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FHA Loans and Approval

Basically, FHA loans help make it affordable for higher risk borrowers to purchase homes. By “higher risk” we mean home buyers who have less money to use for a down payment or have lower credit scores than are favorable with conventional lenders. The Federal Housing Administration (FHA) does not issue the loan – rather it insures the loan for other financing institutions. The program opens up homeownership to many people that would otherwise be unable to afford it, including large numbers of first-time home buyers.

FHA Condo List As Of: January 29, 2009

The major benefits of an FHA loan are:

  • Smaller Down Payment

  • Easier Credit Qualifications

  • Lower Monthly Payments

Find out more about mortgage shopping in our mortgage section.

FHA-insured loans require as little as 3.5% down to purchase a property. The smaller down payment is an essential element in making home purchases affordable. This mainly helps buyers who have sufficient income to cover monthly mortgage payments, but don’t have the savings to put down 20 percent for a conventional loan.

Borrowers with flawed credit scores have an easier time getting FHA loans than traditional ones. Even those who have previously filed for bankruptcy can qualify. Because the mortgage is backed by a government agency, lenders do not have to compensate for the possibility of the borrower defaulting – even if the borrower’s risk rating is heightened by poor credit.

Normally a higher risk of default would compel lenders to issue increased mortgage rates. However, as government-insured mortgages, FHA loans typically have interest rates competitive with other lenders. Lower rates help keep monthly mortgage costs down and make home purchases more affordable in the long term.

FHA loans can be used to purchase residences with 1–4 units. This includes everything from detached single-family houses to mobile homes. When buying a condo or townhome the building must be FHA-approved in order to get an FHA-insured loan. Many residential complexes in Chicago are already FHA-approved, however, if the property you’re interested in buying is not, spot approval can be granted. The building must meet a certain criteria outlined by the FHA.

Download an FHA Spot Loan Approval Checklist!

The Federal Housing Administration has been around since the 1930s. It became part of the U.S. Department of Housing & Urban Development (HUD) in 1965 and is now said to be the largest insurer of mortgages in the world. Over the years, the FHA has insured more than 34 million mortgages. After loosing popularity in the 1990s the FHA loan has made a comeback and is currently insuring over 4.8 million home loans.


FHA Building Approval ( By Neighborhood )


Albany Park Neighborhood

Building Address Building Name FHA Approval Zip Code
3553- 3559 W. Montrose   Approved 60618

Andersonville Neighborhood

Building Address Building Name FHA Approval Zip Code
5235 N. Ravenswood Ave Map Factory Lofts Approved 60640
1410-1412 Bryn Mawr   Approved 60660
1648 W Hollywood   Approved 60660

Austin (North)/Austin (South) Neighborhood

Building Address Building Name FHA Approval Zip Code
5301-05 W Lemoyne (North Austin) 5301-05 W. Lemoyne Condominium Approved 60651
5301-05 W Lemoyne (North Austin) 5301-05 W Lemoyne Condominium Approved 60651
5424 W Ferdinand (Austin) Merrick Park Approved 60644

Beverly Neighborhood

Building Address Building Name FHA Approval Zip Code
2030 W 111th Terrace Place West Condominium Approved 60643

Bronzeville Neighborhood

Building Address Building Name FHA Approval Zip Code
5026-28 S Michigan   Approved 60615
4904-4906 S Vincennes   Approved 60615

Bucktown Neighborhood

Building Address Building Name FHA Approval Zip Code
1720 N Marshfield Marshfield Park Condominium Approved 60622
2210 West Wabansia The Pinnacle Lofts Condo Approved 60647

Buena Park Neighborhood

Building Address Building Name FHA Approval Zip Code
700 Bittersweet   Approved 60613

Clearing Neighborhood

Building Address Building Name FHA Approval Zip Code
6925-35 W 64th Place Courtyards Ii Approved 60638
6807-11 S Pulaski Courtyards I Approved 60629

