Illinois FHA Loans | Requirements | 2023 FHA Loan Limits
If you wish to own a home in Illinois, FHA loans are the best opportunity for you. Backed by the FHA (Federal Housing Administration), the sole aim of this loan system is to assist the dream of owning a home by every average American. FHA loans have gained highest popularity due to its government backing, low down payments and the most lenient qualifying criterions. This could aid an individual with credit score of just 500 and get to purchase a home at the lowest downpayment of 3.5%.
Illinois FHA Loan Requirements
Finding it hard to figure out the eligibility criteria to qualify for the FHA loans. Here is a list of the basic requirements to get an FHA loan in Illinois. If you would like to find out if you are eligible for an FHA loan, we can help match you with your lender. To have an FHA lender contact you, request a free consultation.
- Credit Score– FHA loans help you qualify under two prime categories concerning your credit score. Individuals with a score of 580 or above qualify for 3.5% down payment, however, individuals with credit scores range in between 500-579, still qualify but at 10% down payment.
- Job History – Job history plays a pivotal part in the qualifying process. In order to qualify, the borrower must submit an employment proof of 2 years in consistency. In case of a job switch, one needs to validate their consistent employment record or income proof.
- Financial Statements– Compile a list of all your financial documents to help your lender validate your qualification. Keep a copy of your two recent bank statements, along with other documents including- the pay stubs, and tax returns.
- Debt-to-Income– Borrowers willing to qualify under the FHA loan system should make sure that their debt-to-income ratio is not higher than 43%. Others might however, still qualify with higher debt to income ratios on the “compensating factors” which includes- substantial money in the savings account, a consistent and longer job history, or their great credit scores.
- Primary Residence– No matter who you are or what your credit scores are, the sole purpose of FHA loans is to make home ownership possible for individuals of even the lower income group. However, if you intent to buy a home for investment or vacant home purpose, you might fail to qualify. It is mandatory for the borrower to buy the house and live in that house under the FHA loan system.
- Mortgage Insurance– No matter which lender one opt for, FHA loans, require two types of mortgage insurances which includes- the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). For further clarification, you may get in touch with us and use this FHA loan calculator to get an estimate of your monthly financial obligations.
- FHA Loan Limits– Every FHA loans has a set lending limit based on the regional setup that are benchmarked at the county level. You can view the 2023 FHA loan limits for all counties in Illinois below.
Willing to check if you qualify for an FHA loan? Let us help you with our supreme mortgage lenders, offering the best rated FHA loans in Illinois. To let the most appropriate FHA lender contact you, request a free consultation.
2023 Illinois FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Illinois:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 |
| ALEXANDER | $472,030 | $604,400 | $730,525 | $907,900 |
| BOND | $472,030 | $604,400 | $730,525 | $907,900 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 |
| BROWN | $472,030 | $604,400 | $730,525 | $907,900 |
| BUREAU | $472,030 | $604,400 | $730,525 | $907,900 |
| CALHOUN | $472,030 | $604,400 | $730,525 | $907,900 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| CASS | $472,030 | $604,400 | $730,525 | $907,900 |
| CHAMPAIGN | $472,030 | $604,400 | $730,525 | $907,900 |
| CHRISTIAN | $472,030 | $604,400 | $730,525 | $907,900 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 |
| COLES | $472,030 | $604,400 | $730,525 | $907,900 |
| COOK | $472,030 | $604,400 | $730,525 | $907,900 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 |
| CUMBERLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| DEKALB | $472,030 | $604,400 | $730,525 | $907,900 |
| DE WITT | $472,030 | $604,400 | $730,525 | $907,900 |
| DOUGLAS | $472,030 | $604,400 | $730,525 | $907,900 |
| DUPAGE | $472,030 | $604,400 | $730,525 | $907,900 |
| EDGAR | $472,030 | $604,400 | $730,525 | $907,900 |
| EDWARDS | $472,030 | $604,400 | $730,525 | $907,900 |
| EFFINGHAM | $472,030 | $604,400 | $730,525 | $907,900 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| FORD | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| FULTON | $472,030 | $604,400 | $730,525 | $907,900 |
| GALLATIN | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 |
| GRUNDY | $472,030 | $604,400 | $730,525 | $907,900 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 |
| HARDIN | $472,030 | $604,400 | $730,525 | $907,900 |
| HENDERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 |
| IROQUOIS | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JASPER | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JERSEY | $472,030 | $604,400 | $730,525 | $907,900 |
| JO DAVIESS | $472,030 | $604,400 | $730,525 | $907,900 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 |
| KANE | $472,030 | $604,400 | $730,525 | $907,900 |
| KANKAKEE | $472,030 | $604,400 | $730,525 | $907,900 |
| KENDALL | $472,030 | $604,400 | $730,525 | $907,900 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
| LASALLE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 |
| LEE | $472,030 | $604,400 | $730,525 | $907,900 |
| LIVINGSTON | $472,030 | $604,400 | $730,525 | $907,900 |
| LOGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| MCDONOUGH | $472,030 | $604,400 | $730,525 | $907,900 |
| MCHENRY | $472,030 | $604,400 | $730,525 | $907,900 |
| MCLEAN | $472,030 | $604,400 | $730,525 | $907,900 |
| MACON | $472,030 | $604,400 | $730,525 | $907,900 |
| MACOUPIN | $472,030 | $604,400 | $730,525 | $907,900 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 |
| MASON | $472,030 | $604,400 | $730,525 | $907,900 |
| MASSAC | $472,030 | $604,400 | $730,525 | $907,900 |
| MENARD | $472,030 | $604,400 | $730,525 | $907,900 |
| MERCER | $472,030 | $604,400 | $730,525 | $907,900 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| MOULTRIE | $472,030 | $604,400 | $730,525 | $907,900 |
| OGLE | $472,030 | $604,400 | $730,525 | $907,900 |
| PEORIA | $472,030 | $604,400 | $730,525 | $907,900 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 |
| PIATT | $472,030 | $604,400 | $730,525 | $907,900 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 |
| POPE | $472,030 | $604,400 | $730,525 | $907,900 |
| PULASKI | $472,030 | $604,400 | $730,525 | $907,900 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 |
| RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 |
| RICHLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| ROCK ISLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. CLAIR | $472,030 | $604,400 | $730,525 | $907,900 |
| SALINE | $472,030 | $604,400 | $730,525 | $907,900 |
| SANGAMON | $472,030 | $604,400 | $730,525 | $907,900 |
| SCHUYLER | $472,030 | $604,400 | $730,525 | $907,900 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 |
| STARK | $472,030 | $604,400 | $730,525 | $907,900 |
| STEPHENSON | $472,030 | $604,400 | $730,525 | $907,900 |
| TAZEWELL | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 |
| VERMILION | $472,030 | $604,400 | $730,525 | $907,900 |
| WABASH | $472,030 | $604,400 | $730,525 | $907,900 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 |
| WHITE | $472,030 | $604,400 | $730,525 | $907,900 |
| WHITESIDE | $472,030 | $604,400 | $730,525 | $907,900 |
| WILL | $472,030 | $604,400 | $730,525 | $907,900 |
| WILLIAMSON | $472,030 | $604,400 | $730,525 | $907,900 |
| WINNEBAGO | $472,030 | $604,400 | $730,525 | $907,900 |
| WOODFORD | $472,030 | $604,400 | $730,525 | $907,900 |