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2021 FHA Loan Limits in Illinois

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The federal government has set the maximum amount an Illinoisan homebuyer can borrow with an FHA loan between $356,362 and $379,500 for a single-family home, depending on which county the property is located in. The lower number applies to most of the state, but Chicagoland homebuyers might be able to qualify for nearly $380,000.

Dreaming about buying a house in Illinois? This may be the perfect time to make the leap. And thanks to the Federal Housing Administration (FHA), some Illinoisans can qualify for federally backed loans to help get them into a new house. This year, residents will be able to borrow even more with an FHA loan in some areas to make their homebuying dreams come true.

Illinois FHA loan limits by county

FHA Loan Limits in Illinois
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Adams $356,362 $456,275 $551,500 $685,400 $120,000
Brown $356,362 $456,275 $551,500 $685,400 $84,000
Bureau $356,362 $456,275 $551,500 $685,400 $114,000
Cass $356,362 $456,275 $551,500 $685,400 $60,000
Champaign $356,362 $456,275 $551,500 $685,400 $168,000
Clark $356,362 $456,275 $551,500 $685,400 $85,000
Clay $356,362 $456,275 $551,500 $685,400 $65,000
Cook $379,500 $485,800 $587,250 $729,800 $330,000
Crawford $356,362 $456,275 $551,500 $685,400 $71,000
De Witt $356,362 $456,275 $551,500 $685,400 $75,000
Edwards $356,362 $456,275 $551,500 $685,400 $43,000
Effingham $356,362 $456,275 $551,500 $685,400 $119,000
Fayette $356,362 $456,275 $551,500 $685,400 $60,000
Fulton $356,362 $456,275 $551,500 $685,400 $146,000
Gallatin $356,362 $456,275 $551,500 $685,400 $45,000
Grundy $379,500 $485,800 $587,250 $729,800 $330,000
Hamilton $356,362 $456,275 $551,500 $685,400 $50,000
Henderson $356,362 $456,275 $551,500 $685,400 $89,000
Henry $356,362 $456,275 $551,500 $685,400 $166,000
Jackson $356,362 $456,275 $551,500 $685,400 $106,000
Jasper $356,362 $456,275 $551,500 $685,400 $61,000
Jefferson $356,362 $456,275 $551,500 $685,400 $83,000
Jo Daviess $356,362 $456,275 $551,500 $685,400 $141,000
Johnson $356,362 $456,275 $551,500 $685,400 $106,000
Kane $379,500 $485,800 $587,250 $729,800 $330,000
Kankakee $356,362 $456,275 $551,500 $685,400 $135,000
Lasalle $356,362 $456,275 $551,500 $685,400 $114,000
Macon $356,362 $456,275 $551,500 $685,400 $94,000
Macoupin $356,362 $456,275 $551,500 $685,400 $261,000
Marshall $356,362 $456,275 $551,500 $685,400 $146,000
Mchenry $379,500 $485,800 $587,250 $729,800 $330,000
Mclean $356,362 $456,275 $551,500 $685,400 $163,000
Mercer $356,362 $456,275 $551,500 $685,400 $166,000
Monroe $356,362 $456,275 $551,500 $685,400 $261,000
Pulaski $356,362 $456,275 $551,500 $685,400 $70,000
Putnam $356,362 $456,275 $551,500 $685,400 $114,000
Randolph $356,362 $456,275 $551,500 $685,400 $78,000
Scott $356,362 $456,275 $551,500 $685,400 $93,000
Shelby $356,362 $456,275 $551,500 $685,400 $75,000
St. Clair $356,362 $456,275 $551,500 $685,400 $261,000
Stark $356,362 $456,275 $551,500 $685,400 $146,000
Stephenson $356,362 $456,275 $551,500 $685,400 $106,000
Union $356,362 $456,275 $551,500 $685,400 $111,000
Wabash $356,362 $456,275 $551,500 $685,400 $88,000
Washington $356,362 $456,275 $551,500 $685,400 $120,000
Wayne $356,362 $456,275 $551,500 $685,400 $50,000
White $356,362 $456,275 $551,500 $685,400 $49,000
Whiteside $356,362 $456,275 $551,500 $685,400 $86,000
Winnebago $356,362 $456,275 $551,500 $685,400 $175,000
Woodford $356,362 $456,275 $551,500 $685,400 $146,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in Illinois?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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