Compare FHA Loan Specialists in Albany, NY
Directory of fha loan specialists in Albany, New York. 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 New York before hiring.
Showing 20 fha loan specialists in Albany, NY
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An FHA loan specialist in Albany New York can guide you through the process of obtaining a Federal Housing Administration insured mortgage. These loans are popular for first time homebuyers and those with lower credit scores. In New York, FHA loan limits for 2024 in Albany County are set at $498,257 for a single family home, and specialists can help you understand local property tax and insurance requirements.
What Does a FHA Loan Specialist in Albany Cost?
Typical costs for an FHA loan specialist in Albany New York include an origination fee of 0.5% to 1% of the loan amount, plus third party fees for appraisal (around $500 to $700), credit report ($30 to $50), and title insurance (varies by property value). In New York, you may also pay a mortgage recording tax of 0.25% to 1.8% of the loan amount. Total closing costs usually range from 2% to 5% of the purchase price. Note that 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 requirements in Albany New York?
FHA loans require a minimum credit score of 580 for a 3.5% down payment, or 500 with 10% down. Borrowers must also have a debt to income ratio below 43% and the property must meet FHA appraisal standards. New York law also requires a mortgage recording tax, which the specialist can explain.
How do I find an FHA loan specialist in Albany?
You can search for FHA approved lenders through the HUD website or ask local real estate agents for referrals. In Albany, many banks and credit unions offer FHA loans. Always verify that the specialist is licensed in New York State.
What is the FHA mortgage insurance premium in New York?
FHA loans require an upfront mortgage insurance premium of 1.75% of the loan amount and an annual premium ranging from 0.45% to 1.05% depending on the loan term and down payment. In New York, these premiums are added to your monthly payment and cannot be removed unless you refinance to a conventional loan.