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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
See Safe Rate's top scoring lenders for Marengo-Union Elementary Consolidated District 165
We rank active Marengo-Union Elementary Consolidated District 165 lenders across our 4 P's of mortgage shopping. No pay to play — independent rankings.
Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.920%APR 6.927% | 0 pts$0 | $1,769/moP&I $1,769 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.969%APR 6.712% | 0 pts$0 | $1,755/moP&I $1,630 · MI $125 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.030%APR 6.041% | 0 pts$0 | $1,612/moP&I $1,612 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.057%APR 7.066% | 0 pts$0 | $1,793/moP&I $1,793 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.697% | 0 pts$0 | $1,897/moP&I $1,897 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.030% | 6.041% | 0 pts ($0) | $2,266/mo | $45,403 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.088% | 6.100% | 0 pts ($0) | $2,843/mo | $63,849 |
Condo 10% Down | 10% | 720 credit score | 7.335% | 7.475% | 0 pts ($0) | $2,074/mo | $73,084 |
Conventional 10% Down | 10% | 720 credit score | 6.516% | 6.643% | 0 pts ($0) | $1,909/mo | $65,642 |
Conventional 20% Down | 20% | 740 credit score | 6.920% | 6.927% | 0 pts ($0) | $1,769/mo | $54,775 |
Conventional 5% Down | 5% | 700 credit score | 5.971% | 6.662% | 0 pts ($0) | $1,902/mo | $64,072 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.475% | 7.482% | 0 pts ($0) | $2,337/mo | $80,610 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,983/mo | $67,175 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.817% | 7.163% | 0 pts ($0) | $2,122/mo | $76,618 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.057% | 7.066% | 0 pts ($0) | $2,242/mo | $76,386 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,765/mo | $65,916 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.969% | 6.712% | 0 pts ($0) | $1,966/mo | $68,900 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,030/mo | $71,061 |
FHA Streamline Refi | 0% | 640 credit score | 5.969% | 6.712% | 0 pts ($0) | $2,037/mo | $71,399 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.009% | 7.223% | 0 pts ($0) | $2,119/mo | $76,880 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,096/mo | $41,038 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.697% | 0 pts ($0) | $1,778/mo | $56,695 |
Jumbo Conforming | 20% | 760 credit score | 7.000% | 7.024% | 0 pts ($0) | $1,783/mo | $55,422 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,948/mo | $59,733 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 5.979% | 6.722% | 0 pts ($0) | $1,968/mo | $68,999 |
Second Home 10% Down | 10% | 720 credit score | 5.975% | 6.522% | 0 pts ($0) | $1,803/mo | $60,736 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,762/mo | $54,485 |
VA 0% Down | 0% | 700 credit score | 6.111% | 6.330% | 0 pts ($0) | $2,076/mo | $68,810 |
VA Cash-Out Refi | 0% | 640 credit score | 6.113% | 6.456% | 0 pts ($0) | $2,077/mo | $68,831 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.119% | 6.246% | 0 pts ($0) | $2,078/mo | $68,893 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,844/mo | $58,323 |
Frequently Asked Questions
What are today's mortgage rates in Marengo-Union Elementary Consolidated District 165, IL across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Marengo-Union Elementary Consolidated District 165, IL is 6.920% (with an estimated monthly payment of $2,055). Active program rates also include FHA 30-year fixed loans at 5.969% and VA 0%-down fixed loans at 6.111%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Marengo-Union Elementary Consolidated District 165, IL?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in Marengo-Union Elementary Consolidated District 165, IL have fluctuated between a low of 6.539% and a high of 6.999%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in Marengo-Union Elementary Consolidated District 165, IL?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $335,030 in Marengo-Union Elementary Consolidated District 165, IL, a standard 20%-down Conventional loan requires an upfront cash down payment of $67,006 but keeps your monthly payment lower at $2,055/mo (at 6.920% interest) with no monthly PMI. In comparison, an FHA loan requires only $11,726 (3.5% down) but has an estimated payment of $2,283/mo (at 5.969% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $323,304 falls comfortably within the local HUD FHA loan limit of $541,287 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in Marengo-Union Elementary Consolidated District 165 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Marengo-Union Elementary Consolidated District 165 is $806,501. With a typical local home value of $335,030 in , a standard 20%-down mortgage requires a loan size of $268,024. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in Marengo-Union Elementary Consolidated District 165, IL impact estimated mortgage payments?
The median home value in Marengo-Union Elementary Consolidated District 165, IL is estimated at $335,030. Buying a typical home here with a standard 20% down payment ($67,006) translates to an estimated starting monthly mortgage payment of $2,055 (principal and interest). Compared to the local area median household income of $103,154 ($8,596/mo), this basic housing payment represents approximately 23.9% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.