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Illinois FHA Loan Rates

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Securing an FHA Loan in Illinois

FHA loans are mortgage loans insured by the Federal Housing Administration that are issued by federally qualified FHA lenders. Illinois FHA loans allow prospective homeowners to borrow money for the purchase of homes that they would not otherwise be able to afford. To find out how much you can borrow, check the table below for the  Illinois FHA loan limits by county.

Illinois FHA Loan Requirements

In order to obtain an FHA loan, borrowers must satisfy Illinois FHA Loan Requirements. While loans guaranteed by the Federal Housing Administration include fairly lenient qualifications, borrowers must satisfy requirements regarding down payment, debt to income ratio, income and residency. 

General Requirements

  • Your down payment must be 3.5% or greater (96.5% loan-to-value, or LTV).
  • FHA requires a credit score of 500 or greater, but many lenders will not accept less than 580.
  • Your debt-to-income ratio (DTI) should be no greater than 45 - 50%.
  • Loan Limit (max allowable loan amount): Up to $625,500 in higher cost areas and as low as $271,050 in lower cost areas (see bottom of this page). 
  • Mortgage Insurance is required depending on loan terms and down payment.
  • Properties must meet FHA guidelines based on a home inspection.

Mortgage Insurance

  • An upfront premium of 1.75% the base loan amount is required at closing. 
  • Unless your mortgage term is less than or equal to 15 years and down payment is greater than or equal to 22%, a monthly mortgage insurance premium (MIP) must be paid alongside your principal and interest. 
  • The monthly payment can be canceled on loans with 10% or more down payment after reaching 78% LTV and the 11 year mark. 
  • If your down payment is less than 10%, you must also pay monthly mortgage insurance for the life of the loan.

Illinois FHA Streamline Refinance 

FHA homeowners can get a lower rate or adjust their mortgage term with little hassle through an FHA Streamline refinance. Unlike other refinances, the FHA Streamline does not require a new home appraisal, and there is no income or employment verification step; the result is a faster process and with less paperwork. Borrowers who are underwater on their FHA mortgage, without significant equity, or have experienced any employment or credit hardships can still qualify for the fixed or adjustable-rate mortgage a Streamline refinance provides. 

Streamline Refinance Requirements:

  • Borrower must currently have an FHA-insured mortgage.
  • The refinance must pose a net tangible benefit for the borrower, meaning the process and fees won't outweigh the advantages. 
  • A minimum of six mortgage payments must have been made at the time of applying, or applying must be at least 210 days from closing.
  • Borrower must have clean payment history from the past year. 

Refinancing borrowers will likely have to pay an upfront and monthly mortgage insurance premium (MIP).

Illinois FHA Loan Lenders

As mentioned above, FHA loans can be originated by qualified FHA loan lenders in IL. These lenders have received approval from the U.S. Department of Housing and Urban Development (HUD) and are qualified to issue all types of FHA loans, including FHA Streamline Refinances, FHA 203k Loans, and FHA Loans for the purchase of FHA-Approved Condos.

