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2022 FHA Loan Limits in Illinois
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Loans backed by the Federal Housing Administration (FHA) can be a good option for first-time homebuyers and those with lower incomes because they have less-stringent qualifying requirements. That said, FHA does limit how much borrowers can spend on a property that’s financed by one of its loans.
In Illinois, the FHA loan limit in 2022 for a single-family home is $420,680. It stays the same statewide, even in higher-cost areas like Chicago.
Illinois FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ADAMS | $420,680 | $538,650 | $651,050 | $809,150 | $139,000 |
| ALEXANDER | $420,680 | $538,650 | $651,050 | $809,150 | $188,000 |
| BOND | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| BOONE | $420,680 | $538,650 | $651,050 | $809,150 | $188,000 |
| BROWN | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| BUREAU | $420,680 | $538,650 | $651,050 | $809,150 | $144,000 |
| CALHOUN | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| CARROLL | $420,680 | $538,650 | $651,050 | $809,150 | $84,000 |
| CASS | $420,680 | $538,650 | $651,050 | $809,150 | $96,000 |
| CHAMPAIGN | $420,680 | $538,650 | $651,050 | $809,150 | $184,000 |
| CHRISTIAN | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| CLARK | $420,680 | $538,650 | $651,050 | $809,150 | $88,000 |
| CLAY | $420,680 | $538,650 | $651,050 | $809,150 | $63,000 |
| CLINTON | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| COLES | $420,680 | $538,650 | $651,050 | $809,150 | $99,000 |
| COOK | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| CRAWFORD | $420,680 | $538,650 | $651,050 | $809,150 | $70,000 |
| CUMBERLAND | $420,680 | $538,650 | $651,050 | $809,150 | $99,000 |
| DE WITT | $420,680 | $538,650 | $651,050 | $809,150 | $93,000 |
| DEKALB | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| DOUGLAS | $420,680 | $538,650 | $651,050 | $809,150 | $94,000 |
| DUPAGE | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| EDGAR | $420,680 | $538,650 | $651,050 | $809,150 | $59,000 |
| EDWARDS | $420,680 | $538,650 | $651,050 | $809,150 | $60,000 |
| EFFINGHAM | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| FAYETTE | $420,680 | $538,650 | $651,050 | $809,150 | $70,000 |
| FORD | $420,680 | $538,650 | $651,050 | $809,150 | $103,000 |
| FRANKLIN | $420,680 | $538,650 | $651,050 | $809,150 | $86,000 |
| FULTON | $420,680 | $538,650 | $651,050 | $809,150 | $140,000 |
| GALLATIN | $420,680 | $538,650 | $651,050 | $809,150 | $48,000 |
| GREENE | $420,680 | $538,650 | $651,050 | $809,150 | $92,000 |
| GRUNDY | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| HAMILTON | $420,680 | $538,650 | $651,050 | $809,150 | $44,000 |
| HANCOCK | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| HARDIN | $420,680 | $538,650 | $651,050 | $809,150 | $35,000 |
| HENDERSON | $420,680 | $538,650 | $651,050 | $809,150 | $98,000 |
| HENRY | $420,680 | $538,650 | $651,050 | $809,150 | $180,000 |
| IROQUOIS | $420,680 | $538,650 | $651,050 | $809,150 | $81,000 |
| JACKSON | $420,680 | $538,650 | $651,050 | $809,150 | $122,000 |
| JASPER | $420,680 | $538,650 | $651,050 | $809,150 | $48,000 |
| JEFFERSON | $420,680 | $538,650 | $651,050 | $809,150 | $89,000 |
| JERSEY | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| JO DAVIESS | $420,680 | $538,650 | $651,050 | $809,150 | $160,000 |
| JOHNSON | $420,680 | $538,650 | $651,050 | $809,150 | $122,000 |
| KANE | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| KANKAKEE | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| KENDALL | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| KNOX | $420,680 | $538,650 | $651,050 | $809,150 | $83,000 |
| LAKE | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| LASALLE | $420,680 | $538,650 | $651,050 | $809,150 | $144,000 |
| LAWRENCE | $420,680 | $538,650 | $651,050 | $809,150 | $89,000 |
| LEE | $420,680 | $538,650 | $651,050 | $809,150 | $110,000 |
| LIVINGSTON | $420,680 | $538,650 | $651,050 | $809,150 | $100,000 |
| LOGAN | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| MACON | $420,680 | $538,650 | $651,050 | $809,150 | $100,000 |
| MACOUPIN | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| MADISON | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| MARION | $420,680 | $538,650 | $651,050 | $809,150 | $69,000 |
| MARSHALL | $420,680 | $538,650 | $651,050 | $809,150 | $140,000 |
| MASON | $420,680 | $538,650 | $651,050 | $809,150 | $68,000 |
| MASSAC | $420,680 | $538,650 | $651,050 | $809,150 | $145,000 |
| MCDONOUGH | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| MCHENRY | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| MCLEAN | $420,680 | $538,650 | $651,050 | $809,150 | $170,000 |
| MENARD | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| MERCER | $420,680 | $538,650 | $651,050 | $809,150 | $180,000 |
| MONROE | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| MONTGOMERY | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| MORGAN | $420,680 | $538,650 | $651,050 | $809,150 | $108,000 |
| MOULTRIE | $420,680 | $538,650 | $651,050 | $809,150 | $101,000 |
| OGLE | $420,680 | $538,650 | $651,050 | $809,150 | $150,000 |
| PEORIA | $420,680 | $538,650 | $651,050 | $809,150 | $140,000 |
