Illinois Home Buying Guide
Midwest Region · Judicial Foreclosure State
Key Facts at a Glance
What Makes Illinois Unique
Second-highest property taxes in the US at 2.23%
Attorney required at closing
IHDA offers forgivable second mortgages for DPA
First-Time Buyer Programs in Illinois
IHDA Household HomeOwnership
Contact your state housing finance agency for current eligibility and rates
IHDA Access Forgivable
Contact your state housing finance agency for current eligibility and rates
IHDA Access Deferred
Contact your state housing finance agency for current eligibility and rates
Program availability, income limits, and interest rates change frequently. Verify current terms with your lender or state housing finance agency.
Closing Costs in Illinois
Attorney at Closing
Attorney Required at Closing
Illinois requires a licensed real estate attorney to oversee the closing process. Budget $500–$1,500 for attorney fees.
Local Tips for Illinois Buyers
High property taxes significantly increase your monthly ownership cost.
IHDA Access Forgivable is forgiven after 10 years of occupancy.
Chicago adds city transfer tax of 0.75% on buyer side.
Estimated Annual Ownership Cost in Illinois
Based on the median home price of $265,000 with a 10% down payment and 7% mortgage rate.
Ready to Calculate Your Numbers?
Use our free calculators to estimate your monthly payment, affordability, and closing costs in Illinois.