FHA Loan Specialists in Danvers, MA
Looking for a fha loan specialist in Danvers? Review the directory below to compare your options.
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 Massachusetts before hiring.
Showing 19 fha loan specialists in Danvers, MA
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FHA loan specialists in Danvers, Massachusetts help homebuyers navigate FHA-insured mortgages. These loans are popular for first-time buyers and those with lower credit scores. Massachusetts law requires lenders to provide a Good Faith Estimate within three days of application, and specialists ensure compliance with state and federal rules.
What Does a FHA Loan Specialist in Danvers Cost?
Typical costs for an FHA loan specialist in Massachusetts include an upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual premium of 0.55 percent. Origination fees range from 0.5 to 1.5 percent of the loan. Appraisal fees in Danvers average $500 to $700. Closing costs generally total 2 to 5 percent of the purchase price. 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 Danvers do?
An FHA loan specialist guides borrowers through the FHA loan process, including pre-approval, documentation, and closing. They help ensure the property meets FHA minimum property standards and that the loan complies with Massachusetts lending laws.
What are the FHA loan limits for Danvers Massachusetts?
For 2024, the FHA loan limit for a single-family home in Essex County, which includes Danvers, is $498,257. Higher limits apply for multi-unit properties. These limits are set by the Department of Housing and Urban Development and can change annually.
Are there Massachusetts-specific rules for FHA loans?
Yes. Massachusetts requires a mandatory 60-day right to cure period for foreclosure on FHA loans. Also, the state has strict anti-predatory lending laws that affect FHA loan terms. Specialists must follow these rules to protect borrowers.