Find FHA Loan Specialists in Farmington Hills, MI
Browse fha loan specialists serving Farmington Hills, Michigan. 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 Michigan before hiring.
Showing 17 fha loan specialists in Farmington Hills, MI
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a FHA Loan Specialist in Farmington Hills Cost?
Typical costs for an FHA loan in Michigan include an upfront mortgage insurance premium of 1.75 percent of the loan amount and annual mortgage insurance premiums of 0.55 to 0.85 percent. Closing costs in Farmington Hills range from 2 to 5 percent of the purchase price. Other fees include appraisal costs around $500 to $700 and credit report fees of $30 to $50. 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 are the FHA loan limits for Farmington Hills Michigan?
For 2024 the FHA loan limit for Oakland County including Farmington Hills is $498,257 for a single-family home. Higher limits apply for duplexes triplexes and four-unit properties. These limits are set by the U.S. Department of Housing and Urban Development.
What credit score is needed for an FHA loan in Michigan?
FHA loans typically require a minimum credit score of 580 for a 3.5 percent down payment. Borrowers with scores between 500 and 579 may qualify with 10 percent down. Michigan lenders may have their own overlays requiring higher scores.
How long does FHA loan approval take in Farmington Hills?
FHA loan approval in Michigan usually takes 30 to 45 days from application to closing. This timeline includes appraisal underwriting and final approval. Delays can occur if additional documentation is needed or if the property requires repairs.