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2019 FHA Loan Limits in Illinois

In Illinois, FHA loan limits for a single-family home range from $314,827 across much of the state to $368,000 in some Chicago-area counties.

If you’re on the hunt for a house in Illinois, there’s both good news and bad news. The good news? You might face less competition from other homebuyers than you’d have in many other parts of the country.

Due to a slow recovery after the Great Recession, sales in the Prairie State are more sluggish than in other U.S. markets. Illinois home prices have been on the rise since 2013, but as of 2016, they were still 10 percent lower than before the recession, according to data from the Federal Housing Finance Agency. High property taxes have pushed many buyers out of the market, making it easier for those who can swing the tax bill to grab their dream home at an affordable price.

While other big U.S. cities boast rising prices and bidding wars, the housing market languishes in Chicago, the third-largest city in the country. In fact, Realtor.com predicts the city’s housing market will come in dead last out of 100 major metro areas in 2019. Chicago is expected to see a 7.4 percent decrease in existing home sales, compared with an average 2 percent drop across the country, and a 1.9 percent fall in home prices.

The median sales price in Illinois in 2018 was $205,000 for single-family homes, according to Illinois Realtors.

In 2016, the most recent year for which this data is available, 43,332 FHA loans were made in Illinois for a total of $7.5 billion. In 2018, 3.61 percent of FHA loans were issued in Illinois, and Illinois made the list of top 10 states for FHA loans.

