Down Payment Requirements for Illinois Home Purchases - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Tuesday, September 10, 2013

Down Payment Requirements for Illinois Home Purchases

Fannie Mae recently announced that they were eliminating their 3% down payment fixed rate loan program. This change will further promote FHA mortgage lending as FHA only requires a 3.5% down payment. Below is a list of down payment requirements typically required for Illinois mortgage programs for single family homes, townhomes and condominiums:

Program Type Minimum Down Payment

FHA Mortgage Loans: 3.5%
Conventional Fixed Rate Loans: 5%
Conventional Adjustable Rate Loans: 10%
Jumbo Loan Amounts to $750,000: 10%
Jumbo Loan Amounts over $750,000: 20%
Jumbo Loan Amounts over $1,500,000: 25%

As the loan amount increases beyond $1,500,000 so does the down payment requirements. Typically loans over $2,000,000 require 30% down and so on.

If you are thinking about purchasing a home in Illinois and you have questions about how much you need to put down, please call one of our knowledgeable mortgage bankers today.

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