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Key Takeaways for Illinois Home Buyers:

Here's what you need to know to get started if you’re looking at buying in the Prairie State.

Average Home Prices in Illinois

As of April 2025, the median sale price for a single-family home in Illinois is $310,000.

Average home price:

  • Chicago: $385,000
  • Geneva: $392,000
  • Rockford: $173,490
  • Joliet: $262,650
  • Wilmington: $417,310

Source: zillow.com/home-values

Average Home Size in Illinois

The average size for a single-family home in Illinois is approximately 1,919 square feet.

Average home size:

  • Chicago: 3,330 square feet
  • Geneva: 2,108 square feet
  • Rockford: 1,792 square feet
  • Joliet: 2,295 square feet

Source: https://fred.stlouisfed.org/

Illinois State Taxes

  • Illinois has a flat income tax rate of 4.95% that applies to all individual income.
  • The average effective property tax rate in Illinois is around 1.83%, while other sources place it closer to 2.08% to 2.11% of a home’s value.
  • Illinois charges a base state sales tax of 6.25% on general merchandise, with local jurisdictions able to add their own rates.

How Much Can You Afford in Illinois?

Ideal
Monthly Payment:
$750.00

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$750.00
$1050
$1350

Mortgage Questions?
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By submitting this form, I/we agree to your Privacy Policy, Email and Mobile Policy, Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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Illinois Down Payment Assistance Programs

National Homebuyers Fund FHA Program

This down payment assistance program helps buyers get into a home with little to no upfront cost, offering up to 101.5% financing through an FHA first mortgage and a second lien.

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More about this program
  • FHA loan covers 96.5% of the purchase price
  • Second lien covers 3.5% or 5% for down payment or closing costs
  • Minimum credit score: 600 (660 for manual underwriting)
  • No first-time buyer requirement
  • No max DTI with DU/LP approval
  • Homebuyer education required (Fannie Mae HomeView – free online)
  • Non-occupant co-borrowers allowed
  • Eligible properties: Single-family homes, duplexes (2 units), PUDs, condos (agency approved), townhomes, manufactured homes allowed (except single-wides)

National Community Lending Program

This program supports low- to moderate-income buyers with down payment assistance and flexible financing to make homeownership more accessible.

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More about this program
  • 30-year fixed-rate conventional mortgage
  • Second lien offers up to 4% for down payment assistance
  • Max LTV/CLTV: 97% / 105%
  • Income limit: Up to 140% of area median income (AMI)
  • Minimum credit score: 660
  • DTI: Lesser of 50% or AUS approval
  • Eligible properties: Single-family detached or attached homes, single-family homes with accessory units (must be zoned single-family), PUDs and condominiums, rural properties (must be residential in nature)

IHDAccess Forgivable

This IHDA program provides down payment and closing cost help that is forgiven over time, so you never have to pay it back.

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More about this program

Highlights

  • Up to 4% of the purchase price (max $6,000)
  • Forgiven monthly over 10 years
  • 30-year fixed-rate mortgage
  • Works with FHA, VA, USDA, FNMA, and FHLMC loans
  • Available statewide for first-time and repeat buyers

Requirements

  • Meet income and purchase price limits
  • Credit score of at least 640
  • Contribute $1,000 or 1% of purchase price
  • Must live in the home as primary residence
  • Homeownership counseling required

IHDAccess Deferred

This IHDA option gives you interest-free assistance that you don’t pay back until you sell, refinance, or pay off your loan.

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More about this program

Highlights

  • Up to 5% of the purchase price (max $7,500)
  • Interest-free loan, repayment deferred
  • 30-year fixed-rate mortgage
  • Works with FHA, VA, USDA, FNMA, and FHLMC loans
  • Open to both first-time and repeat buyers

Requirements

  • Meet income and purchase price limits
  • Credit score of at least 640
  • Contribute $1,000 or 1% of purchase price
  • Must live in the home as primary residence
  • Homeownership counseling required

IHDAccess Repayable

This IHDA program offers the largest amount of assistance as an interest-free loan that is repaid monthly over 10 years.

purchase-g-radio
More about this program

Highlights

  • Up to 10% of the purchase price (max $10,000)
  • Interest-free loan, repaid over 10 years
  • 30-year fixed-rate mortgage
  • Works with FHA, VA, USDA, FNMA, and FHLMC loans
  • Available statewide for first-time and repeat buyers

Requirements

  • Meet income and purchase price limits
  • Credit score of at least 640
  • Contribute $1,000 or 1% of purchase price
  • Must live in the home as primary residence
  • Homeownership counseling required

Churchill Mortgage is an approved lender for these down payment assistance programs. Contact us today to see if you qualify!

