FHA Loan Specialists in Mercer Island, WA
Compare fha loan specialists in Mercer Island. Review contact information and insurance categorys before you decide.
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State Mortgage Licensing Authority of Washington before hiring.
Showing 3 fha loan specialists in Mercer Island, WA
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An FHA loan specialist in Mercer Island, Washington can help you navigate FHA-insured mortgages for single-family homes and condos. Washington state law requires all loan originators to be licensed under the Washington Department of Financial Institutions. Mercer Island buyers often use FHA loans for properties near Lake Washington or in the citys residential neighborhoods.
What Does a FHA Loan Specialist in Mercer Island Cost?
Typical costs for an FHA loan specialist in Washington include an origination fee of 1% of the loan amount, plus third-party fees for appraisal and credit report. Appraisal fees in King County range from $500 to $800. The upfront mortgage insurance premium is 1.75% of the loan amount, and annual MIP is 0.55% to 0.85%. Costs vary by case. 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 are the FHA loan limits for Mercer Island in 2025?
For 2025, the FHA loan limit for a single-family home in King County, including Mercer Island, is $1,209,750. This amount applies to high-cost areas and is set by the U.S. Department of Housing and Urban Development.
Do I need a special license to be an FHA loan specialist in Washington?
Yes. In Washington, all mortgage loan originators must hold a state license through the Nationwide Multistate Licensing System (NMLS). They must also complete pre-licensing education and pass a background check per Washington Revised Code 31.04.
Can I use an FHA loan to buy a condo on Mercer Island?
Yes, but the condo complex must be on the FHA-approved condominium list. Many Mercer Island condos are approved, but you should verify with your loan specialist. Washington state law requires disclosure of any pending litigation that could affect approval.