Illinois Counties and FHA Loan Limits

County Name One-Family Two-Family Three-Family Four-Family
ADAMS $271,050 $347,000 $419,400 $521,250
ALEXANDER $271,050 $347,000 $419,400 $521,250
BOND $281,250 $360,050 $435,200 $540,850
BOONE
$339,250
$434,300
$524,950
$652,400
BROWN $271,050 $347,000 $419,400 $521,250
BUREAU $271,050 $347,000 $419,400 $521,250
CALHOUN $281,250 $360,050 $435,200 $540,850
CARROLL $271,050 $347,000 $419,400 $521,250
CASS $271,050 $347,000 $419,400 $521,250
CHAMPAIGN $271,050 $347,000 $419,400 $521,250
CHRISTIAN $271,050 $347,000 $419,400 $521,250
CLARK $271,050 $347,000 $419,400 $521,250
CLAY $271,050 $347,000 $419,400 $521,250
CLINTON $281,250 $360,050 $435,200 $540,850
COLES $271,050 $347,000 $419,400 $521,250
COOK $410,000 $524,850 $634,450 $788,450
CRAWFORD $271,050 $347,000 $419,400 $521,250
CUMBERLAND $271,050 $347,000 $419,400 $521,250
DE WITT $271,050 $347,000 $419,400 $521,250
DEKALB $410,000 $524,850 $634,450 $788,450
DOUGLAS $271,050 $347,000 $419,400 $521,250
DUPAGE $410,000 $524,850 $634,450 $788,450
EDGAR $271,050 $347,000 $419,400 $521,250
EDWARDS $271,050 $347,000 $419,400 $521,250
EFFINGHAM $271,050 $347,000 $419,400 $521,250
FAYETTE $271,050 $347,000 $419,400 $521,250
FORD $271,050 $347,000 $419,400 $521,250
FRANKLIN $271,050 $347,000 $419,400 $521,250
FULTON $271,050 $347,000 $419,400 $521,250
GALLATIN $271,050 $347,000 $419,400 $521,250
GREENE $271,050 $347,000 $419,400 $521,250
GRUNDY $410,000 $524,850 $634,450 $788,450
HAMILTON $271,050 $347,000 $419,400 $521,250
HANCOCK $271,050 $347,000 $419,400 $521,250
HARDIN $271,050 $347,000 $419,400 $521,250
HENDERSON $271,050 $347,000 $419,400 $521,250
HENRY $271,050 $347,000 $419,400 $521,250
IROQUOIS $271,050 $347,000 $419,400 $521,250
JACKSON $271,050 $347,000 $419,400 $521,250
JASPER $271,050 $347,000 $419,400 $521,250
JEFFERSON $271,050 $347,000 $419,400 $521,250
JERSEY $281,250 $360,050 $435,200 $540,850
JO DAVIESS $271,050 $347,000 $419,400 $521,250
JOHNSON $271,050 $347,000 $419,400 $521,250
KANE $410,000 $524,850 $634,450 $788,450
KANKAKEE $271,050 $347,000 $419,400 $521,250
KENDALL $410,000 $524,850 $634,450 $788,450
KNOX $271,050 $347,000 $419,400 $521,250
LA SALLE $271,050 $347,000 $419,400 $521,250
LAKE $410,000 $524,850 $634,450 $788,450
LAWRENCE
$271,050
$347,000
$419,425
$521,250
LEE
$271,050
$347,000
$419,425
$521,250
LIVINGSTON
$271,050
$347,000
$419,425
$521,250
LOGAN
$271,050
$347,000
$419,425
$521,250
MACON
$271,050
$347,000
$419,425
$521,250
MACOUPIN
$281,250
$360,050
$435,200
$540,850
MADISON
$281,250
$360,050
$435,200
$540,850
MARION
$271,050
$347,000
$419,425
$521,250
MARSHALL
$271,050
$347,000
$419,425
$521,250
MASON
$271,050
$347,000
$419,425
$521,250
MASSAC
$271,050
$347,000
$419,425
$521,250
MCDONOUGH
$271,050
$347,000
$419,425
$521,250
MCHENRY
$410,000
$524,850
$634,450
$788,450
MCLEAN
$271,050
$347,000
$419,425
$521,250
MENARD
$271,050
$347,000
$419,425
$521,250
MERCER
$271,050
$347,000
$419,425
$521,250
MONROE
$281,250
$360,050
$435,200
$540,850
MONTGOMERY
$271,050
$347,000
$419,425
$521,250
MORGAN
$271,050
$347,000
$419,425
$521,250
MOULTRIE
$271,050
$347,000
$419,425
$521,250
OGLE
$271,050
$347,000
$419,425
$521,250
PEORIA
$271,050
$347,000
$419,425
$521,250
PERRY
$271,050
$347,000
$419,425
$521,250
PIATT
$271,050
$347,000
$419,425
$521,250
PIKE
$271,050
$347,000
$419,425
$521,250
POPE
$271,050
$347,000
$419,425
$521,250
PULASKI
$271,050
$347,000
$419,425
$521,250
PUTNAM
$271,050
$347,000
$419,425
$521,250
RANDOLPH
$271,050
$347,000
$419,425
$521,250
RICHLAND
$271,050
$347,000
$419,425
$521,250
ROCK ISLAND
$271,050
$347,000
$419,425
$521,250
SALINE
$271,050
$347,000
$419,425
$521,250
SANGAMON
$271,050
$347,000
$419,425
$521,250
SCHUYLER
$271,050
$347,000
$419,425
$521,250
SCOTT
$271,050
$347,000
$419,425
$521,250
SHELBY
$271,050
$347,000
$419,425
$521,250
ST. CLAIR
$281,250
$360,050
$435,200
$540,850
STARK
$271,050
$347,000
$419,425
$521,250
STEPHENSON
$271,050
$347,000
$419,425
$521,250
TAZEWELL
$271,050
$347,000
$419,425
$521,250
UNION
$271,050
$347,000
$419,425
$521,250
VERMILION
$271,050
$347,000
$419,425
$521,250
WABASH
$271,050
$347,000
$419,425
$521,250
WARREN
$271,050
$347,000
$419,425
$521,250
WASHINGTON
$271,050
$347,000
$419,425
$521,250
WAYNE
$271,050
$347,000
$419,425
$521,250
WHITE
$271,050
$347,000
$419,425
$521,250
WHITESIDE
$271,050
$347,000
$419,425
$521,250
WILL
$410,000
$524,850
$634,450
$788,450
WILLIAMSON
$271,050
$347,000
$419,425
$521,250
WINNEBAGO
$339,250
$434,300
$524,950
$652,400
WOODFORD
$271,050
$347,000
$419,425
$521,250
Local Cities

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