Illinois Loan Limits 2018: Maximum Mortgage Amount for Conventional / Conforming

On this page, you’ll find the maximum mortgage loan limits for all Illinois counties. These limits pertain to conventional conforming loans in particular (as opposed to FHA).

At a glance: The 2018 conforming loan limit for all Illinois counties is $453,100. That figure will remain in effect through the end of 2018, when it will be reviewed and possibly adjusted.

2018 Conforming Loan Limits for Illinois Counties

You can use the links below to view conforming / conventional loan limits for all Illinois counties. You can view these documents online, or download them to your computer for future reference.

Notes: The documents above gives you access to conventional loan limits for all major metro areas in Illinois, including Chicago, Aurora, Rockford, Joliet and more. Maximum mortgage amounts vary by county, so this document is organized to included all counties of Illinois (Cook, DuPage, Lake, Will, Kane, McHenry, Winnebago, St. Clair and 94 more).

Fast Fact: The Chicago metropolitan area is spread over a total of 14 counties, nine of which fall within the state of Illinois. Those nine counties are Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Biggest Cities: The Chicago metro area is a major U.S. population center, and home to nearly 10 million people as of 2018. Here are the ten biggest cities by population: Chicago, Aurora, Rockford,
Joliet, Naperville, Springfield, Peoria, Elgin, Waukegan, Champaign.

Maximum Mortgage Amounts Explained

What is a “conforming” loan limit anyway? Is that the maximum mortgage amount you can borrow in Illinois? Here are some straightforward answers to these and other frequently asked questions.

What is a conforming loan in Illinois?

In terms of their size, conventional home loans (which are not insured by the government) can either be conforming or jumbo. A conforming mortgage loan is one that falls within the specific size limits used by Freddie Mac and Fannie Mae. Those are the two government-sponsored corporations that buy loans and then sell them to investors in the form of securities. These size limits vary by county, and they are sometimes revised to keep pace with rising home values.

What is a jumbo loan in Illinois?

It’s possible to borrow more than the maximum conforming amounts shown in the two documents above. A home buyer in Illinois with sufficient income could borrow more than the conforming loan limit for his or her county. When a conventional mortgage loan exceeds the conforming limits mentioned above, it’s referred to as a jumbo loan.

Borrowers seeking a jumbo mortgage might encounter stricter qualification criteria. That’s because there is a larger amount being borrowed, and therefore a bigger risk for the lender making the loan.

Do FHA loans in Illinois have the same size limits?

FHA loans are insured by the Federal Housing Administration, which is part of HUD. These government-insured mortgage loans have their own size limits as well, and they are issued by the Department of Housing and Urban Development. In some counties, the loan limits might be the same for both conforming and FHA loans. While in other counties, they can be two different numbers.

If you’re interested in using an FHA-insured mortgage loan to buy a home in Illinois, you can refer to our FHA limits page for more information on that program.