Illinois — Chicago metro and statewide
Loan programs, compared honestly
Eight ways to finance a home — each with real trade-offs. No hype, no “as low as” numbers, no promises. Pick a program to read the full plain-English guide, then talk to me about which one fits your situation. All loans subject to credit and property approval.
Equal Housing Opportunity. All loans subject to credit approval. Terms and conditions apply.
Program comparison table
| Program | Down payment | Credit guidance | Best for |
|---|---|---|---|
| Conventional Loans | Low down payment options available | Good to strong credit typically rewarded with better pricing | Buyers with steady documented income who want the most lender choice |
| FHA Loans | Low — among the most accessible entry points | Flexible credit guidelines; past dings don’t auto-disqualify | Buyers who need credit flexibility and a low cash-to-close path |
| VA Loans | None required (eligible borrowers, full entitlement) | Flexible — entitlement-based; lenders still review credit | Eligible veterans, service members, qualifying surviving spouses |
| USDA Loans | None required (eligible areas + income limits) | Flexible — moderate-income focused, credit reviewed | Moderate-income buyers open to eligible suburban/rural areas |
| Jumbo Loans | Higher down payments typical | Strong credit profile typically expected | Buyers financing above conforming limits with solid reserves |
| Bank Statement Loans | Higher down payments typical | Good credit typically expected; income via deposits | Self-employed borrowers whose tax returns understate real income |
| DSCR / Investor Loans | Higher down payments typical | Good credit typically expected; property cash flow is key | Investors qualifying on rental income, not personal income |
| Down Payment Assistance — Illinois | Little to none — assistance covers it | Must still qualify for the paired first mortgage | Illinois buyers who can afford the payment but need upfront help |
Conventional Loans →
- Down payment
- Low down payment options available
- Credit guidance
- Good to strong credit typically rewarded with better pricing
- Best for
- Buyers with steady documented income who want the most lender choice
FHA Loans →
- Down payment
- Low — among the most accessible entry points
- Credit guidance
- Flexible credit guidelines; past dings don’t auto-disqualify
- Best for
- Buyers who need credit flexibility and a low cash-to-close path
VA Loans →
- Down payment
- None required (eligible borrowers, full entitlement)
- Credit guidance
- Flexible — entitlement-based; lenders still review credit
- Best for
- Eligible veterans, service members, qualifying surviving spouses
USDA Loans →
- Down payment
- None required (eligible areas + income limits)
- Credit guidance
- Flexible — moderate-income focused, credit reviewed
- Best for
- Moderate-income buyers open to eligible suburban/rural areas
Jumbo Loans →
- Down payment
- Higher down payments typical
- Credit guidance
- Strong credit profile typically expected
- Best for
- Buyers financing above conforming limits with solid reserves
Bank Statement Loans →
- Down payment
- Higher down payments typical
- Credit guidance
- Good credit typically expected; income via deposits
- Best for
- Self-employed borrowers whose tax returns understate real income
DSCR / Investor Loans →
- Down payment
- Higher down payments typical
- Credit guidance
- Good credit typically expected; property cash flow is key
- Best for
- Investors qualifying on rental income, not personal income
Down Payment Assistance — Illinois →
- Down payment
- Little to none — assistance covers it
- Credit guidance
- Must still qualify for the paired first mortgage
- Best for
- Illinois buyers who can afford the payment but need upfront help
Credit guidance above describes typical program characteristics — never a promise of approval. Your eligibility depends on your full financial picture, which I review with you directly.
Read the full guide for each program
Conventional Loans
A conventional loan is simply a mortgage that isn’t insured or guaranteed by a government agency. It’s the most common loan type in the U.S., and the one most buyers end up with when they have steady, documented income and solid credit.
Read the guide →
FHA Loans
An FHA loan is a mortgage insured by the Federal Housing Administration. The FHA doesn’t lend you the money — a lender does — but the insurance protects the lender if you default, which lets lenders offer more flexible credit guidelines than a conventional loan typically allows.
Read the guide →
VA Loans
A VA loan is a mortgage benefit earned through military service. The Department of Veterans Affairs guarantees a portion of the loan, which lets participating lenders offer terms that are hard to beat — including no down payment for eligible borrowers and no monthly mortgage insurance.
Read the guide →
USDA Loans
A USDA loan is a mortgage backed by the U.S. Department of Agriculture’s Rural Development program, designed to help moderate-income households buy in eligible rural and suburban areas. The headline feature: no down payment is required.
Read the guide →
Jumbo Loans
A jumbo loan is simply a mortgage larger than the conforming loan limits — the maximum amounts Fannie Mae and Freddie Mac will buy. When your purchase price pushes the loan above that line, you’re in jumbo territory.
Read the guide →
Bank Statement Loans
A bank statement loan is a mortgage designed for self-employed borrowers whose tax returns don’t reflect their real income. If you write off heavily — legally — your taxable income can look far smaller than the money actually flowing through your accounts.
Read the guide →
DSCR / Investor Loans
A DSCR loan — debt-service coverage ratio — is an investor mortgage that qualifies you based on the property’s rental income, not your personal income. The property has to carry itself; your W-2s and tax returns largely stay out of it.
Read the guide →
Down Payment Assistance — Illinois
Down payment assistance (DPA) programs help Illinois buyers cover the down payment and sometimes closing costs — often the two biggest barriers to homeownership. In Illinois, the Illinois Housing Development Authority (IHDA) runs the main programs, offered through participating lenders.
Read the guide →
Not sure which fits? That’s my job.
Tell me about your situation — income, credit, savings, timeline — and I’ll map your real options with honest math. Subject to credit and property approval.
Important: All calculations on this site are estimates for educational purposes only and do not constitute a loan offer, approval, or commitment to lend. Your actual rate, payment, and terms depend on credit approval and will be provided by your loan officer.