Frequently Asked Questions

Check our FAQs for responses to our most popular questions from Illinois home buyers.

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How Much Should I Budget for Closing Costs in Illinois?

Closing costs in Illinois typically range from 2% to 5% of the home’s purchase price. This can include fees for appraisals, inspections, title insurance, and lender charges. Your loan officer can provide a personalized estimate based on your purchase.

For example, on a $300,000 home, expect to pay between $6,000 and $15,000. First-time buyers may qualify for down payment and closing cost assistance through programs like the IHDAccess Forgiveable, reducing out-of-pocket expenses.

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What Are the Most Popular Home Loan Types in Illinois?

The most common loans among Illinois buyers are:

  • Conventional Loans – Flexible terms with competitive interest rates. Often preferred by buyers with strong credit and larger down payments, though options with as little as 3% down are available.

  • FHA Loans – Backed by the Federal Housing Administration, these are popular with first-time buyers. They allow lower credit scores and down payments starting at 3.5%.

  • VA Loans – Available to eligible veterans, active-duty service members, and surviving spouses. VA loans require no down payment and no private mortgage insurance (PMI).

  • USDA Loans – Designed for qualifying buyers in rural and suburban areas. These loans also offer no down payment and reduced mortgage insurance costs.

  • IHDA Mortgages – Offered through the Illinois Housing Development Authority, these pair a 30-year fixed-rate loan with down payment and closing cost assistance programs such as Access Forgivable, Access Deferred, and Access Repayable. They are available statewide for both first-time and repeat buyers.
Collaboration
How Can I Find a Trusted Local Illinois Realtor to Work With?

Churchill Mortgage's experienced Home Loan Specialists work closely with a network of trusted, local real estate agents across the state of Ilinois. Just ask for a referral and we'll provide you with a professional who is committed to finding the right home for you.

 
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How Do Schools Rank in Illinois?

Illinois’ public schools show a wide range of performance depending on district and location. Several districts consistently earn high marks for academics, graduation rates, and college readiness.

  • Top-Rated Districts: Naperville Community Unit School District 203, Hinsdale Township High School District 86, Elmhurst School District 205, and New Trier Township High School District 203 often rank among the best in the state.
  • Strong Academic Focus: Many top districts boast high test scores, advanced placement offerings, and strong arts and STEM programs.

For detailed school performance data, including test scores and district comparisons, visit the Illinois Report Card.

Reviews from Illinois Home Buyers

★ ★ ★ ★ ★

David was amazing to work with, knowledgeable and professional, but also such a friendly human being! Everyone who worked with him and his team was so impressed by how smooth everything was executed. If you are looking to buy a home, we highly recommend requesting David for your loan team!

Abby D.
Quincy, IL
★ ★ ★ ★ ★

"Yissel, Deborah, Andrew, and anyone else who helped us were quick to respond to our questions and the communication was very good. I really felt that everyone involved worked with us well and worked around our needs well. I was very impressed when Andrew had a strategy to help our offer stand out if needed. Very good job to this Churchill Mortgage team, well done!"

Nicholas D.
Mount Carmel, IL
★ ★ ★ ★ ★

"My wife and I are very happy with everything. The whole team was right on it and answered every single question we needed, because of you guys we were able to close on our home and start raising our family! We couldn't be more thankful for the whole team that worked hard for us getting this together!"

Andrew P.
Mattoon, IL

4.9 / 5

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Illinois Branch Locations

Churchill Loan Officers in Illinois

Conforming and high balance allowed. Cooperative housing not eligible. Not all applicants will qualify. Not a commitment to lend. Other restriction or limitations to any program may apply.

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.