7 Best Jumbo Loans in Illinois


Jumbo mortgage loans in Illinois provide borrowers an easy way to finance big home purchases in high-cost areas.

Key Terms

  • Illinois jumbo loans offer higher limits than conforming mortgages.
  • Jumbo loans do not always require big down payments.
  • A jumbo loan allows you to finance a big purchase with a single loan.

The “Land of Lincoln” offers its residents a classic version of midwestern living. Everything from farmland to major cities is within reach in Illinois, making it a great place for many to live. From some of the most iconic professional sports teams to the architectural wonders of big city, Chicago, Illinois has something for everyone.

Whether you live in Chicago or a rural community, real estate prices in Illinois are on the rise. According to the Illinois Association of Realtors, the median sales price of a home in Alabama is $276,000. While that median is below the limits on conforming loans, residents in search of larger properties or homes in competitive regions of the state may need a jumbo loan. 

For the most recent year, the HDMA data places Illinois 12th in the country in terms of mortgage origination activity, with a total of $17.66 billion in jumbo mortgages originated, showing that many in the state are turning to these convenient financial products.

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What is the jumbo loan limit in Illinois?

The jumbo loan limit in Illinois is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of Illinois. Any loan that is less than $647,200 is a conforming loan in the state of Illinois.

Illinois Jumbo Loan Limits (October 2022)

Illinois county-by-county jumbo loan, conforming loan and FHA loan limits.

Illinois
County
Illinois
Jumbo loan
(1-unit)
Illinois
Conforming
loan limit
(1-unit)
Illinois
FHA loan limit
(1-unit)
Adams$647,200+$647,200 $420,680
Alexander$647,200+$647,200 $420,680
Bond$647,200+$647,200 $420,680
Boone$647,200+$647,200 $420,680
Brown$647,200+$647,200 $420,680
Bureau$647,200+$647,200 $420,680
Calhoun$647,200+$647,200 $420,680
Carroll$647,200+$647,200 $420,680
Cass$647,200+$647,200 $420,680
Champaign$647,200+$647,200 $420,680
Christian$647,200+$647,200 $420,680
Clark$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Clinton$647,200+$647,200 $420,680
Coles$647,200+$647,200 $420,680
Cook$647,200+$647,200 $420,680
Crawford$647,200+$647,200 $420,680
Cumberland$647,200+$647,200 $420,680
Dekalb$647,200+$647,200 $420,680
De Witt$647,200+$647,200 $420,680
Douglas$647,200+$647,200 $420,680
Dupage$647,200+$647,200 $420,680
Edgar$647,200+$647,200 $420,680
Edwards$647,200+$647,200 $420,680
Effingham$647,200+$647,200 $420,680
Fayette$647,200+$647,200 $420,680
Ford$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Fulton$647,200+$647,200 $420,680
Gallatin$647,200+$647,200 $420,680
Greene$647,200+$647,200 $420,680
Grundy$647,200+$647,200 $420,680
Hamilton$647,200+$647,200 $420,680
Hancock$647,200+$647,200 $420,680
Hardin$647,200+$647,200 $420,680
Henderson$647,200+$647,200 $420,680
Henry$647,200+$647,200 $420,680
Iroquois$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jasper$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Jersey$647,200+$647,200 $420,680
Jo Daviess$647,200+$647,200 $420,680
Johnson$647,200+$647,200 $420,680
Kane$647,200+$647,200 $420,680
Kankakee$647,200+$647,200 $420,680
Kendall$647,200+$647,200 $420,680
Knox$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
La Salle$647,200+$647,200 $420,680
Lawrence$647,200+$647,200 $420,680
Lee$647,200+$647,200 $420,680
Livingston$647,200+$647,200 $420,680
Logan$647,200+$647,200 $420,680
Mcdonough$647,200+$647,200 $420,680
Mchenry$647,200+$647,200 $420,680
Mclean$647,200+$647,200 $420,680
Macon$647,200+$647,200 $420,680
Macoupin$647,200+$647,200 $420,680
Madison$647,200+$647,200 $420,680
Marion$647,200+$647,200 $420,680
Marshall$647,200+$647,200 $420,680
Mason$647,200+$647,200 $420,680
Massac$647,200+$647,200 $420,680
Menard$647,200+$647,200 $420,680
Mercer$647,200+$647,200 $420,680
Monroe$647,200+$647,200 $420,680
Montgomery$647,200+$647,200 $420,680
Morgan$647,200+$647,200 $420,680
Moultrie$647,200+$647,200 $420,680
Ogle$647,200+$647,200 $420,680
Peoria$647,200+$647,200 $420,680
Perry$647,200+$647,200 $420,680
Piatt$647,200+$647,200 $420,680
Pike$647,200+$647,200 $420,680
Pope$647,200+$647,200 $420,680
Pulaski$647,200+$647,200 $420,680
Putnam$647,200+$647,200 $420,680
Randolph$647,200+$647,200 $420,680
Richland$647,200+$647,200 $420,680
Rock Island$647,200+$647,200 $420,680
St. Clair$647,200+$647,200 $420,680
Saline$647,200+$647,200 $420,680
Sangamon$647,200+$647,200 $420,680
Schuyler$647,200+$647,200 $420,680
Scott$647,200+$647,200 $420,680
Shelby$647,200+$647,200 $420,680
Stark$647,200+$647,200 $420,680
Stephenson$647,200+$647,200 $420,680
Tazewell$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Vermilion$647,200+$647,200 $420,680
Wabash$647,200+$647,200 $420,680
Warren$647,200+$647,200 $420,680
Washington$647,200+$647,200 $420,680
Wayne$647,200+$647,200 $420,680
White$647,200+$647,200 $420,680
Whiteside$647,200+$647,200 $420,680
Will$647,200+$647,200 $420,680
Williamson$647,200+$647,200 $420,680
Winnebago$647,200+$647,200 $420,680
Woodford$647,200+$647,200 $420,680

