An FHA loan specialist in Alhambra California helps homebuyers secure mortgages insured by the Federal Housing Administration. These loans are popular for first time buyers and require a minimum down payment of 3.5 percent for borrowers with credit scores of 580 or higher. California law requires lenders to provide a Good Faith Estimate and a Loan Estimate within three business days of application.
What Does a FHA Loan Specialist in Alhambra Cost?
Typical costs for an FHA loan specialist in California include an upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual premium of 0.55 to 0.85 percent. Closing costs usually range from 2 to 5 percent of the purchase price. For a 500,000 home this means 10,000 to 25,000 in closing costs plus the upfront MIP. Costs vary by lender loan size and borrower profile. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
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