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.