| PERRY | $420,680 | $538,650 | $651,050 | $809,150 | $71,000 |
| PIATT | $420,680 | $538,650 | $651,050 | $809,150 | $184,000 |
| PIKE | $420,680 | $538,650 | $651,050 | $809,150 | $97,000 |
| POPE | $420,680 | $538,650 | $651,050 | $809,150 | $48,000 |
| PULASKI | $420,680 | $538,650 | $651,050 | $809,150 | $53,000 |
| PUTNAM | $420,680 | $538,650 | $651,050 | $809,150 | $144,000 |
| RANDOLPH | $420,680 | $538,650 | $651,050 | $809,150 | $85,000 |
| RICHLAND | $420,680 | $538,650 | $651,050 | $809,150 | $102,000 |
| ROCK ISLAND | $420,680 | $538,650 | $651,050 | $809,150 | $180,000 |
| SALINE | $420,680 | $538,650 | $651,050 | $809,150 | $62,000 |
| SANGAMON | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| SCHUYLER | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| SCOTT | $420,680 | $538,650 | $651,050 | $809,150 | $108,000 |
| SHELBY | $420,680 | $538,650 | $651,050 | $809,150 | $77,000 |
| ST. CLAIR | $420,680 | $538,650 | $651,050 | $809,150 | $286,000 |
| STARK | $420,680 | $538,650 | $651,050 | $809,150 | $140,000 |
| STEPHENSON | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| TAZEWELL | $420,680 | $538,650 | $651,050 | $809,150 | $140,000 |
| UNION | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| VERMILION | $420,680 | $538,650 | $651,050 | $809,150 | $68,000 |
| WABASH | $420,680 | $538,650 | $651,050 | $809,150 | $94,000 |
| WARREN | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| WASHINGTON | $420,680 | $538,650 | $651,050 | $809,150 | $116,000 |
| WAYNE | $420,680 | $538,650 | $651,050 | $809,150 | $64,000 |
| WHITE | $420,680 | $538,650 | $651,050 | $809,150 | $61,000 |
| WHITESIDE | $420,680 | $538,650 | $651,050 | $809,150 | $90,000 |
| WILL | $420,680 | $538,650 | $651,050 | $809,150 | $360,000 |
| WILLIAMSON | $420,680 | $538,650 | $651,050 | $809,150 | $122,000 |
| WINNEBAGO | $420,680 | $538,650 | $651,050 | $809,150 | $188,000 |
| WOODFORD | $420,680 | $538,650 | $651,050 | $809,150 | $140,000 |
How are FHA loan limits determined?
FHA loan limits change on a yearly basis and are closely tied to the previous year’s median home price data. Each year, the Federal Housing Finance Agency (FHFA) uses sale price data to set the conforming loan limit which is $647,200 in 2022. Then, the Department of Housing and Urban Development (HUD) uses that information to set FHA loan limits.
In particular, HUD will use the information set the “FHA floor” and “FHA ceiling.” The FHA floor signifies the minimum loan amount and worth 65% of the conforming loan limit, or $420,680. The FHA ceiling, meanwhile, is the maximum loan amount and it is worth 115% of the current conforming loan limit, but this only applies to high-cost areas.
Once those parameters have been set, FHA loan limits are determined on a county-by-county basis by analyzing median home price data from the previous year.
How to qualify for an FHA loan in Illinois
Illinois FHA loans can help prospective borrowers with smaller down payments and lower credit scores to become homeowners. In addition, if this is your first time purchasing a home, you may be able to qualify for additional help from one of these Illinois first-time homebuyer programs.
Whether you’re buying your first home or you’ve been through this process a few times, you’ll still need to meet the FHA loan requirements to qualify:
→ Minimum 3.5% down payment: Borrowers with a credit score of 580 or higher will be able to make a down payment as low as just 3.5%.
→ Minimum 500 credit score: . If you have a credit score between 500 and 579, you may still be able to qualify for an FHA loan. You’ll just have to make a larger down payment of at least 10%.
→ Debt-to-income ratio (DTI) of 43% or less: Your debt-to-income ratio is the measure of how much income you bring in each month versus how much of it is being used to pay off your existing debts. FHA lenders prefer that this ratio is less than or equal to 43%.
→ Primary residence: If you’re going to get an FHA loan, you’ll need to plan to live in the property and make it your primary residence for at least 12 months after purchase. FHA loans typically cannot be used to buy vacation homes or investment properties.
→ FHA loan limits: The purchase price of the home must fall within the FHA loan limits for the county in which the property is located.
→ FHA appraisal: Properties that are bought with an FHA loan must have an FHA appraisal before closing on the property.
→ 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 worth 1.75% of the total loan amount and is collected at the time of closing. Then, there is also an annual mortgage insurance premium (MIP), which ranges between 0.45% and 1.05%, depending on the borrower’s loan-to-value ratio (LTV).
Buying a multifamily property with an FHA loan
You could use an FHA loan to purchase a multifamily property of up to four units. If you live in one of those units, you could rent out the others without needing an investment property mortgage. The same FHA loan requirements would apply for buying a multi-unit property.
FHA lenders in Illinois
Here’s five highly rated mortgage lenders in Illinois.
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| BMO Harris Bank | 8.5 | 580 |
| Guild Mortgage | 9 | 540 |
| Lower.com Mortgage | 10 | 580 |
| PennyMac | 9 | 620 |
| Rocket Mortgage | 9.5 | 580 |