangrae josangrae jo
15:17 30 May 22
I was lucky enough to meet Mr. Boris in my real estate investment journey during the last 5 years. I worked with him for my 3rd primary residence refinance loan and 4th primary residence loan. I had excellent outcomes from both. I am very happy with that and definitely, I really want to work with him for my future homes for sure.As a customer, I always think communication is the top priority. Whenever I had some questions and needed some advice on my loan options, he was always there and answered quickly within an hour during business hours. Last time, I had some emergency matter during weekends with my loan and he definitely spent his off-duty time for helping me out. I am so sorry about that sincerely.With that being said, he is a very professional and subject matter expert. He always had many options and guided me with the best option in my situation. Also, his loan rate is very competitive to other loan companies. It tremendously supported my real estate investment journey.

FHA Loan Application in Bethesda, MD

loans fha Bethesda, MD

It’s important to note that FHA home loans may not be the best option for everyone, and it is crucial to compare the costs and benefits of FHA loans with other mortgage options before deciding. Carefully compare the terms, fha loan rates and fees offered by best lenders for fha loans  to apply for FHA loan which will be the most appropriate for you. Working with a loan officer who is experienced with FHA loans can also help guide you through the process and ensure you meet all fha loan qualifications and fha requirements for an FHA loan. Please reach out to me for current interest rates and additional guidance at 312-296-4175 or email me at Additionally, I offer a variety of mortgage options to suit your needs, including conventional loans, fixed-rate mortgages, HELOCs, VA loans, temporary rate buydown, and more. Together, we can explore and select the perfect mortgage solution tailored to your financial situation and goals. I lend in all 50 states and I am never too busy for your referrals!!

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FAQ about FHA Loans in Bethesda, MD

How many FHA loans can you have in Bethesda, MD?

You can have more than one FHA loan, but FHA has strict guidelines that you need to adhere to. FHA is focused on homeownership, rather than investment, so borrowers have to prove that the new property will be their primary residence.

What is the difference between FHA and Conventional loans in Bethesda, MD?

FHA loans only require a 3.5% down payment and are much forgiving of lower credit scores. In other words, you can qualify with a lower credit score and still have a competitive loan interest rate. Because of the higher risk associated with that, unlike with conventional loans, FHA requires borrowers to pay upfront lump sum for mortgage insurance and then make additional mortgage insurance monthly payments for the entire loan term.

Who qualifies for FHA loans in Bethesda, MD?

To qualify for an FHA loan all borrowers have to meet FHA credit score and income requirements. You can only get an FHA loan to purchase a primary residence, not a second home or investment property.

How to apply for FHA home loans in Bethesda, MD?

The process of applying for an FHA loan is exactly the same as the process of applying for a conventional or VA loan. Do your research and speak to a trusted mortgage lender about your qualifications and specifics of your situation.

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