Compare FHA Loan Specialists in Elk Grove Village, IL
Compare fha loan specialists in Elk Grove Village. Review contact information and insurance categorys before you decide.
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 Elk Grove Village, IL
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An FHA loan specialist in Elk Grove Village Illinois can help you navigate the Federal Housing Administration loan process. Illinois law requires all mortgage loan originators to be licensed through the Illinois Department of Financial and Professional Regulation. Working with a local specialist familiar with Cook County property values and Illinois closing procedures can streamline your home purchase or refinance.
What Does a FHA Loan Specialist in Elk Grove Village Cost?
Typical costs for an FHA loan in Illinois include an upfront mortgage insurance premium (UFMIP) of 1.75 percent of the loan amount and an annual mortgage insurance premium (MIP) ranging from 0.45 to 1.05 percent depending on loan term and down payment. Closing costs in Elk Grove Village generally range from 2 to 5 percent of the purchase price. These costs vary by lender property type and borrower qualifications. This is general information and 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 are the minimum FHA loan requirements in Illinois?
FHA loans require a minimum down payment of 3.5 percent for borrowers with a credit score of 580 or higher. Borrowers with scores between 500 and 579 may qualify with a 10 percent down payment. Illinois does not have additional state specific down payment requirements beyond federal FHA rules.
How do I find a licensed FHA loan specialist in Elk Grove Village?
You can verify a loan specialist license through the Nationwide Multistate Licensing System (NMLS) database. Illinois requires all mortgage loan originators to hold a valid license and complete continuing education each year. Local banks credit unions and mortgage brokers in Elk Grove Village often employ FHA approved specialists.
Are there Illinois specific FHA loan limits for Elk Grove Village?
Yes FHA loan limits vary by county. For 2024 the FHA loan limit for a single family home in Cook County Illinois is $498,257 for low cost areas and up to $1,149,825 in high cost areas. Elk Grove Village falls under Cook County limits so check current FHA limits before applying.