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 Illinois Conventional Loans
What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either "conforming" and "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.
What factors determine if I am eligible for a Conventional Conforming Loan in Illinois?
To be eligible for a Conforming Loan in Illinois, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. At least a 620 FICO credit score is required to obtain a Conventional Conforming Loan Approval through ENG Lending. You must also have enough income to pay your housing costs plus all additional monthly debt.
What is the maximum amount that I can borrow?
The maximum amount for a Conventional Loan in Illinois is determined by:
Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.
Maximum financing: In Illinois, the maximum Conventional Mortgage amount will be 80% - 95% of the appraised value of the home or its selling price, whichever is lower.
How much money will I need for the down payment and closing costs?
Conventional Home Mortgage Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.
What property types are allowed for Conventional Conforming Mortgages?
Conventional Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional Loans can be used to finance primary residences, second homes and investment property.
Learn more about Conventional Mortgages.
View Home Loan Comparison.
What types of refinance programs do Conventional Loans offer in Illinois?
There are two main types of Conventional Refinance loans available in Illinois.
 Conventional Rate/Term Refinance
Conventional Rate/Term Refinancing Loans are for borrowers who currently have conventional fixed rate homeowner loans or ARM mortgages and wish to refinance into a Conventional Mortgage. This program helps borrowers who wish to have a stable, Conventional insured fixed rate mortgage.
Cash-Out Refinance
An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.
What factors determine if I am eligible for a Conventional Refinance Loan?
To meet Conventional refinance loan requirements in Illinois, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.
More information about Conventional Refinance
Illinois Conventional Mortgage Limits by County
Updated 05/05/2009
| County Name |
MSA Name |
Single |
Duplex |
Triplex |
Fourplex |
| ADAMS, IL |
QUINCY, IL-MO (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| ALEXANDER, IL |
CAPE GIRARDEAU-JACKSON, MO-IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| BOND, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| BOONE, IL |
ROCKFORD, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| BROWN, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| BUREAU, IL |
OTTAWA-STREATOR, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CALHOUN, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CARROLL, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CASS, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CHAMPAIGN, IL |
CHAMPAIGN-URBANA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CHRISTIAN, IL |
TAYLORVILLE, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CLARK, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CLAY, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CLINTON, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| COLES, IL |
CHARLESTON-MATTOON, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| COOK, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CRAWFORD, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| CUMBERLAND, IL |
CHARLESTON-MATTOON, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| DEKALB, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| DE WITT, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| DOUGLAS, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| DUPAGE, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| EDGAR, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| EDWARDS, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| EFFINGHAM, IL |
EFFINGHAM, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| FAYETTE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| FORD, IL |
CHAMPAIGN-URBANA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| FRANKLIN, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| FULTON, IL |
CANTON, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| GALLATIN, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| GREENE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| GRUNDY, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| HAMILTON, IL |
MOUNT VERNON, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| HANCOCK, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| HARDIN, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| HENDERSON, IL |
BURLINGTON, IA-IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| HENRY, IL |
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| IROQUOIS, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| JACKSON, IL |
CARBONDALE, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| JASPER, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| JEFFERSON, IL |
MOUNT VERNON, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| JERSEY, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| JO DAVIESS, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| JOHNSON, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| KANE, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| KANKAKEE, IL |
KANKAKEE-BRADLEY, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| KENDALL, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| KNOX, IL |
GALESBURG, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| LAKE, IL |
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIV |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| LA SALLE, IL |
OTTAWA-STREATOR, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| LAWRENCE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| LEE, IL |
DIXON, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| LIVINGSTON, IL |
PONTIAC, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| LOGAN, IL |
LINCOLN, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MCDONOUGH, IL |
MACOMB, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MCHENRY, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MCLEAN, IL |
BLOOMINGTON-NORMAL, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MACON, IL |
DECATUR, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MACOUPIN, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MADISON, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MARION, IL |
CENTRALIA, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MARSHALL, IL |
PEORIA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MASON, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MASSAC, IL |
PADUCAH, KY-IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MENARD, IL |
SPRINGFIELD, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MERCER, IL |
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MONROE, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MONTGOMERY, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MORGAN, IL |
JACKSONVILLE, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| MOULTRIE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| OGLE, IL |
ROCHELLE, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| PEORIA, IL |
PEORIA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| PERRY, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| PIATT, IL |
CHAMPAIGN-URBANA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| PIKE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| POPE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| PULASKI, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| PUTNAM, IL |
OTTAWA-STREATOR, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| RANDOLPH, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| RICHLAND, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| ROCK ISLAND, IL |
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| ST. CLAIR, IL |
ST. LOUIS, MO-IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| SALINE, IL |
HARRISBURG, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| SANGAMON, IL |
SPRINGFIELD, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| SCHUYLER, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| SCOTT, IL |
JACKSONVILLE, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| SHELBY, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| STARK, IL |
PEORIA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| STEPHENSON, IL |
FREEPORT, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| TAZEWELL, IL |
PEORIA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| UNION, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| VERMILION, IL |
DANVILLE, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WABASH, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WARREN, IL |
GALESBURG, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WASHINGTON, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WAYNE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WHITE, IL |
NON-METRO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WHITESIDE, IL |
STERLING, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WILL, IL |
CHICAGO-NAPERVILLE-JOLIET, IL METROPOLITAN DIVISIO |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WILLIAMSON, IL |
MARION-HERRIN, IL (MICRO) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WINNEBAGO, IL |
ROCKFORD, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
| WOODFORD, IL |
PEORIA, IL (MSA) |
$417,000 |
$533,850 |
$645,300 |
$801,950 |
More Information on Conventional Mortgages and Conventional Refinance
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 Why choose a Conventional Loan?
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Illinois Conventional Mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment. -
There are no prepayment penalties for a Conventional Conforming Mortgage.
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A Conforming Loan can be used in Illinois for the purchase of a Primary Residence, Second Home or Investment Property. -
A Conventional Mortgage is available all areas of Illinois, provided a market exists for the property and the home meets minimum property standards.
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A Conforming Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Illinois, including manufactured homes on permanent foundations. -
A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.
What types of Conventional Mortgages are available in Illinois?
Fixed Rate Mortgage
Most Conventional Mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate Conventional Mortgage, you always know exactly how much your monthly payment will be. Contact us for today's free Conventional mortgage rates.
Adjustable Rate Mortgage
With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years.
Conventional Refinance Programs
Conventional Rate/Term Refinance
Conventional Rate/Term Refinance Mortgage Loans are for for borrowers who currently have a conventional fixed rate or ARM mortgage. This program helps those who are refinancing a loan and wish to refinance into a stable, Conventional Mortgage.
Cash-Out Refinance
Conventional Cash Out Refinance loans are perfect refinancing home equity loans for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.
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