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Conventional loans in Illinois

Quick answer

Conventional loans in Illinois allow as little as 3% down (about $7,515 on a $250,500 home) with a 620+ credit score, up to the $832,750 baseline conforming limit.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

Conventional loan snapshot for Illinois

ItemEstimate
Minimum down payment3%
Minimum credit score620
Typical IL home value$250,500
3.5% down on typical home$8,768
20% down on typical home$50,100
Avg. effective property tax2.07%/yr (~$432/mo)
Income for typical home (31% rule)$88,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Illinois programs pair with Conventional loans?

  • IHDAccess Forgivable: Down payment assistance forgiven monthly over 10 years.
  • IHDAccess Deferred: A 0% deferred loan repaid when you sell, refinance or pay off the mortgage.
  • IHDAccess Repayable: A larger assistance amount repaid monthly over 10 years.

Details and current limits: Illinois Housing Development Authority (IHDA).

How does a conventional loan work?

Conventional loans are made by private lenders and usually sold to Fannie Mae or Freddie Mac. Because they follow those agencies' guidelines, they're called conforming loans. You can choose a fixed rate (15, 20 or 30 years) or an adjustable rate.

Your rate and mortgage insurance cost depend heavily on your credit score and down payment, so improving either before you apply can noticeably lower your payment.

Who qualifies for a conventional loan?

  • Credit score: generally 620 minimum.
  • Debt-to-income (DTI): up to 45%, and sometimes 50% with strong compensating factors.
  • Down payment: 3% (HomeReady, Home Possible, 97% LTV programs) to 5%+.
  • Steady, documented income — usually two years of history.
  • Property: primary homes, second homes and investment properties are all allowed (with higher down payments for non-primary homes).

Conventional loans in Illinois cities

Conventional in ChicagoConventional in AuroraConventional in JolietConventional in NapervilleConventional in RockfordConventional in ElginConventional in SpringfieldConventional in PeoriaConventional in WaukeganConventional in ChampaignConventional in CiceroConventional in BloomingtonConventional in SchaumburgConventional in EvanstonConventional in Arlington HeightsConventional in BolingbrookConventional in DecaturConventional in PalatineConventional in SkokieConventional in Des PlainesConventional in Orland ParkConventional in Oak LawnConventional in BerwynConventional in Mount ProspectConventional in Tinley ParkConventional in WheatonConventional in Oak ParkConventional in NormalConventional in Hoffman EstatesConventional in Downers GroveConventional in GlenviewConventional in PlainfieldConventional in ElmhurstConventional in LombardConventional in Buffalo GroveConventional in MolineConventional in BellevilleConventional in RomeovilleConventional in BartlettConventional in DeKalbConventional in Crystal LakeConventional in Carol StreamConventional in Park RidgeConventional in QuincyConventional in StreamwoodConventional in WheelingConventional in UrbanaConventional in CarpentersvilleConventional in Hanover ParkConventional in Rock IslandConventional in AddisonConventional in OswegoConventional in Calumet CityConventional in NorthbrookConventional in WoodridgeConventional in Glendale HeightsConventional in St. CharlesConventional in O'FallonConventional in Elk Grove VillageConventional in Pekin

Frequently asked questions

Yes. Conventional loans are available statewide in Illinois through approved lenders, subject to county loan limits where they apply.

Often yes. Illinois Housing Development Authority (IHDA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Illinois.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.