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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Illinois Mortgage Overview

What would it be like to live within minutes of one of the greatest cities in the country? Ask the 12 million+ people who live in Illinois and just hours away from Chicago. Illinois is a state with a lot of seasonal changes and plenty of areas of hustle and bustle or quiet country life depending on what you like.

The average home price in Illinois is $195,000 and about 66 percent of the homes are owner-occupied. If you've had your eye on becoming a homeowner in Illinois, here are the mortgage options available to you:

Illinois conventional loans

Conventional loans are great for good credit borrowers. You don't need perfect credit, but at least a 660 credit score is required. Conventional lenders need just a 3 percent down payment and an average debt ratio. You'll pay Private Mortgage Insurance if you put less than 20 percent down, but it's temporary. Lenders cancel it when you owe less than 80 percent of the home's value.

Illinois FHA loans

FHA loans are for borrowers with less-than-perfect credit or a recent public record. FHA loans have flexible underwriting guidelines including just a 580 credit score and 3.5 percent down payment. You may even use gift funds for your down payment with an FHA loan.

Illinois VA loans

VA loans are for veterans who served our country. After serving 181 days, you may be eligible for a no down payment VA loan. The loan program has the most flexible underwriting guidelines making it easy for veterans to become homeowners without stress.

Illinois USDA loans

USDA loans are for borrowers who don't qualify for any other loan program and who make less than 115 percent of the average income for their area. USDA loans are for rural areas of Illinois, but they aren't as isolated as you may think. It's a great option for first-time homebuyers with at least a 640 credit score.

First-Time Homebuyer Programs in Illinois

Opening Doors

The Opening Doors program helps renters become homeowners with a low-cost 30-year fixed mortgage. It also provides a 0 percent 2nd mortgage for up to $6,000 in closing cost and down payment assistance.


Student loans don't need to stop you from buying a home in Illinois. SmartBuy provides $5,000 in closing cost assistance and up to $40,000 in student loan payoff assistance.

IDHA Access Forgivable

Receive up to 4 percent of the purchase price ($6,000 max) for down payment and closing cost assistance, forgiven over 10 years. You'll also get a 30-year fixed mortgage for the first mortgage with a below market rate.

IDHA Access Deferred

Receive up to 5 percent of the purchase price ($7,500 max) for down payment and closing cost assistance. The interest-free loan doesn't require repayment unless you sell the home or refinance the mortgage. It comes with a 30-year fixed mortgage of either conventional, FHA, VA, or USDA.

IDHA Access Repayable

Receive up to 10 percent of the purchase price for down payment and closing cost assistance. The loan is repayable over 10 years along with the standard 30-year mortgage for the purchase.

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