Find FHA Loan Specialists Near You in Chatham, IL
Compare fha loan specialists in Chatham. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Illinois before hiring.
Showing 7 fha loan specialists in Chatham, IL
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FHA loan specialists in Chatham, Illinois help homebuyers navigate Federal Housing Administration loans. These loans are popular in Sangamon County for their lower down payment requirements. Illinois law requires all mortgage loan originators to be licensed through the Illinois Department of Financial and Professional Regulation.
What Does a FHA Loan Specialist in Chatham Cost?
Typical costs for an FHA loan specialist in Illinois include an origination fee of 1 percent of the loan amount, plus third-party fees for appraisal and credit report. The upfront mortgage insurance premium is 1.75 percent of the loan amount, which can be rolled into the loan. Monthly mortgage insurance premiums vary based on loan term and down payment. 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
What does an FHA loan specialist in Chatham do?
An FHA loan specialist guides you through the FHA loan process, from pre-approval to closing. They help you understand FHA requirements, such as the 3.5 percent minimum down payment and the upfront mortgage insurance premium. They also ensure your loan meets Illinois state lending regulations.
What are the FHA loan limits for Chatham Illinois?
FHA loan limits for Sangamon County, which includes Chatham, are set annually by the Department of Housing and Urban Development. For 2024, the limit for a single-family home is typically around $498,257. A specialist can confirm the current limit for your specific property type.
Do I need a special license for FHA loans in Illinois?
Yes, any mortgage loan originator in Illinois must hold a valid license from the Illinois Department of Financial and Professional Regulation. This includes FHA loan specialists. You can verify a specialists license through the NMLS Consumer Access website.