baltimore
Baltimore, MD has significant location-specific overlays — most critically, a universal BPO requirement for row homes across all loan types, and broad investment property suspensions across Non-QM and DSCR programs.
Row Homes in Baltimore City, MD — Appraisal / BPO Requirement (All Loan Types)
Applies universally across conventional, FHA, VA, and VA IRRRL programs. The consistent guideline states:
"Row Homes in Baltimore City, MD: External-only BPO secondary valuation required within 10% tolerance"
- Freddie Mac Standard and Select Conforming
- Fannie Mae HomeReady Conforming
- FHA (when an appraisal is required)
- VA standard and manual underwriting
- VA IRRRL (when an appraisal is required)
- FHA Streamline
- Freddie Mac Home Possible
Exception — PIW / ACE waiver: BPO requirement is waived when a Property Inspection Waiver (PIW) or Automated Collateral Evaluation (ACE) is offered and used.
- Fannie Mae matrix: "Note: External-only BPO secondary valuation for row homes in Baltimore City, MD is not required with a PIW"
- Same exception applies under Freddie Mac Home Possible when ACE is obtained
Investment Property Restrictions — Baltimore City, MD
Investment transactions are broadly suspended or ineligible across Non-QM, DSCR, Bank Statement, and Closed End Second programs.
Forward Lending — DSCR (1–4 Units): "All subject properties located in Baltimore City, MD (and its neighborhoods) and Philadelphia County, PA are temporarily suspended"
Forward Lending — DSCR (5–8 Unit Residential): "All subject properties located in Baltimore City, MD (and its neighborhoods) and Philadelphia County, PA are temporarily ineligible"
JMAC Lending — Venice DSCR (1–4 Units and Foreign National DSCR): "State / City / County Overlay for: Baltimore City, MD not Eligible"
JMAC Lending — Newport DSCR and Zuma Prime Non-Conforming (investment transactions): "Baltimore City, MD is not allowed for investment transactions"
JMAC Lending — DSCR Prime: "State / County Restrictions: Baltimore City, MD not Eligible"
JMAC Lending — Venice DSCR (5–8 Residential and 2–8 Mixed Use): "Baltimore City, MD Not Eligible"
JMAC Lending — CES (Closed End Second): "Not Eligible: Investment transactions in Baltimore City, MD"
Nations Direct — Ignite Bank Statements: "Investment Properties in Baltimore, MD and Philadelphia, PA are ineligible"
Nations Direct — Non-QM Express DSCR: "All Product Codes: Baltimore, MD and Philadelphia, PA are ineligible"
AD Mortgage — Conventional: "AK, AL, AR, ... MD (except Baltimore County & Baltimore City for Inv) ..."
Mega Capital — MVP (Non-QM): "All MCFI approved states, except Maryland (This restriction applies to the subject property only if it is located in Baltimore City, MD.)"
Jumbo / Non-Conforming — Statewide Maryland Restriction
Mega Capital — Platinum Jumbo Express: "Maryland loans are suspended."
- Note: This is a complete state-level suspension, not limited to Baltimore City.
MD ARM Qualifying Rate Overlay (Purchase Transactions)
Applies statewide to Maryland purchase transactions on 7/6 and 10/6 ARM products.
"IL, MA, MD (Purchase only), NM and PA: 7/6 and 10/6 ARMs require qualifying rate at the greater of the Note rate or the fully indexed rate (index rate + margin). The DU qualifying rate may need to be adjusted to comply with this requirement."
Non-QM Program Eligibility — Baltimore City Quick Reference
Per JMAC Lending's Non-QM Program Comparison matrix :
| Program | Baltimore City Restriction |
|---|---|
| Balboa Non-Conforming | Baltimore City and Philadelphia County restricted |
| Newport Non-Conforming | Baltimore City and Philadelphia County restricted |
| Zuma Prime | Baltimore City and Philadelphia County restricted |
| Limited Doc | Baltimore City, MD restricted |
| ITIN | None listed |
| Carmel Non-Conforming | None listed |
Underwriting Decision Summary
- Owner-occupied and second home — Baltimore City: Generally eligible across Fannie Mae, Freddie Mac, FHA, and VA programs. Row home transactions require the external-only BPO secondary valuation within 10% tolerance unless a PIW or ACE waiver is obtained.
- Investment property — Baltimore City: Suspended or ineligible across nearly all Non-QM, DSCR, Bank Statement, 1099, and CES programs from Forward Lending, JMAC Lending, Nations Direct, AD Mortgage, and Mega Capital.
- Jumbo — Maryland statewide: Mega Capital Platinum Jumbo Express fully suspended.
- ARM purchase — Maryland statewide: 7/6 and 10/6 ARMs must qualify at the greater of note rate or fully indexed rate.
