What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Illinois conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Illinois conventional loan limits are the same thing as Illinois conforming loan limits.

Illinois Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Illinois are determined by:

  • Illinois Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Illinois are set at the floor amount of $424,100 across the entire state. Metro areas in IL with a conforming limit of $424,100 include Chicago, Aurora, Rockford, Joliet, Peoria and Champaign.

Search all Conventional Loan Limits in Illinois:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAMSQUINCY, IL-MO$510,400$653,550$789,950$981,700
ALEXANDERCAPE GIRARDEAU, MO-IL$510,400$653,550$789,950$981,700
BONDST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
BOONEROCKFORD, IL$510,400$653,550$789,950$981,700
BROWNNON-METRO$510,400$653,550$789,950$981,700
BUREAUOTTAWA, IL$510,400$653,550$789,950$981,700
CALHOUNST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
CARROLLNON-METRO$510,400$653,550$789,950$981,700
CASSNON-METRO$510,400$653,550$789,950$981,700
CHAMPAIGNCHAMPAIGN-URBANA, IL$510,400$653,550$789,950$981,700
CHRISTIANTAYLORVILLE, IL$510,400$653,550$789,950$981,700
CLARKNON-METRO$510,400$653,550$789,950$981,700
CLAYNON-METRO$510,400$653,550$789,950$981,700
CLINTONST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
COLESCHARLESTON-MATTOON, IL$510,400$653,550$789,950$981,700
COOKCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
CRAWFORDNON-METRO$510,400$653,550$789,950$981,700
CUMBERLANDCHARLESTON-MATTOON, IL$510,400$653,550$789,950$981,700
DE WITTNON-METRO$510,400$653,550$789,950$981,700
DEKALBCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
DOUGLASNON-METRO$510,400$653,550$789,950$981,700
DUPAGECHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
EDGARNON-METRO$510,400$653,550$789,950$981,700
EDWARDSNON-METRO$510,400$653,550$789,950$981,700
EFFINGHAMEFFINGHAM, IL$510,400$653,550$789,950$981,700
FAYETTENON-METRO$510,400$653,550$789,950$981,700
FORDNON-METRO$510,400$653,550$789,950$981,700
FRANKLINNON-METRO$510,400$653,550$789,950$981,700
FULTONPEORIA, IL$510,400$653,550$789,950$981,700
GALLATINNON-METRO$510,400$653,550$789,950$981,700
GREENENON-METRO$510,400$653,550$789,950$981,700
GRUNDYCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
HAMILTONNON-METRO$510,400$653,550$789,950$981,700
HANCOCKFORT MADISON-KEOKUK, IA-IL-MO$510,400$653,550$789,950$981,700
HARDINNON-METRO$510,400$653,550$789,950$981,700
HENDERSONBURLINGTON, IA-IL$510,400$653,550$789,950$981,700
HENRYDAVENPORT-MOLINE-ROCK ISLAND, IA-IL$510,400$653,550$789,950$981,700
IROQUOISNON-METRO$510,400$653,550$789,950$981,700
JACKSONCARBONDALE-MARION, IL$510,400$653,550$789,950$981,700
JASPERNON-METRO$510,400$653,550$789,950$981,700
JEFFERSONMOUNT VERNON, IL$510,400$653,550$789,950$981,700
JERSEYST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
JO DAVIESSNON-METRO$510,400$653,550$789,950$981,700
JOHNSONCARBONDALE-MARION, IL$510,400$653,550$789,950$981,700
KANECHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
KANKAKEEKANKAKEE, IL$510,400$653,550$789,950$981,700
KENDALLCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
KNOXGALESBURG, IL$510,400$653,550$789,950$981,700
LAKECHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
LASALLEOTTAWA, IL$510,400$653,550$789,950$981,700
LAWRENCENON-METRO$510,400$653,550$789,950$981,700
