What is an FHA Loan? Requirements, How to Get One and Best Lenders
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Written by
Carissa Chesanek
Edited by
Timothy Manni
Updated on:
Content was accurate at the time of publication.
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Illinois homebuyers who are considering applying for home loan backed by the Federal Housing Administration (FHA) should know there are limits on how much they can borrow. The FHA loan limit for a single-family home in Illinois is $498,257 across all counties in the state. While your credit score doesn’t have to be good to qualify, there are some specific requirements involving mortgage insurance and appraisals, among other things.
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ADAMS | $498,257 | $637,950 | $771,125 | $958,350 | $137,000 |
| ALEXANDER | $498,257 | $637,950 | $771,125 | $958,350 | $205,000 |
| BOND | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| BOONE | $498,257 | $637,950 | $771,125 | $958,350 | $206,000 |
| BROWN | $498,257 | $637,950 | $771,125 | $958,350 | $73,000 |
| BUREAU | $498,257 | $637,950 | $771,125 | $958,350 | $320,000 |
| CALHOUN | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| CARROLL | $498,257 | $637,950 | $771,125 | $958,350 | $87,000 |
| CASS | $498,257 | $637,950 | $771,125 | $958,350 | $70,000 |
| CHAMPAIGN | $498,257 | $637,950 | $771,125 | $958,350 | $190,000 |
| CHRISTIAN | $498,257 | $637,950 | $771,125 | $958,350 | $83,000 |
| CLARK | $498,257 | $637,950 | $771,125 | $958,350 | $87,000 |
| CLAY | $498,257 | $637,950 | $771,125 | $958,350 | $77,000 |
| CLINTON | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| COLES | $498,257 | $637,950 | $771,125 | $958,350 | $120,000 |
| COOK | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| CRAWFORD | $498,257 | $637,950 | $771,125 | $958,350 | $82,000 |
| CUMBERLAND | $498,257 | $637,950 | $771,125 | $958,350 | $120,000 |
| DE WITT | $498,257 | $637,950 | $771,125 | $958,350 | $91,000 |
| DEKALB | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| DOUGLAS | $498,257 | $637,950 | $771,125 | $958,350 | $95,000 |
| DUPAGE | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| EDGAR | $498,257 | $637,950 | $771,125 | $958,350 | $49,000 |
| EDWARDS | $498,257 | $637,950 | $771,125 | $958,350 | $60,000 |
| EFFINGHAM | $498,257 | $637,950 | $771,125 | $958,350 | $135,000 |
| FAYETTE | $498,257 | $637,950 | $771,125 | $958,350 | $78,000 |
| FORD | $498,257 | $637,950 | $771,125 | $958,350 | $107,000 |
| FRANKLIN | $498,257 | $637,950 | $771,125 | $958,350 | $101,000 |
| FULTON | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| GALLATIN | $498,257 | $637,950 | $771,125 | $958,350 | $74,000 |
| GREENE | $498,257 | $637,950 | $771,125 | $958,350 | $108,000 |
| GRUNDY | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| HAMILTON | $498,257 | $637,950 | $771,125 | $958,350 | $40,000 |
| HANco*ck | $498,257 | $637,950 | $771,125 | $958,350 | $113,000 |
| HARDIN | $498,257 | $637,950 | $771,125 | $958,350 | $33,000 |
| HENDERSON | $498,257 | $637,950 | $771,125 | $958,350 | $188,000 |
| HENRY | $498,257 | $637,950 | $771,125 | $958,350 | $195,000 |
| IROQUOIS | $498,257 | $637,950 | $771,125 | $958,350 | $103,000 |
| JACKSON | $498,257 | $637,950 | $771,125 | $958,350 | $146,000 |
| JASPER | $498,257 | $637,950 | $771,125 | $958,350 | $79,000 |
| JEFFERSON | $498,257 | $637,950 | $771,125 | $958,350 | $90,000 |
| JERSEY | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| JO DAVIESS | $498,257 | $637,950 | $771,125 | $958,350 | $200,000 |
| JOHNSON | $498,257 | $637,950 | $771,125 | $958,350 | $146,000 |
| KANE | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| KANKAKEE | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| KENDALL | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| KNOX | $498,257 | $637,950 | $771,125 | $958,350 | $91,000 |
| LAKE | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| LASALLE | $498,257 | $637,950 | $771,125 | $958,350 | |
| LAWRENCE | $498,257 | $637,950 | $771,125 | $958,350 | $55,000 |
| LEE | $498,257 | $637,950 | $771,125 | $958,350 | $120,000 |
| LIVINGSTON | $498,257 | $637,950 | $771,125 | $958,350 | $110,000 |
| LOGAN | $498,257 | $637,950 | $771,125 | $958,350 | $96,000 |
| MACON | $498,257 | $637,950 | $771,125 | $958,350 | $109,000 |
| MACOUPIN | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| MADISON | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| MARION | $498,257 | $637,950 | $771,125 | $958,350 | $72,000 |
| MARSHALL | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| MASON | $498,257 | $637,950 | $771,125 | $958,350 | $72,000 |
| MASSAC | $498,257 | $637,950 | $771,125 | $958,350 | $153,000 |
| MCDONOUGH | $498,257 | $637,950 | $771,125 | $958,350 | $74,000 |
| MCHENRY | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| MCLEAN | $498,257 | $637,950 | $771,125 | $958,350 | $200,000 |
| MENARD | $498,257 | $637,950 | $771,125 | $958,350 | $140,000 |
