Skip to content
Purchase Mortgage Loan
Get Pre-Approved

First-time home buyer programs in Lyons, IL

Quick answer

First-time buyers in Lyons, IL can use 3%-down conventional loans (up to the $832,750 Cook County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 2 verified city, county or statewide assistance programs. On the $243,500 median home, 3% down is about $7,305 and the estimated payment is $2,242/month at 7.18%.

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

Median household income: $64,209; value-to-income ratio 3.79. Lyons ranks 127 by home value and 221 by population among 224 places in our IL dataset.

What does a first-time buyer loan cost on a typical Lyons home?

ItemLyons
Median home value (Census ACS)$243,500
Illinois median home value$250,500
Down payment (3%)$7,305
Loan amount$236,195
Estimated monthly payment (PITI + MI)$2,242
Income needed (28% / 36%)$97,000 / $75,000
Cook County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

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 an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Lyons?

Lyons is in Cook County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Lyons median home value of $243,500 is 3% below the Illinois median, and within what the county limit supports.

Which down payment assistance programs can Lyons buyers use?

First-time buyer loans in nearby cities

SummitBrookfieldBerwynLa GrangeLa Grange ParkCicero

First-time buyer loan FAQs for Lyons

On the $243,500 median: 3% conventional ≈ $7,305, 3.5% FHA ≈ $8,523, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Cook County become jumbo loans.

At the $243,500 median value (close to the Illinois median of $250,500), the estimated payment of $2,242/month at 7.18% needs about $97,000 a year under the 28% housing guideline, or $75,000 if your total debts stay under 36%.

0 city-level, 1 county-level and 1 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

Get matched with First-time buyer lenders in Lyons

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

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.