Below 500 N/A Generally ineligible for standard FHA financing. You must possess a valid Social Security Number and have a legal presence in the United States.
FHA Loan Illinois Property Safety Standards and Inspection Requirements
Down Payment and Mortgage Insurance Considerations One of the most significant advantages of the FHA program is the reduced upfront cash requirement. Department of Housing and Urban Development (HUD).
500 to 579 10% Higher down payment required; consult specific lenders. 5% Standard low down payment option.
FHA Loan Illinois Property Safety Standards and Inspection Requirements
An approved inspector will evaluate the property to ensure it does not pose health or structural risks. You are required to occupy the property as your primary residence within a specified timeframe after closing.
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