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Illinois FHA Loans

FHA Mortgage Loan Programs in Illinois
FHA Loan Requirements - 2020 FHA Loan Limits

Illinois FHA Loans | Requirements | 2020 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 2020 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.

2020 Illinois FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Illinois:

County Single Family 2 Family 3 Family 4 Family
ADAMS $331,760 $424,800 $513,450 $638,100
ALEXANDER $331,760 $424,800 $513,450 $638,100
BOND $331,760 $424,800 $513,450 $638,100
BOONE $339,250 $434,300 $524,950 $652,400
BROWN $331,760 $424,800 $513,450 $638,100
BUREAU $331,760 $424,800 $513,450 $638,100
CALHOUN $331,760 $424,800 $513,450 $638,100
CARROLL $331,760 $424,800 $513,450 $638,100
CASS $331,760 $424,800 $513,450 $638,100
CHAMPAIGN $331,760 $424,800 $513,450 $638,100
CHRISTIAN $331,760 $424,800 $513,450 $638,100
CLARK $331,760 $424,800 $513,450 $638,100
CLAY $331,760 $424,800 $513,450 $638,100
CLINTON $331,760 $424,800 $513,450 $638,100
COLES $331,760 $424,800 $513,450 $638,100
COOK $368,000 $471,100 $569,450 $707,700
CRAWFORD $331,760 $424,800 $513,450 $638,100
CUMBERLAND $331,760 $424,800 $513,450 $638,100
DE WITT $331,760 $424,800 $513,450 $638,100
DEKALB $368,000 $471,100 $569,450 $707,700
DOUGLAS $331,760 $424,800 $513,450 $638,100
DUPAGE $368,000 $471,100 $569,450 $707,700
EDGAR $331,760 $424,800 $513,450 $638,100
EDWARDS $331,760 $424,800 $513,450 $638,100
EFFINGHAM $331,760 $424,800 $513,450 $638,100
FAYETTE $331,760 $424,800 $513,450 $638,100
FORD $331,760 $424,800 $513,450 $638,100
FRANKLIN $331,760 $424,800 $513,450 $638,100
FULTON $331,760 $424,800 $513,450 $638,100
GALLATIN $331,760 $424,800 $513,450 $638,100
GREENE $331,760 $424,800 $513,450 $638,100
GRUNDY $368,000 $471,100 $569,450 $707,700
HAMILTON $331,760 $424,800 $513,450 $638,100
HANCOCK $331,760 $424,800 $513,450 $638,100
HARDIN $331,760 $424,800 $513,450 $638,100
IROQUOIS $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JASPER $331,760 $424,800 $513,450 $638,100
JEFFERSON $331,760 $424,800 $513,450 $638,100
JERSEY $331,760 $424,800 $513,450 $638,100
JO DAVIESS $331,760 $424,800 $513,450 $638,100
JOHNSON $331,760 $424,800 $513,450 $638,100
KANE $368,000 $471,100 $569,450 $707,700
KANKAKEE $331,760 $424,800 $513,450 $638,100
KENDALL $368,000 $471,100 $569,450 $707,700
KNOX $331,760 $424,800 $513,450 $638,100
LAKE $368,000 $471,100 $569,450 $707,700
LASALLE $331,760 $424,800 $530,150 $638,100
LAWRENCE $331,760 $424,800 $513,450 $638,100
LEE $331,760 $424,800 $513,450 $638,100
LIVINGSTON $331,760 $424,800 $513,450 $638,100
LOGAN $331,760 $424,800 $513,450 $638,100
MACON $331,760 $424,800 $513,450 $638,100
MACOUPIN $331,760 $424,800 $513,450 $638,100
MADISON $331,760 $424,800 $513,450 $638,100
MARION $331,760 $424,800 $513,450 $638,100
MARSHALL $331,760 $424,800 $513,450 $638,100
MASON $331,760 $424,800 $513,450 $638,100
MASSAC $331,760 $424,800 $513,450 $638,100
MCDONOUGH $331,760 $424,800 $513,450 $638,100
MCHENRY $368,000 $471,100 $569,450 $707,700
MCLEAN $331,760 $424,800 $513,450 $638,100
MENARD $331,760 $424,800 $513,450 $638,100
MERCER $331,760 $424,800 $513,450 $638,100
MONROE $331,760 $424,800 $513,450 $638,100
MONTGOMERY $331,760 $424,800 $513,450 $638,100
MORGAN $331,760 $424,800 $513,450 $638,100
MOULTIRE $331,760 $424,800 $513,450 $638,100
OGLE $331,760 $424,800 $513,450 $638,100
PEORIA $331,760 $424,800 $513,450 $638,100
PERRY $331,760 $424,800 $513,450 $638,100
PIATT $331,760 $424,800 $513,450 $638,100
PIKE $331,760 $424,800 $513,450 $638,100
POPE $331,760 $424,800 $513,450 $638,100
PULASKI $331,760 $424,800 $513,450 $638,100
PUTNAM $331,760 $424,800 $513,450 $638,100
RANDOLPH $331,760 $424,800 $513,450 $638,100
RICHLAND $331,760 $424,800 $513,450 $638,100
ROCK ISLAND $331,760 $424,800 $513,450 $638,100
SALINE $331,760 $424,800 $513,450 $638,100
SANGAMON $331,760 $424,800 $513,450 $638,100
SCHUYLER $331,760 $424,800 $513,450 $638,100
SCOTT $331,760 $424,800 $513,450 $638,100
SHELBY $331,760 $424,800 $513,450 $638,100
ST. CLAIR $331,760 $424,800 $513,450 $638,100
STARK $331,760 $424,800 $513,450 $638,100
STEPHENSON $331,760 $424,800 $513,450 $638,100
TAZEWELL $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VERMILION $331,760 $424,800 $513,450 $638,100
WABASH $331,760 $424,800 $513,450 $638,100
WARREN $331,760 $424,800 $513,450 $638,100
WASHINGTON $331,760 $424,800 $513,450 $638,100
WAYNE $331,760 $424,800 $513,450 $638,100
WHITE $331,760 $424,800 $513,450 $638,100
WHITE SIDE $331,760 $424,800 $513,450 $638,100
WILL $368,000 $471,100 $569,450 $707,700
WILLIAMSON $331,760 $424,800 $513,450 $638,100
WINNEBAGO $339,250 $434,300 $524,950 $652,400
WOODFORD $331,760 $424,800 $513,450 $638,100

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