$285,000
Median Home Price
$320,000
Avg. Loan Amount
58+
Licensed Lenders
12+
Major Markets
Illinois Real Estate Market
Why Non-QM loans are popular in Illinois
Chicago is a major hub for finance, tech, and professional services
Strong rental market in Chicago and surrounding suburbs
Affordable multi-family investment opportunities
Large population of self-employed professionals and entrepreneurs
Diverse property types from condos to multi-family buildings
Growing suburban markets with strong appreciation potential
Popular Non-QM Programs in Illinois
These loan programs are especially popular among Illinois borrowers
Top Illinois Markets We Serve
Non-QM lending available throughout Illinois
Illinois Lending Regulations
Illinois is regulated by the Department of Financial and Professional Regulation (IDFPR). Mortgage lenders and brokers must be licensed under the Residential Mortgage License Act. Illinois has specific consumer protection laws and disclosure requirements.
Illinois Non-QM Loan FAQs
Common questions about Non-QM loans in Illinois
Can I get a Non-QM loan for a Chicago condo?
Yes! Non-QM loans are available for Chicago condos, including non-warrantable condos that don't meet conventional guidelines. This is common in buildings with high investor concentration or pending litigation.
What are the loan limits for Non-QM in Illinois?
Non-QM loans in Illinois typically range up to $2 million, with some lenders offering higher limits. Chicago's luxury market has access to jumbo Non-QM options for high-value properties.
Are Non-QM loans available for Illinois multi-family properties?
Absolutely! DSCR loans are very popular for 2-4 unit properties in Chicago and surrounding areas. Investors can qualify based on rental income rather than personal income documentation.
How do Illinois property taxes affect my loan?
Illinois has relatively high property taxes that are factored into your debt-to-income ratio and DSCR calculations. Lenders account for these costs when determining your maximum loan amount.
Can I get a Non-QM loan with an Illinois LLC?
Yes, many Non-QM lenders allow purchases through LLCs for investment properties. DSCR loans are commonly structured this way for liability protection and tax benefits.
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