Illinois FHA loan limits by county

FHA Loan Limits in Illinois
County Single-Family Limit Two-Family Limit Three-Family Limit Four-Family Limit Median Sale Price
Adams $314,827 $403,125 $487,250 $605,525 $105,000
Alexander $314,827 $403,125 $487,250 $605,525 $163,000
Bond $314,827 $403,125 $487,250 $605,525 $236,000
Boone $339,250 $434,300 $524,950 $652,400 $180,000
Brown $314,827 $403,125 $487,250 $605,525 $92,000
Bureau $314,827 $403,125 $487,250 $605,525 $125,000
Calhoun $314,827 $403,125 $487,250 $605,525 $236,000
Carroll $314,827 $403,125 $487,250 $605,525 $73,000
Cass $314,827 $403,125 $487,250 $605,525 $81,000
Champaign $314,827 $403,125 $487,250 $605,525 $153,000
Christian $314,827 $403,125 $487,250 $605,525 $78,000
Clark $314,827 $403,125 $487,250 $605,525 $75,000
Clay $314,827 $403,125 $487,250 $605,525 $65,000
Clinton $314,827 $403,125 $487,250 $605,525 $236,000
Coles $314,827 $403,125 $487,250 $605,525 $96,000
Cook $368,000 $471,100 $569,450 $707,700 $320,000
Crawford $314,827 $403,125 $487,250 $605,525 $60,000
Cumberland $314,827 $403,125 $487,250 $605,525 $96,000
De Witt $314,827 $403,125 $487,250 $605,525 $160,000
Dekalb $368,000 $471,100 $569,450 $707,700 $320,000
Douglas $314,827 $403,125 $487,250 $605,525 $107,000
Dupage $368,000 $471,100 $569,450 $707,700 $320,000
Edgar $314,827 $403,125 $487,250 $605,525 $83,000
Edwards $314,827 $403,125 $487,250 $605,525 $75,000
Effingham $314,827 $403,125 $487,250 $605,525 $121,000
Fayette $314,827 $403,125 $487,250 $605,525 $86,000
Ford $314,827 $403,125 $487,250 $605,525 $153,000
Franklin $314,827 $403,125 $487,250 $605,525 $72,000
Fulton $314,827 $403,125 $487,250 $605,525 $58,000
Gallatin $314,827 $403,125 $487,250 $605,525 $31,000
Greene $314,827 $403,125 $487,250 $605,525 $81,000
Grundy $368,000 $471,100 $569,450 $707,700 $320,000
Hamilton $314,827 $403,125 $487,250 $605,525 $99,000
Hancock $314,827 $403,125 $487,250 $605,525 $94,000
Hardin $314,827 $403,125 $487,250 $605,525 $71,000
Henderson $314,827 $403,125 $487,250 $605,525 $88,000
Henry $314,827 $403,125 $487,250 $605,525 $155,000
Iroquois $314,827 $403,125 $487,250 $605,525 $100,000
Jackson $314,827 $403,125 $487,250 $605,525 $93,000
Jasper $314,827 $403,125 $487,250 $605,525 $104,000
Jefferson $314,827 $403,125 $487,250 $605,525 $75,000
Jersey $314,827 $403,125 $487,250 $605,525 $236,000
Jo Daviess $314,827 $403,125 $487,250 $605,525 $113,000
Johnson $314,827 $403,125 $487,250 $605,525 $101,000
Kane $368,000 $471,100 $569,450 $707,700 $320,000
Kankakee $314,827 $403,125 $487,250 $605,525 $135,000
Kendall $368,000 $471,100 $569,450 $707,700 $320,000
Knox $314,827 $403,125 $487,250 $605,525 $72,000
Lake $368,000 $471,100 $569,450 $707,700 $320,000
Lasalle $314,827 $403,125 $487,250 $605,525 $125,000
Lawrence $314,827 $403,125 $487,250 $605,525 $75,000
Lee $314,827 $403,125 $487,250 $605,525 $91,000
Livingston $314,827 $403,125 $487,250 $605,525 $116,000
Logan $314,827 $403,125 $487,250 $605,525 $83,000
Macon $314,827 $403,125 $487,250 $605,525 $90,000
Macoupin $314,827 $403,125 $487,250 $605,525 $236,000
Madison $314,827 $403,125 $487,250 $605,525 $236,000
Marion $314,827 $403,125 $487,250 $605,525 $51,000
Marshall $314,827 $403,125 $487,250 $605,525 $138,000
Mason $314,827 $403,125 $487,250 $605,525 $87,000
Massac $314,827 $403,125 $487,250 $605,525 $140,000
Mcdonough $314,827 $403,125 $487,250 $605,525 $98,000
Mchenry $368,000 $471,100 $569,450 $707,700 $320,000
Mclean $314,827 $403,125 $487,250 $605,525 $160,000
Menard $314,827 $403,125 $487,250 $605,525 $134,000
Mercer $314,827 $403,125 $487,250 $605,525 $155,000
Monroe $314,827 $403,125 $487,250 $605,525 $236,000
Montgomery $314,827 $403,125 $487,250 $605,525 $64,000
Morgan $314,827 $403,125 $487,250 $605,525 $104,000
Moultrie $314,827 $403,125 $487,250 $605,525 $85,000
Ogle $314,827 $403,125 $487,250 $605,525 $124,000
Peoria $314,827 $403,125 $487,250 $605,525 $138,000
Perry $314,827 $403,125 $487,250 $605,525 $66,000
Piatt $314,827 $403,125 $487,250 $605,525 $153,000
Pike $314,827 $403,125 $487,250 $605,525 $79,000
Pope $314,827 $403,125 $487,250 $605,525 $96,000
Pulaski $314,827 $403,125 $487,250 $605,525 $64,000
Putnam $314,827 $403,125 $487,250 $605,525 $125,000
Randolph $314,827 $403,125 $487,250 $605,525 $76,000
Richland $314,827 $403,125 $487,250 $605,525 $89,000
Rock Island $314,827 $403,125 $487,250 $605,525 $155,000
Saline $314,827 $403,125 $487,250 $605,525 $50,000
Sangamon $314,827 $403,125 $487,250 $605,525 $134,000
Schuyler $314,827 $403,125 $487,250 $605,525 $84,000
Scott $314,827 $403,125 $487,250 $605,525 $104,000
Shelby $314,827 $403,125 $487,250 $605,525 $65,000
St. Clair $314,827 $403,125 $487,250 $605,525 $236,000
Stark $314,827 $403,125 $487,250 $605,525 $138,000
Stephenson $314,827 $403,125 $487,250 $605,525 $104,000
Tazewell $314,827 $403,125 $487,250 $605,525 $138,000
Union $314,827 $403,125 $487,250 $605,525 $99,000
Vermilion $314,827 $403,125 $487,250 $605,525 $45,000
Wabash $314,827 $403,125 $487,250 $605,525 $84,000
Warren $314,827 $403,125 $487,250 $605,525 $73,000
Washington $314,827 $403,125 $487,250 $605,525 $114,000
Wayne $314,827 $403,125 $487,250 $605,525 $28,000
White $314,827 $403,125 $487,250 $605,525 $73,000
Whiteside $314,827 $403,125 $487,250 $605,525 $84,000
Will $368,000 $471,100 $569,450 $707,700 $320,000
Williamson $314,827 $403,125 $487,250 $605,525 $93,000
Winnebago $339,250 $434,300 $524,950 $652,400 $180,000
Woodford $314,827 $403,125 $487,250 $605,525 $138,000

How are FHA loan limits determined?

The FHA places limits on the sizes of mortgages it insures. The minimum loan limit is referred to as a floor, while the maximum loan limit is known as a ceiling and represents the largest loan the FHA is willing to insure in high-cost areas.

The baseline conforming loan limit, which dictates how large of a loan Fannie Mae and Freddie Mac will purchase, determines FHA loan limits. In 2019, $484,350 is where the national conforming loan limit begins. This is up from $453,100 in 2018.

$314,827 is the 2019 FHA floor, and it represents 65 percent of the conforming limit. The floor is up from $294,515 in 2018.

The FHA ceiling is 115 percent of the median house price in a certain county or metropolitan statistical area. If the median house price is greater than the $484,350 baseline, the ceiling for a single-unit home is $726,525, or 150 percent of the baseline. This is up from $679,650 in 2018.

Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in Illinois?

FHA loans offer an affordable way to buy a home and put less of your own cash into a down payment if you meet requirements. If you’ve got a credit score of 580 or higher, you may qualify for the low down payment option of 3.5 percent. If you have a lower score, you may still qualify but with a higher down payment. Do you think an FHA loan might be your ticket to homeownership? Find out more about credit score, income and other requirements through our guide to FHA loans.

 

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