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Showing 3 fha loan specialists in Mundelein, 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.
PRMG
333 IL-83 Ste 205, Mundelein, IL 60060
8154995111
ALS Mortgage
1353 Kettering Rd, Mundelein, IL 60060
7086102211
Fisher Mortgage Co
333 IL-83 Ste 206, Mundelein, IL 60060
8478375313
What Does a FHA Loan Specialist in Mundelein Cost?
Typical costs for an FHA loan in Illinois include an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, paid at closing. Annual mortgage insurance premiums (MIP) range from 0.45% to 1.05% of the loan balance, depending on loan term and loan-to-value ratio. Closing costs in Lake County generally range from 2% to 5% of the purchase price. Note that 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 are the FHA loan limits for Mundelein, Illinois in 2025?
For 2025, the FHA loan limit for a single-family home in Lake County, including Mundelein, is $498,257. Higher limits apply for duplexes, triplexes, and four-unit properties. These limits are set annually by the Department of Housing and Urban Development (HUD).
What credit score is needed for an FHA loan in Illinois?
Borrowers typically need a minimum credit score of 580 to qualify for a 3.5% down payment FHA loan. A score between 500 and 579 may still qualify but requires a 10% down payment. Illinois lenders may have additional overlay requirements beyond FHA minimums.
Are there Illinois-specific rules for FHA loan inspections?
FHA loans require a property appraisal by a HUD-approved appraiser who checks for safety, security, and soundness. Illinois has no additional state-specific inspection rules, but local building codes in Mundelein may affect property condition requirements. The appraisal is valid for 120 days.