FHA Mortgage Limit for the Chicago Metropolitan Statistical Area
The FHA maximum mortgage limit for the greater Chicago area is $410,000 for a single family detached home, townhome or condominium. This amount increases for multifamily properties. The FHA maximum mortgage list, effective September 9, 2013, is below:
One family: $410,000
Two Family: $524,850
Three Family: $634,450
Four Family: $788,450
There is some discussion that Fannie Mae and Freddie Mac may lower the limit for conforming loans. If that happens, FHA is almost certain to reduce the maximum mortgage they will insure throughout the state of Illinois.
Keep in mind that FHA offers several key benefits to home buyers. One of the most important advantages of an FHA loan is the down payment – they only require 3.5% down. Another important benefit relates to credit requirements. FHA will allow home buyers to have less than perfect credit when they apply for a loan.
Below is a link that will connect you to HUD’s website. From this page you can search for the most recent FHA maximum mortgage for your area.
If you have questions regarding Illinois FHA mortgage loans, please contact one of our knowledgeable mortgage bankers today.