FHA Loan Limits in Illinois
Illinois homebuyers with lower credit scores and little money saved up may qualify to borrow up to $472,030 to buy a single-family home with a loan backed by the Federal Housing Administration (FHA). Borrowers looking for two- to four-unit homes get even more, with the ability to borrow as much as $907,900 for a four-unit home. Here’s more on what you should know about securing an FHA loan in Illinois.
Illinois FHA loan limits by county
| County name | One unit | Two unit | Three unit | Four unit | Median sale price |
|---|---|---|---|---|---|
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 | $134,000 |
| ALEXANDER | $472,030 | $604,400 | $730,525 | $907,900 | $200,000 |
| BOND | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 | $190,000 |
| BROWN | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| BUREAU | $472,030 | $604,400 | $730,525 | $907,900 | $286,000 |
| CALHOUN | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 | $85,000 |
| CASS | $472,030 | $604,400 | $730,525 | $907,900 | $102,000 |
| CHAMPAIGN | $472,030 | $604,400 | $730,525 | $907,900 | $190,000 |
| CHRISTIAN | $472,030 | $604,400 | $730,525 | $907,900 | $85,000 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 | $97,000 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 | $76,000 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| COLES | $472,030 | $604,400 | $730,525 | $907,900 | $129,000 |
| COOK | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| CUMBERLAND | $472,030 | $604,400 | $730,525 | $907,900 | $129,000 |
| DE WITT | $472,030 | $604,400 | $730,525 | $907,900 | $98,000 |
| DEKALB | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| DOUGLAS | $472,030 | $604,400 | $730,525 | $907,900 | $151,000 |
| DUPAGE | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| EDGAR | $472,030 | $604,400 | $730,525 | $907,900 | $104,000 |
| EDWARDS | $472,030 | $604,400 | $730,525 | $907,900 | $43,000 |
| EFFINGHAM | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 | $70,000 |
| FORD | $472,030 | $604,400 | $730,525 | $907,900 | $96,000 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 | $96,000 |
| FULTON | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| GALLATIN | $472,030 | $604,400 | $730,525 | $907,900 | $36,000 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 | $104,000 |
| GRUNDY | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 | $48,000 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 | $112,000 |
| HARDIN | $472,030 | $604,400 | $730,525 | $907,900 | $37,000 |
| HENDERSON | $472,030 | $604,400 | $730,525 | $907,900 | $189,000 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 | $194,000 |
| IROQUOIS | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| JASPER | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| JERSEY | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| JO DAVIESS | $472,030 | $604,400 | $730,525 | $907,900 | $187,000 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| KANE | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| KANKAKEE | $472,030 | $604,400 | $730,525 | $907,900 | $135,000 |
| KENDALL | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| KNOX | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| LASALLE | $472,030 | $604,400 | $730,525 | $907,900 | $286,000 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 | $66,000 |
| LEE | $472,030 | $604,400 | $730,525 | $907,900 | $112,000 |
| LIVINGSTON | $472,030 | $604,400 | $730,525 | $907,900 | $114,000 |
| LOGAN | $472,030 | $604,400 | $730,525 | $907,900 | $109,000 |
| MACON | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| MACOUPIN | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| MASON | $472,030 | $604,400 | $730,525 | $907,900 | $65,000 |
| MASSAC | $472,030 | $604,400 | $730,525 | $907,900 | $155,000 |
| MCDONOUGH | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| MCHENRY | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| MCLEAN | $472,030 | $604,400 | $730,525 | $907,900 | $181,000 |
| MENARD | $472,030 | $604,400 | $730,525 | $907,900 | $142,000 |
| MERCER | $472,030 | $604,400 | $730,525 | $907,900 | $194,000 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 | $82,000 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| MOULTRIE | $472,030 | $604,400 | $730,525 | $907,900 | $94,000 |
| OGLE | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| PEORIA | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| PERRY | $472,030 | $604,400 | $730,525 | $907,900 | $83,000 |
| PIATT | $472,030 | $604,400 | $730,525 | $907,900 | $190,000 |
| PIKE | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| POPE | $472,030 | $604,400 | $730,525 | $907,900 | $35,000 |
