Top 5 FHA Lenders in Illinois 2019
If you’re interested in getting a home loan in Illinois, you won’t be short of options. Illinois currently has a population of almost 13 million, and, since interest rates are still extremely low, it could be a perfect time to purchase a home. Home values rose nearly 5 percent between December 2017 to 2018, and are estimated to rise another 4.2% through 2019.
Since home values are estimated to rise in the next year, both experienced and first-time home buyers will want to do everything they can to reduce their housing expenses. This starts with getting a great mortgage. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Illinois and how they can help guide you on your quest to home ownership.
2019 Illinois FHA Lender Best Picks
Best for First Time Home Buyers: eClick Lending
Best Online Experience: Guaranteed Rate
Best Local Lender: United Home Loans
Best Face-to-Face Experience: Bridgeview Bank Group
Best Overall Performance: Quicken Loans/Rocket Mortgage
#1 Illinois FHA Lender: Quicken Loans/Rocket Mortgage
While the online mortgage space was fragmented and confusing just a few years ago, today, several companies have created products that really stand out from the competition-- and make walking into your local bank for a mortgage look like something out of the 1950s. Quicken Loans is among the most prominent of this new breed of online lenders, and, while it’s a nationwide company, it does quite a lot of business in Illinois.
Though Quicken Loans is versed in originating a variety of mortgage types, it’s well known for its experience with FHA loans. So, whether you want a regular FHA home loan, an FHA streamline refinance, or something else entirely, Quicken Loans has your back. And, while Quicken Loans does specialize in an online experience, they have support staff standing by to help you if you do need to talk to someone in person-- which is extremely reassuring, especially for those who like a traditional, in-person touch.
#2 Illinois FHA Lender: eClick Lending
eClick Lending, a division of Midwest Equity Mortgage, LLC, is one of the highest rated lenders in the state of Illinois. eClick Lending prides itself on the fact that they do everything in-house, including origination, underwriting, and closing. The company originates approximately $500 million of mortgages each year, including millions of FHA home loans, so they have significant experience in the industry. While eClick does all kinds of mortgages, they specialize in refinances and cash out refinances, so if you’re looking to refinance your home, eClick could be an excellent choice.
#3 Illinois FHA Lender: United Home Loans
United Home Loans is truly a local Illinois lender, priding itself on offering home loans in “the Greater Chicago area.” Since UHL was founded back in 2002, they’ve funded approximately $3 billion worth of loans, including FHA loans, VA loans, and jumbo mortgages. Plus, unlike some local lenders, UHL allows borrowers to apply and get pre-approved online. That can allow you to look for a house with the confidence that you’ll be approved for a loan.
#4 Illinois FHA Lender: Bridgeview Bank Group
Bridgeview Bank Group, is another Illinois FHA lender dedicated to customer service. Unlike some of the other lenders on this list, Bridgeview Bank Group is actually a bank, so it can provide traditional bank accounts, ATMs, check cashing, and other regular banking services in addition to helping you get a mortgage. Plus, Bridgeview has been around since 1971 and operates 13 locations throughout Illinois, so it has both a significant history and a broad reach throughout the state.
#5 Illinois FHA Lender: Guaranteed Rate
Guaranteed Rate is one of the largest and most reviewed lenders in the state of Illinois. It prides itself on its highly efficient online platform, which many have found superior to its competitors. And, while Guaranteed Rate is a national company, it’s actually headquartered in Chicago, so if you want a home loan in Illinois, you’ll be extremely close to the action.
While it’s known for its excellent customer service, its online platform is what truly sets Guaranteed Rate above the competition. The platform makes it incredibly easy for borrowers to upload the financial documentation needed to apply for a loan, as well as checking their credit scores through the platform itself.
Shop Around Before You Get an Illinois FHA Loan
Our picks for the best FHA lenders in Illinois may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!