Compare FHA Loan Specialists in Salem, MA
Browse fha loan specialists serving Salem, Massachusetts. Contact information and addresses listed below.
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 Massachusetts before hiring.
Showing 7 fha loan specialists in Salem, MA
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
FHA loan specialists in Salem, Massachusetts help homebuyers and homeowners secure Federal Housing Administration insured loans. These loans are popular for first-time buyers and those with lower credit scores. Massachusetts law requires all mortgage loan originators to be licensed through the Division of Banks, and FHA loans in Salem must meet both federal guidelines and local property standards.
What Does a FHA Loan Specialist in Salem Cost?
Typical costs for FHA loan specialist services in Massachusetts include an upfront mortgage insurance premium of 1.75 percent of the loan amount, plus annual mortgage insurance premiums of 0.15 to 0.75 percent. Origination fees from lenders usually range from 0.5 to 1.0 percent of the loan amount, and third-party costs like appraisal and title fees can add $1,000 to $3,000. These costs vary by lender and borrower circumstances. 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 is an FHA loan and how does it work in Salem?
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. In Salem, these loans allow for a down payment as low as 3.5 percent and require a minimum credit score of 580. Borrowers must also meet Massachusetts specific requirements, such as property condition standards under the states building code.
What are the FHA loan limits for Salem Massachusetts in 2025?
For 2025, the FHA loan limit for a single-family home in Essex County, which includes Salem, is $524,225 for low-cost areas and up to $1,209,750 for high-cost areas. These limits are set annually by the Department of Housing and Urban Development and vary by county.
Do I need a special license to be an FHA loan specialist in Massachusetts?
Yes. In Massachusetts, all mortgage loan originators must hold a valid license through the Nationwide Multistate Licensing System and be registered with the Massachusetts Division of Banks. FHA loan specialists must also complete annual continuing education on federal and state lending laws.