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$424,100$543,000$656,350$815,650
ALEXANDERCAPE GIRARDEAU, MO-IL$424,100$543,000$656,350$815,650
BONDST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
BOONEROCKFORD, IL$424,100$543,000$656,350$815,650
BROWNNON-METRO$424,100$543,000$656,350$815,650
BUREAUOTTAWA-PERU, IL$424,100$543,000$656,350$815,650
CALHOUNST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
CARROLLNON-METRO$424,100$543,000$656,350$815,650
CASSNON-METRO$424,100$543,000$656,350$815,650
CHAMPAIGNCHAMPAIGN-URBANA, IL$424,100$543,000$656,350$815,650
CHRISTIANTAYLORVILLE, IL$424,100$543,000$656,350$815,650
CLARKNON-METRO$424,100$543,000$656,350$815,650
CLAYNON-METRO$424,100$543,000$656,350$815,650
CLINTONST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
COLESCHARLESTON-MATTOON, IL$424,100$543,000$656,350$815,650
COOKCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
CRAWFORDNON-METRO$424,100$543,000$656,350$815,650
CUMBERLANDCHARLESTON-MATTOON, IL$424,100$543,000$656,350$815,650
DE WITTBLOOMINGTON, IL$424,100$543,000$656,350$815,650
DEKALBCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
DOUGLASNON-METRO$424,100$543,000$656,350$815,650
DUPAGECHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
EDGARNON-METRO$424,100$543,000$656,350$815,650
EDWARDSNON-METRO$424,100$543,000$656,350$815,650
EFFINGHAMEFFINGHAM, IL$424,100$543,000$656,350$815,650
FAYETTENON-METRO$424,100$543,000$656,350$815,650
FORDCHAMPAIGN-URBANA, IL$424,100$543,000$656,350$815,650
FRANKLINNON-METRO$424,100$543,000$656,350$815,650
FULTONCANTON, IL$424,100$543,000$656,350$815,650
GALLATINNON-METRO$424,100$543,000$656,350$815,650
GREENENON-METRO$424,100$543,000$656,350$815,650
GRUNDYCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
HAMILTONNON-METRO$424,100$543,000$656,350$815,650
HANCOCKFORT MADISON-KEOKUK, IA-IL-MO$424,100$543,000$656,350$815,650
HARDINNON-METRO$424,100$543,000$656,350$815,650
HENDERSONBURLINGTON, IA-IL$424,100$543,000$656,350$815,650
HENRYDAVENPORT-MOLINE-ROCK ISLAND, IA-IL$424,100$543,000$656,350$815,650
IROQUOISNON-METRO$424,100$543,000$656,350$815,650
JACKSONCARBONDALE-MARION, IL$424,100$543,000$656,350$815,650
JASPERNON-METRO$424,100$543,000$656,350$815,650
JEFFERSONMOUNT VERNON, IL$424,100$543,000$656,350$815,650
JERSEYST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
JO DAVIESSNON-METRO$424,100$543,000$656,350$815,650
JOHNSONNON-METRO$424,100$543,000$656,350$815,650
KANECHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
KANKAKEEKANKAKEE, IL$424,100$543,000$656,350$815,650
KENDALLCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
KNOXGALESBURG, IL$424,100$543,000$656,350$815,650
LA SALLEOTTAWA-PERU, IL$424,100$543,000$656,350$815,650
LAKECHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
LAWRENCENON-METRO$424,100$543,000$656,350$815,650
LEEDIXON, IL$424,100$543,000$656,350$815,650
LIVINGSTONPONTIAC, IL$424,100$543,000$656,350$815,650
LOGANLINCOLN, IL$424,100$543,000$656,350$815,650
MACONDECATUR, IL$424,100$543,000$656,350$815,650
MACOUPINST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
MADISONST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
MARIONCENTRALIA, IL$424,100$543,000$656,350$815,650
MARSHALLPEORIA, IL$424,100$543,000$656,350$815,650
MASONNON-METRO$424,100$543,000$656,350$815,650
MASSACPADUCAH, KY-IL$424,100$543,000$656,350$815,650
MCDONOUGHMACOMB, IL$424,100$543,000$656,350$815,650
MCHENRYCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
MCLEANBLOOMINGTON, IL$424,100$543,000$656,350$815,650
MENARDSPRINGFIELD, IL$424,100$543,000$656,350$815,650
MERCERDAVENPORT-MOLINE-ROCK ISLAND, IA-IL$424,100$543,000$656,350$815,650
MONROEST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
MONTGOMERYNON-METRO$424,100$543,000$656,350$815,650
MORGANJACKSONVILLE, IL$424,100$543,000$656,350$815,650
MOULTRIENON-METRO$424,100$543,000$656,350$815,650
OGLEROCHELLE, IL$424,100$543,000$656,350$815,650
PEORIAPEORIA, IL$424,100$543,000$656,350$815,650
PERRYNON-METRO$424,100$543,000$656,350$815,650
PIATTCHAMPAIGN-URBANA, IL$424,100$543,000$656,350$815,650
PIKENON-METRO$424,100$543,000$656,350$815,650
POPENON-METRO$424,100$543,000$656,350$815,650
PULASKINON-METRO$424,100$543,000$656,350$815,650
PUTNAMOTTAWA-PERU, IL$424,100$543,000$656,350$815,650
RANDOLPHNON-METRO$424,100$543,000$656,350$815,650
RICHLANDNON-METRO$424,100$543,000$656,350$815,650
ROCK ISLANDDAVENPORT-MOLINE-ROCK ISLAND, IA-IL$424,100$543,000$656,350$815,650
SALINENON-METRO$424,100$543,000$656,350$815,650
SANGAMONSPRINGFIELD, IL$424,100$543,000$656,350$815,650
SCHUYLERNON-METRO$424,100$543,000$656,350$815,650
SCOTTJACKSONVILLE, IL$424,100$543,000$656,350$815,650
SHELBYNON-METRO$424,100$543,000$656,350$815,650
ST. CLAIRST. LOUIS, MO-IL$424,100$543,000$656,350$815,650
STARKPEORIA, IL$424,100$543,000$656,350$815,650
STEPHENSONFREEPORT, IL$424,100$543,000$656,350$815,650
TAZEWELLPEORIA, IL$424,100$543,000$656,350$815,650
UNIONNON-METRO$424,100$543,000$656,350$815,650
VERMILIONDANVILLE, IL$424,100$543,000$656,350$815,650
WABASHNON-METRO$424,100$543,000$656,350$815,650
WARRENNON-METRO$424,100$543,000$656,350$815,650
WASHINGTONNON-METRO$424,100$543,000$656,350$815,650
WAYNENON-METRO$424,100$543,000$656,350$815,650
WHITENON-METRO$424,100$543,000$656,350$815,650
WHITESIDESTERLING, IL$424,100$543,000$656,350$815,650
WILLCHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
WILLIAMSONCARBONDALE-MARION, IL$424,100$543,000$656,350$815,650
WINNEBAGOROCKFORD, IL$424,100$543,000$656,350$815,650
WOODFORDPEORIA, IL$424,100$543,000$656,350$815,650

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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