Illinois FHA Mortgage Limits for 2014 - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Thursday, December 19, 2013

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.

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