FHA Loan Specialists in Madison, MS
Browse fha loan specialists serving Madison, Mississippi. 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 Mississippi before hiring.
Showing 13 fha loan specialists in Madison, MS
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
An FHA loan specialist in Madison Mississippi helps borrowers secure mortgages insured by the Federal Housing Administration. These loans are popular for first-time homebuyers and those with lower credit scores. Mississippi law requires all mortgage loan originators to be licensed through the Nationwide Multistate Licensing System (NMLS).
What Does a FHA Loan Specialist in Madison Cost?
Typical costs for an FHA loan specialist in Mississippi include an upfront mortgage insurance premium (UFMIP) of 1.75 percent of the loan amount and an annual mortgage insurance premium (MIP) ranging from 0.45 percent to 1.05 percent. Lender origination fees vary but often range from 0.5 percent to 1.5 percent of the loan. Closing costs in Madison generally total 2 to 5 percent of the home 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 credit score do I need for an FHA loan in Madison Mississippi?
The minimum credit score for an FHA loan is typically 580 with a 3.5 percent down payment. Borrowers with scores between 500 and 579 may qualify with a 10 percent down payment. Each lender in Mississippi may set its own requirements above the FHA minimum.
Are there specific property requirements for FHA loans in Mississippi?
Yes, the property must meet FHA minimum property standards for safety and soundness. An FHA appraiser inspects the home to ensure it meets these requirements. This is a standard rule across all states including Mississippi.
How long does the FHA loan process take in Madison Mississippi?
The typical FHA loan process takes 30 to 45 days from application to closing. Delays can occur if the appraisal or underwriting requires additional documentation. Mississippi law does not set a specific time limit for this process.