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Loan Limits for FHA Mortgage in Illinois If you're a homebuyer, you may find it easier to qualify for mortgages that are insured by the Federal Housing Administration. However, keep in mind that there are specific loan requirements and a maximum limit to be aware of before you apply for this type of loan. By familiarizing yourself with these factors, you can determine if an FHA-insured mortgage is the right choice for your home-buying needs.