Loan programs in Maryland

Inquire about our competitive Maryland Loan Programs including Fixed Rate, Adjustable Rate, Balloon, and Reverse Mortgages, First Time Home Buyer MD loan programs, No Point No Fee, Imperfect Credit, and Home Equity Line of Credit loans.

MD Loan Programs

maryland loan programs

There are many Maryland loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the MD loan programs available to you.

To help determine the best loan program for you, consider the following:

How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs

Apply here now and be pre-approved for the loan you want. → Maryland Loan Programs

Loan Programs
Years you plan to stay in the house	Recommended program
1-3	3/1 ARM, 1 year ARM or 6 month ARM
3-5	5/1 ARM
5-7	7/1 ARM
7-10	10/1 ARM, 30 year fixed or 15 year fixed
10+	30 year fixed or 15 year fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages
30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loanInterest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve
Adjustable Rate Mortgages
10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for high payments if rates go up
Balloon Mortgages
7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

First Time Buyer Programs
	Lower down payment Easier to qualify Sometimes you may get lower rate	May be subject to income and property value limitations Some programs which have government subsidies may have a recapture tax if you sell the house too early.
No point, No fee Programs
	No closing costs Less money required to close	Higher rates Higher payments
Imperfect Credit Programs
	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties
Home Equity Line of Credit
	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage
Home Equity Fixed Loan
	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage