FHA Loan Specialists in Roscoe, IL
Browse fha loan specialists serving Roscoe, Illinois. 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 Illinois before hiring.
Showing 11 fha loan specialists in Roscoe, IL
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An FHA loan specialist in Roscoe Illinois can guide you through the process of obtaining a government-backed mortgage insured by the Federal Housing Administration. These loans are popular in the Rockford area for first-time homebuyers and those with lower credit scores. Illinois law requires all mortgage loan originators to be licensed through the Illinois Department of Financial and Professional Regulation.
What Does a FHA Loan Specialist in Roscoe Cost?
Typical costs for an FHA loan specialist in Illinois include an origination fee of 0.5 to 1.0 percent of the loan amount. Upfront mortgage insurance premium is 1.75 percent of the loan amount, and annual mortgage insurance premiums range from 0.45 to 1.05 percent depending on loan term and down payment. Appraisal fees in the Roscoe area usually run 400 to 700 dollars. 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 who should use one in Roscoe?
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit score requirements. It is a good option for Roscoe homebuyers who have limited savings or less than perfect credit. Borrowers must meet standard FHA guidelines and the property must pass an FHA appraisal.
What are the down payment requirements for an FHA loan in Illinois?
The minimum down payment for an FHA loan is 3.5 percent of the purchase price if your credit score is 580 or higher. If your score is between 500 and 579, you may need a 10 percent down payment. These requirements are set by HUD and apply uniformly across Illinois including Roscoe.
Are there any Illinois-specific rules for FHA loan specialists?
Yes, Illinois requires all mortgage loan originators to be licensed and registered with the Nationwide Multistate Licensing System. Loan specialists must also complete continuing education each year. Additionally, Illinois has specific laws about loan officer compensation and disclosure requirements.