Edgewater Neighborhood

Building Address Building Name FHA Approval Zip Code
1646-50 W Edgewater Anderson Villas Approved 60660
1248-1254 Thorndale   Approved 60660
1431-33 W Rosemont   Approved 60660
5206 & 5210 N Winthrop North Winthrop Condominium Approved 60640
6171 N Sheridan   Approved 60660

Evergreen Park Neighborhood

Building Address Building Name FHA Approval Zip Code
2728 W 87th Street   Approved 60552

Gage Park Neighborhood

Building Address Building Name FHA Approval Zip Code
5914-20 S Kedzie Kedzie Condominiums Approved 60629

East Garfield Park/West

Building Address Building Name FHA Approval Zip Code
105 N Pine Court   Approved 60644

Gold Coast Neighborhood

Building Address Building Name FHA Approval Zip Code
175 E Delaware Place John Hancock Approved 60611
1540 N Lasalle Lasalle Terrace Approved 60610
1250 N Lasalle   Approved 60610

Hyde Park Neighborhood

Building Address Building Name FHA Approval Zip Code
5201-09 S Ingleside   Approved 60615
5252 S Drexel Eaglebrook Condominiums Approved 60615
900 E 62nd 6153 S Drexel Approved 60637
2301-47 E 70th Place Park Waters Condo Approved 60649
313-315 E 60th Street Prairie View Condominiums Approved 60637
5471 Hyde Park Blvd Watergate East Approved 60615
1501 E 65th St Varsity Park Approved 60637
5213 S Ingleside Ingleside Condominiums Approved 60615
5018 S Woodlawn   Approved 60615
5125-31 S Greenwood   Approved 60615
5455-5463 Ingleside   Approved 60615
4705 South Champlain The 4705 South Champlain Avenue Approved 60653
5021 S Drexel   Approved 60615
5614-16 S Blackstone   Spot Approval 60637
1000 E 53rd Renaissance Place At Hyde Park Approved 60615
700-702 East 51st St Parkview Luxury Condos Approved 60615
5121 Drexel Drexel Square Approved 60653

Lakeview Neighborhood

Building Address Building Name FHA Approval Zip Code
3151 N Lincoln Lincoln Lofts Approved 60657
444-446 W Oakdale   Approved 60657
339 W Barry   Approved 60657
330 W Diversey Commonwealth Plaza Approved 60657
626-630 W Waveland Waveland Gardens Condominiums Approved 60613
636 W Waveland Waveland Courts Condominium Approved 60613
2930 N. Sheridan Aquilo Approved 60657

Lincoln Park Neighborhood

Building Address Building Name FHA Approval Zip Code
2020 Lincoln Park West 2020 Lincoln Park West Approved 60614
2754 N Hampden Ct Hampden Tower Condominium Approved 60614
1667 N Bissell   Approved 60614
1960 Lincoln Park West Lincoln Park Tower Approved 60614
2322-30 Lincoln Park West Brighton Of Lincoln Park Approved 60614

Logan Square Neighborhood

Building Address Building Name FHA Approval Zip Code
2161 N California St George Lofts Approved 60647
2654 Medill Medill Street Lofts Approved 60647
2534-42 N Kedzie Redgate Court Condominiums Approved 60647
3563 W Lyndale   Approved 60647
2345 W. George Riverwalk Townhome Condominium Approved 60618

Loop

Building Address Building Name FHA Approval Zip Code
222 N Columbus Park Millennium Spot Approval 60601

Near Eastside Neighborhood

Building Address Building Name FHA Approval Zip Code
155 Harbor Drive Harbor Point Condominiums Approved 60601

Old Irving Neighborhood

Building Address Building Name FHA Approval Zip Code
4337-43 N Kedvale Kedvale Terrace Approved 60641

Old Town Neighborhood

Building Address Building Name FHA Approval Zip Code
1660 N Lasalle   Approved 60614

Portage Park Neighborhood

Building Address Building Name FHA Approval Zip Code
5805 W Eddy Menard Condominiums Approved 60634

Printers Row Neighborhood

Building Address Building Name FHA Approval Zip Code
124 W Polk Folio Square Condominium Approved 60605
621 S Plymouth Ct Moser Loft Condo Approved 60605
523 S Plymouth   Approved 60605
801 S Plymouth   Approved 60605

