Cook County FHA Limits Increase Almost $12,000
Attention Buyers: Cook County FHA loan limits are set to go up almost $12,000 higher in 2021 than the 2020 limits.
The Federal Housing Administration (FHA) is increasing its 2021 single family house loan limit in Cook County, IL to $379,500, almost $12,000 higher than the 2020 limit of $368,000. The loan limit is based on the national conforming loan limit for Fannie Mae and Freddie Mac.
The purpose of FHA loans (loans backed by the Federal Housing Administration, which means you can get insurance-free loans with down payments as low as 3.5%) is to provide assistance to low-to-moderate income borrowers. Loan limits set the maximum amount of money a borrower can take out under the FHA program to…