| MERCER | $498,257 | $637,950 | $771,125 | $958,350 | $195,000 |
| MONROE | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| MONTGOMERY | $498,257 | $637,950 | $771,125 | $958,350 | $80,000 |
| MORGAN | $498,257 | $637,950 | $771,125 | $958,350 | $105,000 |
| MOULTRIE | $498,257 | $637,950 | $771,125 | $958,350 | $97,000 |
| OGLE | $498,257 | $637,950 | $771,125 | $958,350 | $152,000 |
| PEORIA | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| PERRY | $498,257 | $637,950 | $771,125 | $958,350 | $78,000 |
| PIATT | $498,257 | $637,950 | $771,125 | $958,350 | $190,000 |
| PIKE | $498,257 | $637,950 | $771,125 | $958,350 | $94,000 |
| POPE | $498,257 | $637,950 | $771,125 | $958,350 | $44,000 |
| PULASKI | $498,257 | $637,950 | $771,125 | $958,350 | $84,000 |
| PUTNAM | $498,257 | $637,950 | $771,125 | $958,350 | $320,000 |
| RANDOLPH | $498,257 | $637,950 | $771,125 | $958,350 | $93,000 |
| RICHLAND | $498,257 | $637,950 | $771,125 | $958,350 | $115,000 |
| ROCK ISLAND | $498,257 | $637,950 | $771,125 | $958,350 | $195,000 |
| SALINE | $498,257 | $637,950 | $771,125 | $958,350 | $58,000 |
| SANGAMON | $498,257 | $637,950 | $771,125 | $958,350 | $140,000 |
| SCHUYLER | $498,257 | $637,950 | $771,125 | $958,350 | $82,000 |
| SCOTT | $498,257 | $637,950 | $771,125 | $958,350 | $105,000 |
| SHELBY | $498,257 | $637,950 | $771,125 | $958,350 | $95,000 |
| ST. CLAIR | $498,257 | $637,950 | $771,125 | $958,350 | $350,000 |
| STARK | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| STEPHENSON | $498,257 | $637,950 | $771,125 | $958,350 | $133,000 |
| TAZEWELL | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| UNION | $498,257 | $637,950 | $771,125 | $958,350 | $140,000 |
| VERMILION | $498,257 | $637,950 | $771,125 | $958,350 | $75,000 |
| WABASH | $498,257 | $637,950 | $771,125 | $958,350 | $102,000 |
| WARREN | $498,257 | $637,950 | $771,125 | $958,350 | $87,000 |
| WASHINGTON | $498,257 | $637,950 | $771,125 | $958,350 | $120,000 |
| WAYNE | $498,257 | $637,950 | $771,125 | $958,350 | $66,000 |
| WHITE | $498,257 | $637,950 | $771,125 | $958,350 | $74,000 |
| WHITESIDE | $498,257 | $637,950 | $771,125 | $958,350 | $100,000 |
| WILL | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| WILLIAMSON | $498,257 | $637,950 | $771,125 | $958,350 | $146,000 |
| WINNEBAGO | $498,257 | $637,950 | $771,125 | $958,350 | $206,000 |
| WOODFORD | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
How are FHA loan limits determined?
FHA loan limits are adjusted annually based on changes to home prices. The National Housing Act sets FHA loan limits to be calculated as a percentage of the conforming loan limit amounts.
The lowest max amount you can borrow with an FHA loan is called the “floor,” and is 65% of the 2024 conforming loan limit of $766,550, or $498,257. The highest FHA loan limit is referred to as the “ceiling,” and is 150% of the conforming loan limit, or $1,149,825 f in pricier counties.
There are certain eligibility requirements for Illinois homebuyers interested in applying for FHA loans. All applicants must meet the following minimum requirements:
→Credit score and down payment: You’ll need at least a 580 credit score to make a 3.5% down payment. However, you can get approved with a score as low as 500 with a 10% down payment.
→Income history: FHA loan lenders will want to see employment and income history for the last two years to ensure stability.
→Debt-to-income ratio: Lenders will look at your debt-to-income (DTI) ratio (total monthly debt payments divided by pre-taxed monthly income ) to help determine whether you can afford a loan and be able to make monthly payments.
→Primary residence: FHA loans must be used for a primary residence and not for vacation homes or rentals.
→Home appraisal: The property must pass an FHA appraisal and inspection to determine the value of the home and ensure that it’s livable.
→Mortgage insurance: Two types of FHA mortgage insurance premiums are required: an upfront premium due at closing and an annual premium that is added to your monthly payment.
Buying a multifamily property with an FHA loan
A multifamily home of two to four units can also be purchased through the FHA program with the same qualifications as a single-family property. While qualifications can vary amongst lenders, to be eligible, the most basic requirements usually include:
- A credit score of at least 580 for a 3.5% down payment
- Proof of steady income
- Debt-to-income ratio under 43%
- Primary residence for at least a year and live in one of the units
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Illinois
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
|
| 580 | Get offers |
|
| Not disclosed | Get offers |
|
| 580 | Get offers |
|
| 580 | Get offers |
|
| 580 | Get offers |
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On this page
- Illinois FHA loan limits by county
- How are FHA loan limits determined?
- How to qualify for an FHA loan in Illinois
- FHA lenders in Illinois
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