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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

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 2023 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.

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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