FHA Loan Specialists in Rantoul, IL
Compare fha loan specialists in Rantoul. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Illinois before hiring.
Showing 5 fha loan specialists in Rantoul, IL
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What Does a FHA Loan Specialist in Rantoul Cost?
Typical costs for an FHA loan in Illinois include an upfront mortgage insurance premium of 1.75 percent of the loan amount, plus an annual premium of 0.55 to 0.85 percent. Closing costs in Rantoul generally range from 2 to 5 percent of the purchase price. Lender origination fees vary but are often around 1 percent of the loan. 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 is needed for an FHA loan in Rantoul?
Most FHA loans require a minimum credit score of 580 for a 3.5 percent down payment. Borrowers with scores between 500 and 579 may still qualify with a 10 percent down payment. Lenders in Rantoul may have their own overlays above these minimums.
Are there income limits for FHA loans in Illinois?
FHA loans do not have strict income limits, but borrowers must show stable employment and sufficient income to cover mortgage payments. Illinois law requires lenders to verify income through tax returns, pay stubs, and bank statements. Debt-to-income ratios typically cannot exceed 43 percent.
What is the FHA loan limit for Rantoul, Illinois?
For 2024, the FHA loan limit for a single-family home in Champaign County is 498,257 dollars. This limit applies to most areas in Illinois and adjusts annually based on median home prices. Higher limits may apply for multi-unit properties.