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Illinois FHA Loans

FHA Mortgage Loan Programs in Illinois
FHA Loan Requirements - 2023 FHA Loan Limits

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

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