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Showing 3 fha loan specialists in Monroe, NC
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Whitley Mortgage Associates Inc
121 E Phifer St A, Monroe, NC 28110
7042839465
RNA Mortgage
316 N Hayne St, Monroe, NC 28112
7048184797
AgSouth Farm Credit
2351 Concord Ave, Monroe, NC 28110
7042896411
What Does a FHA Loan Specialist in Monroe Cost?
Typical costs for FHA loan services in North Carolina include an upfront mortgage insurance premium (UFMIP) of 1.75 percent of the loan amount and an annual MIP of 0.55 to 0.85 percent. Lender fees may range from 500 to 1,500 dollars. Appraisal and closing costs vary but generally total 3 to 6 percent of the purchase price. 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 does an FHA loan specialist in Monroe do?
An FHA loan specialist guides borrowers through the FHA loan process, including pre-approval, documentation, and closing. They ensure the loan meets FHA guidelines and North Carolina state regulations. Specialists also help with property eligibility checks in Union County.
What are the credit score requirements for an FHA loan in North Carolina?
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 qualify with a 10 percent down payment. North Carolina does not have additional state-specific credit requirements.
Are there income limits for FHA loans in Monroe North Carolina?
Yes, FHA loans have income limits based on the area median income for Union County. For 2024, the limit for a one-unit property in Monroe is approximately $105,000 for low-income borrowers. These limits are adjusted annually by the Department of Housing and Urban Development (HUD).