FHA Loan Specialists in Highland, IL
Compare fha loan specialists in Highland. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Illinois before hiring.
Showing 6 fha loan specialists in Highland, IL
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What Does a FHA Loan Specialist in Highland Cost?
Typical costs for FHA loan services in Illinois include an upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual MIP of 0.15 to 0.75 percent. Lender origination fees range from 0.5 to 1.5 percent of the loan. Appraisal fees in the Highland area are usually between $500 and $700. 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 FHA loan limits for Highland Illinois?
FHA loan limits for Madison County Illinois are set annually by HUD. For 2024 the limit for a single family home is typically around $498,257. A local specialist can confirm the exact limit for your property.
Do I need a special license to be an FHA loan specialist in Illinois?
Yes. In Illinois mortgage loan originators must hold an active license through the NMLS. They must also complete pre licensing education and pass a background check as required by the Illinois Residential Mortgage License Act.
What credit score is needed for an FHA loan in Highland?
FHA loans generally require a minimum credit score of 580 for a 3.5 percent down payment. Some lenders may accept scores as low as 500 with a 10 percent down payment. Each lender sets its own requirements.