FHA Home Loans in Illinois
Illinois (IL) FHA loans are mortgages insured by the Federal Housing Administration which give Illinois borrowers/homeowners the ability to secure IL home loans, when they don’t quality for other conventional loans. For example, future Illinois homeowners with little credit history or poor credit history are sometimes able to qualify for Illinois FHA loans.
Illinois FHA Loans for First Time Homeowners
IL FHA loans are ideal for first-time Illinois homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in IL
FHA also offers a refinancing option for Illinois homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
Illinois FHA Loan Requirements
- Income limit: None
- Illinois borrower credit score flexibility
- 3.5 percent down payment on Illinois Purchase Loans
- Bankruptcy requirements: IL FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: Illinois FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Illinois (IL) FHA Loan Limits
FHA loan limits in Illinois vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in Illinois), etc. Please contact Home Point Financial’s Illinois FHA loan experts for details on loan limits for FHA loans in Illinois (IL). Contact Home Point Financial to learn more about FHA Loans in Chicago, Aurora, Rockford and throughout Illinois.