| PULASKI | $472,030 | $604,400 | $730,525 | $907,900 | $77,000 |
| PUTNAM | $472,030 | $604,400 | $730,525 | $907,900 | $286,000 |
| RANDOLPH | $472,030 | $604,400 | $730,525 | $907,900 | $93,000 |
| RICHLAND | $472,030 | $604,400 | $730,525 | $907,900 | $111,000 |
| ROCK ISLAND | $472,030 | $604,400 | $730,525 | $907,900 | $194,000 |
| SALINE | $472,030 | $604,400 | $730,525 | $907,900 | $60,000 |
| SANGAMON | $472,030 | $604,400 | $730,525 | $907,900 | $142,000 |
| SCHUYLER | $472,030 | $604,400 | $730,525 | $907,900 | $68,000 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| ST. CLAIR | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| STARK | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| STEPHENSON | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| TAZEWELL | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 | $138,000 |
| VERMILION | $472,030 | $604,400 | $730,525 | $907,900 | $74,000 |
| WABASH | $472,030 | $604,400 | $730,525 | $907,900 | $101,000 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $116,000 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 | $57,000 |
| WHITE | $472,030 | $604,400 | $730,525 | $907,900 | $70,000 |
| WHITESIDE | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| WILL | $472,030 | $604,400 | $730,525 | $907,900 | $386,000 |
| WILLIAMSON | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| WINNEBAGO | $472,030 | $604,400 | $730,525 | $907,900 | $190,000 |
| WOODFORD | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
How are FHA loan limits determined?
FHA loan limits change on a yearly basis based on a percentage of the conforming loan limits — which rose to $726,200 for 2023 — published by the Federal Housing Finance Agency (FHFA).
HUD sets the FHA “floor” and “ceiling” on a county-by-county basis to determine the low- and high-cost limits.
The FHA floor is set based on 65% of the conforming loan limit, which comes out to $472,030 if you’re buying a one-unit home. The FHA ceiling is set at up to 150% of the current conforming loan limit in high-cost parts of the country, which allows single-family homebuyers to borrow up to $1,089,300. However, there are no high-cost counties in the state of Illinois based on the most recent HUD FHA loan limit update.
How to qualify for an FHA loan in Illinois
Illinois FHA loans may benefit aspiring homeowners with smaller down payments and lower credit scores than conventional loans allow. With median home prices capping out at $386,000 in the most expensive counties in Illinois, you’re not likely to need more than the $472,030 limit for a one-unit home.
Whether you’re buying your first home or you’ve been through the process a few times, you’ll still need to meet the FHA loan requirements to qualify:
Down payment and credit scores: Borrowers with credit scores of 580 or higher may qualify with down payments as low as just 3.5%. Borrowers with credit scores between 500 and 579 may still be able to qualify for FHA loans. They’ll just have to make larger down payments of at least 10%.
Debt-to-income (DTI) ratio: Your DTI ratio is the measure of how much of your income is taken up by monthly debt payments. FHA lenders prefer that this ratio is less than or equal to 43%, but exceptions are possible with good credit and extra savings.
Mortgage insurance: The mortgage insurance on an FHA loan is charged on both an upfront and a yearly basis. The upfront mortgage insurance premium (UFMIP) is based on 1.75% of the total loan amount and collected at the time of closing. The annual mortgage insurance premium (MIP), which ranges between 0.45% and 1.05%, is divided by 12 and added to your monthly payment.
Occupancy: To get an FHA loan, the home you buy must be your primary residence for at least 12 months.
FHA appraisal: An FHA appraisal must be completed to assess the home’s value and condition if you’re buying a home with an FHA mortgage.
Buying a multifamily property with an FHA loan
FHA loan guidelines allow you to purchase a multifamily home with up to four units with a 3.5% down payment and higher loan limits for each additional unit. An added bonus: You may be able to use the rental income to qualify. You must live in one of the units for at least a year as your primary residence.
The table below shows theFHA loan limits in Illinois for multifamily homes:
| Number of units | 2023 FHA loan limits in Illinois |
|---|---|
| Two | $604,400 |
| Three | $730,525 |
| Four | $907,900 |
FHA lenders in Illinois
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| PennyMac Mortgage | 5 stars | 580 |
| Truist Mortgage | 4 stars | 580 |
| Fairway Independent Mortgage | 3 stars | 580 |
| Caliber Home Loans | 3 stars | 620 |