LEEDIXON, IL$510,400$653,550$789,950$981,700
LIVINGSTONPONTIAC, IL$510,400$653,550$789,950$981,700
LOGANLINCOLN, IL$510,400$653,550$789,950$981,700
MACONDECATUR, IL$510,400$653,550$789,950$981,700
MACOUPINST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
MADISONST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
MARIONCENTRALIA, IL$510,400$653,550$789,950$981,700
MARSHALLPEORIA, IL$510,400$653,550$789,950$981,700
MASONNON-METRO$510,400$653,550$789,950$981,700
MASSACPADUCAH, KY-IL$510,400$653,550$789,950$981,700
MCDONOUGHMACOMB, IL$510,400$653,550$789,950$981,700
MCHENRYCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
MCLEANBLOOMINGTON, IL$510,400$653,550$789,950$981,700
MENARDSPRINGFIELD, IL$510,400$653,550$789,950$981,700
MERCERDAVENPORT-MOLINE-ROCK ISLAND, IA-IL$510,400$653,550$789,950$981,700
MONROEST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
MONTGOMERYNON-METRO$510,400$653,550$789,950$981,700
MORGANJACKSONVILLE, IL$510,400$653,550$789,950$981,700
MOULTRIENON-METRO$510,400$653,550$789,950$981,700
OGLEROCHELLE, IL$510,400$653,550$789,950$981,700
PEORIAPEORIA, IL$510,400$653,550$789,950$981,700
PERRYNON-METRO$510,400$653,550$789,950$981,700
PIATTCHAMPAIGN-URBANA, IL$510,400$653,550$789,950$981,700
PIKENON-METRO$510,400$653,550$789,950$981,700
POPENON-METRO$510,400$653,550$789,950$981,700
PULASKINON-METRO$510,400$653,550$789,950$981,700
PUTNAMOTTAWA, IL$510,400$653,550$789,950$981,700
RANDOLPHNON-METRO$510,400$653,550$789,950$981,700
RICHLANDNON-METRO$510,400$653,550$789,950$981,700
ROCK ISLANDDAVENPORT-MOLINE-ROCK ISLAND, IA-IL$510,400$653,550$789,950$981,700
SALINENON-METRO$510,400$653,550$789,950$981,700
SANGAMONSPRINGFIELD, IL$510,400$653,550$789,950$981,700
SCHUYLERNON-METRO$510,400$653,550$789,950$981,700
SCOTTJACKSONVILLE, IL$510,400$653,550$789,950$981,700
SHELBYNON-METRO$510,400$653,550$789,950$981,700
ST. CLAIRST. LOUIS, MO-IL$510,400$653,550$789,950$981,700
STARKPEORIA, IL$510,400$653,550$789,950$981,700
STEPHENSONFREEPORT, IL$510,400$653,550$789,950$981,700
TAZEWELLPEORIA, IL$510,400$653,550$789,950$981,700
UNIONNON-METRO$510,400$653,550$789,950$981,700
VERMILIONDANVILLE, IL$510,400$653,550$789,950$981,700
WABASHNON-METRO$510,400$653,550$789,950$981,700
WARRENNON-METRO$510,400$653,550$789,950$981,700
WASHINGTONNON-METRO$510,400$653,550$789,950$981,700
WAYNENON-METRO$510,400$653,550$789,950$981,700
WHITENON-METRO$510,400$653,550$789,950$981,700
WHITESIDESTERLING, IL$510,400$653,550$789,950$981,700
WILLCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
WILLIAMSONCARBONDALE-MARION, IL$510,400$653,550$789,950$981,700
WINNEBAGOROCKFORD, IL$510,400$653,550$789,950$981,700
WOODFORDPEORIA, IL$510,400$653,550$789,950$981,700

Illinois conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Illinois?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Illinois, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Illinois Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Illinois Conventional Loan RequirementsConventional mortgage guidelines allow you to purchase
warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Illinois?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Illinois:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Illinois, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Illinois Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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