Compare FHA Loan Specialists in Edwardsville, IL
Compare fha loan specialists in Edwardsville. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Illinois before hiring.
Showing 6 fha loan specialists in Edwardsville, IL
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What Does a FHA Loan Specialist in Edwardsville Cost?
Typical costs for an FHA loan specialist in Illinois 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. Origination fees usually range from 0.5 to 1.0 percent of the loan amount. Closing costs in Edwardsville average 2 to 5 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 Edwardsville do?
An FHA loan specialist helps you understand FHA loan requirements, pre-qualify for a loan, and submit your application. They also advise on property eligibility and explain Illinois-specific rules, such as property tax prorations and title insurance requirements.
What are the credit score requirements for an FHA loan in Illinois?
The minimum credit score for an FHA loan is typically 580 for a 3.5 percent down payment. If your score is between 500 and 579, you may still qualify with a 10 percent down payment. These standards apply across Illinois, including Edwardsville.
Are there income limits for FHA loans in Edwardsville?
Yes, FHA loans have income limits based on the area median income. For Madison County, where Edwardsville is located, the 2024 limit for a one-unit property is generally around $105,000 for low-income borrowers. Your specialist can confirm current limits for your specific situation.