Free fha loan calculator tailored for Illinois (IL). Calculate instantly with state-specific rates and rules.
FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Illinois's median home of $250,000, that's a minimum down payment of $8,800.
FHA loan limits vary by county and are tied to conforming limits. In most Illinois counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. Most Illinois counties are at the standard conforming limit. No counties currently qualify for high-cost treatment.
FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Illinois's median home at $250,000, buyers who can put down $50,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.
Illinois closing costs average $3,900. Illinois charges a transfer tax of $0.50/$500 of value statewide, plus a City of Chicago transfer tax of $5.25/$500 which is one of the highest city-level rates nationally. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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