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Showing 3 fha loan specialists in Pelham, AL
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
Welcome Home Mortgage
2715 Pelham Pkwy Ste A, Pelham, AL 35124
2053583423
First Custom Mortgage Inc
2166 Pelham Pkwy, Pelham, AL 35124
2054440990
Alabama Mortgage Professionals Association
108 Windsor Ln, Pelham, AL 35124
2562210515
What Does a FHA Loan Specialist in Pelham Cost?
Typical costs for an FHA loan in Alabama include an upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual premium of 0.55 to 0.85 percent. Closing costs in Pelham usually range from 2 to 5 percent of the purchase price. Lender origination fees vary but often fall between 0.5 and 1.5 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 does an FHA loan specialist in Pelham do?
An FHA loan specialist guides you through the FHA loan process from pre-approval to closing. They help you understand property requirements and Alabama specific insurance rules. They also ensure your loan meets FHA guidelines and local appraisal standards.
What credit score is needed for an FHA loan in Alabama?
FHA loans in Alabama typically require a minimum credit score of 580 for a 3.5 percent down payment. Scores between 500 and 579 may qualify with a 10 percent down payment. Each lender may have its own overlay requirements beyond the FHA minimum.
Are there Alabama specific rules for FHA loans?
Yes Alabama has specific laws regarding mortgage licensing and property disclosures. For example Alabama requires a survey or boundary line affidavit for most residential loans. Also Alabama is a non judicial foreclosure state which affects FHA loss mitigation options.