Illinois Home Buying Guides | Chicago South Suburbs

Yes. Illinois is an attorney review state. It is standard practice — and strongly advised — to have a licensed real estate attorney represent you. The attorney review period begins after the contract is signed and lasts 5 business days, during which your attorney can negotiate modifications or void the contract entirely.

Illinois home buyers typically pay 2%–3% of the purchase price in closing costs. On a $350,000 home, that’s approximately $7,000–$10,500. This includes loan origination fees, title insurance, appraisal, home inspection, attorney fees, and prepaid items like property taxes and homeowner’s insurance.

Minimum down payments depend on your loan type: FHA loans require 3.5% (with 580+ credit score), conventional loans start as low as 3%–5%, and VA loans require 0% for eligible veterans. Illinois IHDA programs can provide down payment assistance of up to $10,000 for qualified first-time buyers.

Most conventional lenders require a minimum 620 credit score, though 700+ earns you the best rates. FHA loans are available with scores as low as 580. IHDA first-time buyer programs typically require a 640 minimum. Check your credit 3–6 months before buying so you have time to improve it if needed.

Once you have an accepted offer, closing in Illinois typically takes 30–45 days. The process includes attorney review (5 business days), home inspection (first week), mortgage appraisal (1–2 weeks), underwriting (2–3 weeks), and final walkthrough before closing. In the competitive South Suburbs market, homes often go under contract within 18–25 days of listing.

Earnest money is a good-faith deposit paid by the buyer after a contract is accepted — typically 1%–2% of the purchase price in Illinois. The funds are held in escrow and applied toward your down payment or closing costs at closing. If you back out for a covered contingency reason (inspection issues, financing denial), your earnest money is returned.

Yes — always get pre-approved before making an offer. In the South Suburbs’ competitive market, sellers expect a pre-approval letter with every offer and may not consider offers without one. Pre-approval takes 24–48 hours with most lenders and significantly strengthens your negotiating position. You can tour open houses without pre-approval, but not make serious offers.