Areas We Serve

Whether you live in a city or the suburbs, we can help you secure a Illinois mortgage loan no matter where you reside in the state. We serve various areas throughout Illinois and the greater Chicagoland area, including:

  • Chicago
  • Lincoln Park
  • Wrigleyville
  • Naperville
  • Rockford
  • Elgin
  • Champaign
  • Arlington Heights
  • Lakeview
  • Aurora
  • Joliet
  • Springfield
  • Peoria
  • Waukegan

How Do Illinois Home Loans Work?

Illinois mortgage loans are very similar to home loans in other states. There are various types of loans that you can use to purchase a home, so it’s important to choose one that works for your individual circumstances. However, there are different criteria that you must meet in order to qualify for a home loan, depending on your lender and the type of loan you choose.

But for the most part, in order to buy a home in Illinois, you must provide the following criteria to your lender:

  • Your credit score
  • Your debt-to-income ratio
  • The type of loan you’re applying for
  • Your income
  • Your assets

Your lender will either approve or deny you for a loan depending on these criteria. If you get approved, you then move forward with the home buying process. The loan application is relatively simple and straightforward. You just have to provide the necessary documentation, and if you need any help along the way, our loan officers at Griffin Funding are there to answer any questions you may have.

How Do I Qualify for a Home Loan in Illinois?

Once you find a home in Illinois that you want to buy, you then have to apply for a home loan. The requirements to qualify for a home loan in Illinois will differ depending on the type of home loan that you use. But to qualify for any type of home loan, you’ll need to show your credit score, income, and debt-to-income ratio. Most home loans also require you to make a down payment, but the amount depends on the type of loan.

For example, for a Conventional loan, you must have at least a 620 credit score, and the home must be your primary residence, and you must contribute at least 5% of the purchase price in the form of a down payment.Meeting this criteria can be difficult if you’re self-employed or have a low credit score, but fortunately Griffin Funding offers a variety of other home loans that you can use that have much more flexible requirements.

Some of these loans include a VA loan which requires zero-down, an FHA loan which requires just 3.5% down or a bank statement loan, which can be ideal if you’re self employed.

Buying a House in Illinois: Requirements and What to Expect

There is a lot you have to consider before buying a house in Illinois, so it’s important to inform yourself on the various requirements that you need to qualify. Understanding these requirements ensures that you’ll be thoroughly prepared for the home buying process.

Illinois Mortgage Programs

At Griffin Funding, we pride ourselves on offering competitive Illinois home loans that help buyers invest in real estate as easily as possible.

Our Illinois Mortgage Programs

DSCR Loans in Illinois: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan. 

Bank Statement Loans in Illinois: These loans allow you to qualify for a mortgage with your bank statements instead of the income verification methods required for traditional home loans. This option is typically advantageous for self-employed individuals whose W2’s do not accurately reflect their income. 

Asset-Based Loans in Illinois: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing. 

Home Equity Loan in Illinois: If you’re an Illinois homeowner who has equity built up in your house, and need more liquidity, a home equity, or HELOAN, may be a great option. With this second loan, you can borrow the cash you need to do things like consolidate other debt without changing the rate on your first mortgage.

FHA Loans for First-Time Homebuyers: An FHA loan is recommended for buyers who do not have funds available for a large down payment. Since these loans are insured by the FHA (Federal Housing Administration), you can buy a house with as little as 3.5% down. 

VA Home Loans: Qualifying active-duty service members, veterans, and surviving spouses can take advantage of the home loan benefits afforded by the Department of Veteran Affairs. Because these loans are insured by the VA, you can secure much lower rates and even forgo a down payment. 

USDA Home Loans: Depending on where you want to buy a home in Illinois, you may be able to apply for a USDA mortgage. These loans are reserved for homes in qualifying rural areas.

Illinois ITIN LoansCan help foreign nationals purchase property in Illinois without needing a SSN.

Speak with one of our loan officers today to determine which of our Illinois home loans best suits your needs.

What Credit Score Is Needed to Buy a House in Illinois?

The credit score that’s needed to buy a house in Illinois varies depending on the home loan that you use. However, a minimum credit score of 620 is generally required. The higher a credit score you have, the more likely a lender will be to approve your loan application. Having a high credit score also makes you more likely to get low interest rates with your mortgage.

What Is the Current Mortgage Interest Rate in Illinois?

The current Illinois mortgage rates will differ depending on your credit score, the type of home you’re buying, and your mortgage term.

Are There First-Time Home Buyer Incentives in Illinois?

As a first-time home buyer in Illinois, you can get access to loans with more flexible requirements and better terms. There are many loan programs available to help you buy a home even if they can’t afford a large down payment.

Is It a Good Time to Buy a House in Illinois?

There is no right or wrong time to buy a house in Illinois, as it ultimately depends on the type of house you’re looking to buy and when you want to move. The house inventory and mortgage rates can vary from month to month.

But if you want the best listing prices, January is generally the best time to look. If you want the best housing inventory, then you should look in March. And if you want the best mortgage rates, then December may be the best time to buy a house. However, these can easily fluctuate, so it’s a good idea to keep your eye on the Illinois housing market so you can find something that works for you.

Begin the application online or request a free quote today!

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Apply for Your Illinois Home Loan

If you’re interested in buying a home in Illinois, there’s no better time to do it than the present. With Griffin Funding, we’ll make your home buying dreams a reality by helping you get a home loan with a competitive rate and affordable monthly mortgage payments.

So whether you’re looking to buy your first home or refinance a current loan, we have home loan options for everyone. Apply now to get started and let us help you secure a home loan that you’re more than happy with.