New Loan Limits - Chicago

8 Replies

YAY!  Loan limits have been increased for Chicago on conventional loans!  This means the 5% down, 20% down, and 25% down loan programs.  My bank can start using the new loan limits as of December 3rd.  Message me for details on how this impacts your house hacking ability.  

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

I'm closing on a 3 flat in Logan Square next week using an FHA loan. Even with the loan limits higher, the self sufficiency test still is a big obstacle in a lot of areas, not impossible but challenging.

Originally posted by @PJ Kolnik :

I'm closing on a 3 flat in Logan Square next week using an FHA loan. Even with the loan limits higher, the self sufficiency test still is a big obstacle in a lot of areas, not impossible but challenging.

FHA loan limits were not increased, just conventional.

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

Newer to investing here in Chicago - Can you provide an example of what kind of benefit this provides to the buyer?

Thanks!

@Brie Schmidt , how does one qualify for a 5% conventional loan? Is that better than 3.5FHA or less hoops to jump through than a FHA loan?

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