Median household income: $87,941; value-to-income ratio 2.82. Oak Forest ranks 121 by home value and 79 by population among 224 places in our IL dataset.
What does an FHA loan cost on a typical Oak Forest home?
| Item | Oak Forest |
|---|---|
| Median home value (Census ACS) | $247,800 |
| Illinois median home value | $250,500 |
| Down payment (3.5%) | $8,673 |
| Loan incl. 1.75% upfront MIP | $243,312 |
| Estimated monthly payment (PITI + MI) | $2,309 |
| Income needed (28% / 36%) | $99,000 / $77,000 |
| Cook County 2026 FHA limit (1 unit) | $541,287 |
| Max purchase price at the limit | $560,000 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Payment includes Illinois's 2.07% effective property tax rate (Census ACS), $1,480/yr homeowners insurance (NAIC state average) and 0.55% annual FHA MIP.
What is the 2026 FHA loan limit in Oak Forest?
Oak Forest is in Cook County where HUD's 2026 one-unit FHA limit is $541,287. With the minimum 3.5% down, that caps the purchase price at about $560,000; above that you'd need a bigger down payment or a conventional loan (conforming limit $832,750).
The Oak Forest median home value of $247,800 is 1% below the Illinois median, and within what the county limit supports.
Which down payment assistance programs can Oak Forest buyers use?
- Cook County Down Payment Assistance Program — 5 percent of the home's final first loan amount, up to $25,000; assistance (see official terms); county-level. Cook County Bureau of Economic Development (with Club 720 Solutions LLC) · Verified October 25, 2026
- IHDA Access Home — 6% of the purchase price up to $15,000; deferred; state-level. Illinois Housing Development Authority · Verified October 23, 2026
FHA loans in nearby cities
FHA loan FAQs for Oak Forest
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- HUD Single Family Housing Policy Handbook 4000.1
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- Freddie Mac — Primary Mortgage Market Survey
- Cook County Bureau of Economic Development (with Club 720 Solutions LLC) — Cook County Down Payment Assistance Program
- Illinois Housing Development Authority — IHDA Access Home
Data last updated October 23, 2026.
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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.