DSCR loan snapshot for Illinois
| Item | Estimate |
|---|---|
| Minimum down payment | 20%–25% |
| Minimum credit score | 660–700 |
| Typical IL home value | $250,500 |
| 3.5% down on typical home | $8,768 |
| 20% down on typical home | $50,100 |
| Avg. effective property tax | 2.07%/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 DSCR 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 is DSCR calculated?
Lenders divide the property's market rent (from an appraiser's rent schedule or an existing lease) by the full monthly payment: principal, interest, taxes, insurance and any HOA dues. Example: $2,400 rent ÷ $2,000 payment = 1.20 DSCR.
Typical DSCR loan requirements
- Down payment: 20%–25% (sometimes 15% for strong files).
- Credit: 660–700 minimum.
- Reserves: commonly 3–12 months of payments.
- Property types: 1–4 unit homes, condos and townhomes; some lenders allow short-term rentals.
DSCR loans in Illinois cities
ChicagoAuroraJolietNapervilleRockfordElginSpringfieldPeoriaWaukeganChampaignCiceroBloomingtonSchaumburgEvanstonArlington HeightsBolingbrookDecaturPalatineSkokieDes PlainesOrland ParkOak LawnBerwynMount ProspectTinley ParkWheatonOak ParkNormalHoffman EstatesDowners GroveGlenviewPlainfieldElmhurstLombardBuffalo GroveMolineBellevilleRomeovilleBartlettDeKalbCrystal LakeCarol StreamPark RidgeQuincyStreamwoodWheelingUrbanaCarpentersvilleHanover ParkRock IslandAddisonOswegoCalumet CityNorthbrookWoodridgeGlendale HeightsSt. CharlesO'FallonElk Grove VillagePekinMundeleinNorth ChicagoGurneeNilesHighland ParkAlgonquinGalesburgLake in the HillsBurbankDanvilleLansingGlen EllynHuntleyMcHenryWilmetteNew LenoxRound Lake BeachChicago HeightsOak ForestVernon HillsBataviaGranite CityEdwardsvilleWoodstockLockportWest ChicagoAltonMorton GroveHomer GlenMelrose ParkBelvidereZionKankakeeWestmontCollinsvilleSouth ElginElmwood ParkRolling MeadowsFreeportBlue IslandLisleLoves ParkMaywoodMachesney ParkRoselleEast PeoriaVilla ParkBloomingdaleYorkvilleDarienCarbondaleGenevaMontgomerySouth HollandDoltonPark ForestEast MolineGrayslakeLibertyvilleFrankfortMokenaHarveyCrest HillLake ZurichEvergreen ParkHomewoodBrookfieldLake ForestDeerfieldOttawaMattesonAlsipRound LakeBensenvilleNorth AuroraBellwoodEast St. LouisSycamoreFranklin ParkShorewoodPalos HillsBourbonnaisCaryGodfreyLemontJacksonvilleCharlestonCahokia HeightsHinsdaleMarionBridgeviewWestchesterMortonCountry Club HillsMattoonFairview HeightsLa GrangeWashingtonProspect HeightsBradleyNorridgeDixonMacombMorrisAntiochChathamHickory HillsSterlingSwanseaMount VernonLindenhurstWarrenvilleChicago RidgeShilohMidlothianWaucondaForest ParkBeach ParkWood DaleChannahonGlen CarbonHazel CrestCantonLincolnWestern SpringsLa Grange ParkLincolnwoodMinookaRichton ParkNorthlakeRantoulWinnetkaJusticeKewaneeStreatorHerrinEffinghamCentraliaPalos HeightsPlanoRiver ForestPontiacSchiller ParkMarkhamTaylorvilleBurr RidgeColumbiaWaterlooBarringtonSummitTroyRoscoeFox LakeWorthCampton HillsGages LakeCrestwoodPingree GroveRiverdaleRiver GroveLyonsManhattanWood RiverHighland
Frequently asked questions
Yes. DSCR 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.
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Get My MatchesFigures 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.