Find FHA Loan Specialists Near You in Deerfield, IL
Directory of fha loan specialists in Deerfield, Illinois. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Illinois before hiring.
Showing 10 fha loan specialists in Deerfield, IL
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Deerfield, Illinois residents seeking an FHA loan can work with a specialist to navigate the process. Illinois has specific property condition requirements and a maximum loan limit of $498,257 for a single-family home in 2024. A specialist can help you understand local appraisal rules and the Illinois Mortgage Escrow Account Act.
What Does a FHA Loan Specialist in Deerfield Cost?
Typical costs for an FHA loan specialist in Illinois include an origination fee of 1% of the loan amount, plus an appraisal fee of $500 to $700. The upfront mortgage insurance premium (UFMIP) is 1.75% of the loan amount, and annual mortgage insurance premiums range from 0.45% to 1.05% of the loan balance. Closing costs in Illinois average 3% to 5% of the loan amount. 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 Deerfield do?
An FHA loan specialist guides you through the FHA loan application process, including credit checks, income verification, and property appraisal. They ensure your loan meets Illinois state laws and HUD requirements. They also help with the required upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount.
What are the minimum credit score requirements for an FHA loan in Illinois?
The standard minimum credit score for an FHA loan is 580 with a 3.5% down payment. Borrowers with scores between 500 and 579 may qualify with a 10% down payment. Illinois does not have additional state-level credit score rules.
Are there any Illinois-specific FHA loan limits for Deerfield?
Yes, for 2024 the FHA loan limit for a single-family home in Lake County, which includes Deerfield, is $498,257. Higher limits apply for multi-unit properties. These limits are set by HUD and updated annually.