Illinois FHA Mortgage Limits for 2014
The Federal Housing Administration has lowered their mortgage limits for Illinois. There are many benefits to an FHA mortgage loan. As a potential homebuyer an FHA mortgage can be a very attractive option for you. With lower credit requirements, interest rates comparable to conventional loans and down payment requirements as low as 3.5%, an FHA loan is a great choice for many people.
FHA loan limits throughout most of the Chicagoland area have been set at $410,000, however as of 2014 these limits are changing. As of January 1, 2014 the new FHA mortgage loan limit for a single family residence will be $365,700 (Boone County will be slightly lower at $339,250).
The loan limits for other sorts of dwellings are changing as well. Many people purchase multi-unit properties, live in one of the units, and rent out the others. This can be a great way to provide income for yourself and pay your mortgage. If you wanted to purchase a three-unit property in Downtown Chicago, you would be able to get an FHA loan for $565,900.
If you are interested in an FHA loans, or have any other questions regarding mortgage financing, feel free contact United Home Loans today.