Illinois is globally recognized for its most populous city, Chicago, or as many call it, the Windy City. Just as it can be hard to keep your footing when the wind whips around the Sears Tower, assessing your home financing options can leave you feeling more than a little off balance.
Fortunately, many residents have found their footing, and decided the Illinois FHA loan program was the right choice for them. Keep reading to see how an FHA loan in Illinois may be right for you.
Whether you want to be in the city, or prefer to live elsewhere, choosing to buy a home in Illinois is a great choice. With an average household income of $61,000, which is above the national average, many Illinois residents are using FHA loans to save a little extra money. As of April 2019, the total value of FHA loans in Illinois was $355 million!
The maximum loan limit in Illinois is adjusted every year and the baseline limit for 2023 is currently $472,030. However, the amount is adjusted depending on the location you decide to buy a house. Check the link below to see a full list of Illinois FHA loan limits for 2023.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.