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FHA Increases Max Loan Limit for Chicago Area Homes
26th February 2009
Last year, as a way to increase financing options and help stabilize the housing market, FHA temporarily increased their lending limits. This, combined with 
conventional guidelines tightening, meant that FHA quickly became one of the best loan options for most borrowers. The temporary limits expired at the end of the year, and new limits were put in place which lowered the FHA limit to $365,700 for a single family home. This was lower than the temporary limits, but well above what FHA had been before. Now, as part of the recently passed stimulus package, FHA is returning loan amounts to the higher temporary limits for the rest of this year. So effective for loans which are credit approved in calendar year 2009, the max FHA loan amount here in the 6 county Chicago metropolitan area (Cook, Dupage, Lake, Kane, Will and Grundy Counties) is now back to $410,000 for a single family home.
Here is the table for the Chicago Metro Area:
1 unit $410,000
2 unit $524,850
3 Unit $634,450
4 Unit $788,450
The FHA max mortgage is determined on a county wide basis based on the areas median home values. In higher priced areas (mostly California) the max limit extends up to a high of $729,750. The floor in counties where higher limits don’t apply, is $271,050.
Here is a link to the HUD search tool which gives the FHA loan limits by County.
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