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Conventional Loans

Conventional Mortgages Available to Chicago Homeowners

Conventional mortgage loans are those loans where no Government entity is involved.  Traditional loans, in other words, loan like they had back in 1852 or 1792 or 1911.

(Before we go on, if you’re interested in other kinds of loans visit http://thechicagomortgagebroker.com.

Conventional mortgage loans (in Chicago or not) can be divided into 2 large groups:

  • conforming
  • non-conforming.

Conventional Conforming Loans

Conforming loans are loans that fit the criteria the FHFA (Federal Housing Finance Authority) set for loans that Fannie Mae or Freddie Mac can buy.

The most salient of those criteria are: the property type (1-4 unit properties only) and the loan limit.  The loan limit is set for 1 year, by property type.

Conforming Loan Limits

Currently (May, 2016), these are the loan limits for Illinois:

Units Loan Amount
1 $417,000
2 $533,850
3 $645,300
4 $801,950

To see limits for other years, visit https://www.fanniemae.com/singlefamily/loan-limits.