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Illinois FHA Loans

FHA Mortgage Loan Programs in Illinois
FHA Loan Requirements - 2022 FHA Loan Limits

Illinois FHA Loans | Requirements | 2022 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Illinois.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Illinois FHA Loan Requirements

Below are some 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 a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2022 FHA loan limits for all counties in Illinois below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Illinois.  To have an FHA lender contact you, request a free consultation.

2022 Illinois FHA Loan Limits

Below are the 2022 FHA loan limits for every county in Illinois:

County Single Family 2 Family 3 Family 4 Family
ADAMS $420,680 $538,650 $651,050 $809,150
ALEXANDER $420,680 $538,650 $651,050 $809,150
BOND $420,680 $538,650 $651,050 $809,150
BOONE $420,680 $538,650 $651,050 $809,150
BROWN $420,680 $538,650 $651,050 $809,150
BUREAU $420,680 $538,650 $651,050 $809,150
CALHOUN $420,680 $538,650 $651,050 $809,150
CARROLL $420,680 $538,650 $651,050 $809,150
CASS $420,680 $538,650 $651,050 $809,150
CHAMPAIGN $420,680 $538,650 $651,050 $809,150
CHRISTIAN $420,680 $538,650 $651,050 $809,150
CLARK $420,680 $538,650 $651,050 $809,150
CLAY $420,680 $538,650 $651,050 $809,150
CLINTON $420,680 $538,650 $651,050 $809,150
COLES $420,680 $538,650 $651,050 $809,150
COOK $420,680 $538,650 $651,050 $809,150
CRAWFORD $420,680 $538,650 $651,050 $809,150
CUMBERLAND $420,680 $538,650 $651,050 $809,150
DEKALB $420,680 $538,650 $651,050 $809,150
DE WITT $420,680 $538,650 $651,050 $809,150
DOUGLAS $420,680 $538,650 $651,050 $809,150
DUPAGE $420,680 $538,650 $651,050 $809,150
EDGAR $420,680 $538,650 $651,050 $809,150
EDWARDS $420,680 $538,650 $651,050 $809,150
EFFINGHAM $420,680 $538,650 $651,050 $809,150
FAYETTE $420,680 $538,650 $651,050 $809,150
FORD $420,680 $538,650 $651,050 $809,150
FRANKLIN $420,680 $538,650 $651,050 $809,150
FULTON $420,680 $538,650 $651,050 $809,150
GALLATIN $420,680 $538,650 $651,050 $809,150
GREENE $420,680 $538,650 $651,050 $809,150
GRUNDY $420,680 $538,650 $651,050 $809,150
HAMILTON $420,680 $538,650 $651,050 $809,150
HANCOCK $420,680 $538,650 $651,050 $809,150
HARDIN $420,680 $538,650 $651,050 $809,150
HENDERSON $420,680 $538,650 $651,050 $809,150
HENRY $420,680 $538,650 $651,050 $809,150
IROQUOIS $420,680 $538,650 $651,050 $809,150
JACKSON $420,680 $538,650 $651,050 $809,150
JASPER $420,680 $538,650 $651,050 $809,150
JEFFERSON $420,680 $538,650 $651,050 $809,150
JERSEY $420,680 $538,650 $651,050 $809,150
JO DAVIESS $420,680 $538,650 $651,050 $809,150
JOHNSON $420,680 $538,650 $651,050 $809,150
KANE $420,680 $538,650 $651,050 $809,150
KANKAKEE $420,680 $538,650 $651,050 $809,150
KENDALL $420,680 $538,650 $651,050 $809,150
KNOX $420,680 $538,650 $651,050 $809,150
LAKE $420,680 $538,650 $651,050 $809,150
LASALLE $420,680 $538,650 $651,050 $809,150
LAWRENCE $420,680 $538,650 $651,050 $809,150
LEE $420,680 $538,650 $651,050 $809,150
LIVINGSTON $420,680 $538,650 $651,050 $809,150
LOGAN $420,680 $538,650 $651,050 $809,150
MCDONOUGH $420,680 $538,650 $651,050 $809,150
MCHENRY $420,680 $538,650 $651,050 $809,150
MCLEAN $420,680 $538,650 $651,050 $809,150
MACON $420,680 $538,650 $651,050 $809,150
MACOUPIN $420,680 $538,650 $651,050 $809,150
MADISON $420,680 $538,650 $651,050 $809,150
MARION $420,680 $538,650 $651,050 $809,150
MARSHALL $420,680 $538,650 $651,050 $809,150
MASON $420,680 $538,650 $651,050 $809,150
MASSAC $420,680 $538,650 $651,050 $809,150
MENARD $420,680 $538,650 $651,050 $809,150
MERCER $420,680 $538,650 $651,050 $809,150
MONROE $420,680 $538,650 $651,050 $809,150
MONTGOMERY $420,680 $538,650 $651,050 $809,150
MORGAN $420,680 $538,650 $651,050 $809,150
MOULTRIE $420,680 $538,650 $651,050 $809,150
OGLE $420,680 $538,650 $651,050 $809,150
PEORIA $420,680 $538,650 $651,050 $809,150
PERRY $420,680 $538,650 $651,050 $809,150
PIATT $420,680 $538,650 $651,050 $809,150
PIKE $420,680 $538,650 $651,050 $809,150
POPE $420,680 $538,650 $651,050 $809,150
PULASKI $420,680 $538,650 $651,050 $809,150
PUTNAM $420,680 $538,650 $651,050 $809,150
RANDOLPH $420,680 $538,650 $651,050 $809,150
RICHLAND $420,680 $538,650 $651,050 $809,150
ROCK ISLAND $420,680 $538,650 $651,050 $809,150
ST. CLAIR $420,680 $538,650 $651,050 $809,150
SALINE $420,680 $538,650 $651,050 $809,150
SANGAMON $420,680 $538,650 $651,050 $809,150
SCHUYLER $420,680 $538,650 $651,050 $809,150
SCOTT $420,680 $538,650 $651,050 $809,150
SHELBY $420,680 $538,650 $651,050 $809,150
STARK $420,680 $538,650 $651,050 $809,150
STEPHENSON $420,680 $538,650 $651,050 $809,150
TAZEWELL $420,680 $538,650 $651,050 $809,150
UNION $420,680 $538,650 $651,050 $809,150
VERMILION $420,680 $538,650 $651,050 $809,150
WABASH $420,680 $538,650 $651,050 $809,150
WARREN $420,680 $538,650 $651,050 $809,150
WASHINGTON $420,680 $538,650 $651,050 $809,150
WAYNE $420,680 $538,650 $651,050 $809,150
WHITE $420,680 $538,650 $651,050 $809,150
WHITESIDE $420,680 $538,650 $651,050 $809,150
WILL $420,680 $538,650 $651,050 $809,150
WILLIAMSON $420,680 $538,650 $651,050 $809,150
WINNEBAGO $420,680 $538,650 $651,050 $809,150
WOODFORD $420,680 $538,650 $651,050 $809,150

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