How does Severna Park compare with Maryland?
The city's median is above the statewide median by $235,900. Prices sit in the middle price-to-income band; compare the payment with your own income rather than treating the median as a budget. The median is 76.1% of the conforming limit. A median-valued purchase fits the FHA base-loan limit at 3.5% down.
When does a Severna Park purchase become jumbo?
| Purchase benchmark | Down payment | Loan amount | Jumbo? |
|---|---|---|---|
| $633,600 | 10%: $63,360 | $570,240 | No |
| $633,600 | 20%: $126,720 | $506,880 | No |
| $832,750 | 10%: $83,275 | $749,475 | No |
| $832,750 | 20%: $166,550 | $666,200 | No |
The loan amount, not the purchase price, determines jumbo status. At 10% down the conforming purchase ceiling is $925,278; at 20% down it is $1,040,938. A loan exactly at $832,750 is conforming. Jumbo down payments, reserves, PMI and rates are lender-specific; 10% and 20% are scenarios, not promised minimums.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Is there down payment assistance in Severna Park?
- MMP 1st Time Advantage 6000 — $6,000 loan for down payment and closing costs; deferred; state-level. Maryland Department of Housing and Community Development · Verified October 23, 2026
- MMP HomeStart — 0% interest, 30-year deferred loan equal to 6% of the MMP first-lien loan amount; deferred; state-level. Maryland Department of Housing and Community Development · Verified October 23, 2026
Jumbo loans in the nearest eligible cities
Home loan options in Severna Park
Frequently asked questions
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- Fannie Mae Selling Guide
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- Freddie Mac PMMS
- MMP 1st Time Advantage 6000
- MMP HomeStart
Data last updated November 5, 2026.
Get matched for your Severna Park home purchase
Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.
Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.