Compare FHA Loan Specialists in Machesney Park, IL
Directory of fha loan specialists in Machesney Park, 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 2 fha loan specialists in Machesney Park, IL
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a FHA Loan Specialist in Machesney Park Cost?
Typical costs for an FHA loan specialist in Illinois include an origination fee of 1 percent of the loan amount, plus an upfront mortgage insurance premium (UFMIP) of 1.75 percent of the base loan amount. Closing costs in Machesney Park generally range from 3 to 5 percent of the purchase price. These costs vary by lender and loan size. 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 credit score do I need for an FHA loan in Machesney Park?
The minimum credit score for an FHA loan is typically 580 with a 3.5 percent down payment. Borrowers with scores between 500 and 579 may still qualify but must put down at least 10 percent. Each lender in Illinois may have its own overlay requirements above the FHA minimum.
Are there specific FHA loan limits for Machesney Park Illinois?
Yes FHA loan limits vary by county. For Winnebago County in 2024 the FHA floor limit for a single family home is $498,257. High cost area limits may be higher. A local specialist can confirm the current limit for your specific property.