FHA just released their new loan limits for Northern Illinois and the Chicago area. This determines the maximum loan for FHA financing in Cook County, Dupage County, Kane County, Lake County, Will County and McHenry County. The limits are: 1 unit $410,000 2 unit $524,850 3 unit $634,450 4 unit $788,450 This is great news. As underwriting for conventional loans has become progressively tighter, FHA is shaping up to be a great alternative. Some of the advantages of FHA financing include: 3% down payment required – the down payment can come from a gift from a relative or as a grant from a down payment assistance program, so the buyer can come in with no money out of their own pockets. FHA allows a seller concession of up to 6% – this allows more creative ways to structure your purchase, including ways to buy with no down payment or closing…

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