Ravenswood Neighborhood

Building Address Building Name FHA Approval Zip Code
4546 N Greenview   Approved 60640

Rogers Park Neighborhood

Building Address Building Name FHA Approval Zip Code
6933 N Kedzie Winston Towers Approved 60645
1441 W Farwell   Approved 60626
6426 N Ridge Ridge Village Approved 60626
6325 N Sheridan Sheridan Point Approved 60660
6033 N Sheridan Malibu East Approved 60660
1901-03 W Lunt North Sheridan Condominiums Approved 60626
6964-70 N Wolcott North Sheridan Condominiums Approved 60626
6220 N Ridge Emerson Park Approved 60660
6166 N Sheridan Granville Towers Condominium Approved 60660
6550-52 North Glenwood   Approved 60626
7715-21 N Hermitage Birchwood Courts Approved 60626
1791 W Howard St Renaissance Lofts Approved 60626
2654 W Lunt Ave Lunt At The Park Condominiums Approved 60645
2200-2206 W Granville Twin Gables Approved 60659
6969 N Ashland   Approved 60626
7120 N Sheridan   Approved 60624
1549 W Sherwin   Approved 60626
7446 N Damen   Spot Approval 60626

River North Neighborhood

Building Address Building Name FHA Approval Zip Code
70 W Huron The Hermitage Condominiums Approved 60610
300 N State Marina Towers Approved 60654

River West Neighborhood

Building Address Building Name FHA Approval Zip Code
345 N Canal Fulton House Approved 60606
525 N Ada Ada Street Lofts Approved 60622

Sauganash Neighborhood

Building Address Building Name FHA Approval Zip Code
5360 N. Lowell Ave River'S Edge Condominium #1 Approved 60630

South Loop Neighborhood

Building Address Building Name FHA Approval Zip Code
1515 S Michigan 1515 S Michigan Ave Condominiums Approved 60605
40 E 9th Burnham Park Plaza Approved 60605
1516 S Wabash Landmark Lofts Condominiums Approved 60605
1632 S Indiana Bicycle Station Lofts Condominiums Approved 60616
1720 S Michigan   Approved 60616

South Shore Neighborhood

Building Address Building Name FHA Approval Zip Code
2051-61 E 72nd St   Approved 60649
2051-61 E 72nd St   Approved 60649
7363 S Shore Dr   Approved 60649
6700 South Shore Drive Quadrangle Condominiums Approved 60649
2370 E 71st Lakeshore Pointe Condominium Approved 60649
6730 S South Shore Dr Lakefront Place Condominiums Approved 60649
6740 S Olgesby   Approved 60649

Streeterville Neighborhood

Building Address Building Name FHA Approval Zip Code
233 E Erie Streeterville Center Approved 60611
253 Delaware East Delaware Condominium Approved 60611

University Village Neighborhood

Building Address Building Name FHA Approval Zip Code
1110-1150 W 15th Street University Commons V Units Approved 60608

Uptown Neighborhood

Building Address Building Name FHA Approval Zip Code
858-60 W Lakeside   Approved 60640
912-914 Leland Leland Circle Condominiums Approved 60640
700 W Bittersweet   Approved 60613
4630-40 N Racine Racine Courts At Sheridan Park Approved 60640
5445 Sheridan Edgewater Plaza Condominium Approved 60640
5230 N Kenmore The Provenance Condominium Approved 60640

West Loop Neighborhood

Building Address Building Name FHA Approval Zip Code
728 W Jackson Haberdasher Square Lofts Approved 60661
14 N Sangamon Art House Condominium Approved 60607
420 &Amp; 426 S Clinton Gotham Lofts Condominium Approved 60607
411 S Sangamon Sangamon Loft Condominium Approved 60622
6 S Laflin   Spot Approval 60607

Wicker Park Neighborhood

Building Address Building Name FHA Approval Zip Code
1565 N Hoyne   Approved 60622
1259 N Wood Cityview Lofts Condominiums Approved 60622

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