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7 Top Illinois jumbo loan lenders

If you’re in the market for a home in Illinois, consider these jumbo mortgage loans that are available to state residents.

1. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive jumbo loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo mortgage rates and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan options and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required, resulting in lower mortgage payments.
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about their jumbo loan terms, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves
  • 20% down tAll below LTVs 700+ credit score 

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. Chase Bank

JPMorgan Chase Bank is one of the oldest banks in the United States, tracing its roots back to the 18th-century and JP Morgan himself. As one of the Big Four banks, it’s not a surprise that they have a competitive jumbo mortgage program in addition to a variety of other financing options.

We contacted Chase Bank to get additional details about their jumbo mortgage. Here are some key terms and highlights:

  • Up to $3 million for a jumbo loan.
  • Banking customers might get discounted pricing up to 0.5% off standard rates.
  • $5,000 Closing Guarantee (either an on-time closing or you get $5,000).
  • Interest Only loan available for high-value, single-family primary or secondary home purchases.

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. SoFI

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. Fifth Third Bank

Fifth Third Bank is headquartered in Cincinnati, Ohio and is one of the largest consumer banks in the country. The bank’s unique name came from a 1909 merger between Third National Bank and Fifth National Bank. The bank offers a full suite of financial products, including jumbo mortgages.

We contacted Fifth Third Bank to learn about their jumbo loan mortgage specifically. Here are the important details:

  • Loans up to $3 million
  • Minimum credit score is 680
  • Fixed rate and variable rate loans available
  • Cash reserves required
  • Jumbo loans are more likely to require a downpayment of 20%, though you may be able to go as low as 10%

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

7. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

The pros and cons of getting a jumbo loan in Illinois

Due to the skyrocketing prices of new homes in Illinois, more and more buyers are finding it difficult to finance a home in the state. Fortunately, Illinois’s jumbo loans offer these would-be buyers an easy way to do just that. Any homebuyer will want to take a look at the pros and cons involved first, however. 

The main “pro” of an Illinois jumbo loan (a “non-conforming loan”),is that it can allow you to buy a bigger or more expensive home with a single loan. Conventional loans must adhere to so-called “conforming’ limits, meaning they can’t go over a certain amount, depending on the state. In Illinois, that means anyone who wants to buy a home that is over $647,200 will need to cobble together multiple loans, unless they have sufficient cash on hand to make up the difference. 

Illinois jumbo loans also require a smaller down payment than most conventional loans, but all of that comes at a price. You may find that you have a higher interest rate with one of these mortgages, which can add up to a tidy sum over the life of the loan. You will also have to have pretty sterling credit to qualify for a jumbo loan in Illinois.  

Does an Illinois jumbo loan make sense for you?

If you have a good or excellent credit score, an Illinois jumbo loan might be a perfect choice for you. With stricter requirements and higher risks, jumbo loans can provide you with the financing you need but will require more information from you and take a bit longer. When the alternative is multiple loans, however, a jumbo loan can make for a simpler process overall. 

Conforming loan limits are set by the Federal Housing Finance Agency (FHFA), which has regulatory authority over Fannie Mae and Freddie Mac, the two government-backed home loan entities that buy most of the mortgages made in the U.S. from mortgage lenders and resell them to private investors.

Jumbo loans are a good fit if you don’t want to put a large down payment on a home, as well. When purchasing in today’s markets, a conventional mortgage down payment can get into six figures, depriving you of a good deal of liquid cash. A jumbo loan allows you to access financing while still maintaining your savings and maximizing your leverage. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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