A few days before making an offer, a client was repeatedly calculating between conventional and FHA loans. The first question is always how much they have saved for a down payment and which loans are actually possible with that amount. Looking at the recent market, the calculations in Glenview are particularly tricky.

According to Redfin, the median sale price of homes in Glenview over the last three months, up to June 2026, is around $828,000. In contrast, Zillow's own estimated home value for the same period is $551,142, which shows a significant difference. This discrepancy seems to stem from the inclusion of many high-priced single-family homes in the actual transaction sample and the smoothed estimates. Regardless of which figure you use, Glenview is definitely in a higher price range compared to nearby areas.

It's important to examine why FHA loans become practically difficult in this price range. Illinois does not have any counties designated as high-cost areas, so the same FHA loan limit of $541,287 applies to the entire state, including Cook County. If you were to purchase a home priced at $828,000 with a 3.5 percent down payment, the loan amount would reach about $799,000, far exceeding the FHA limit. Unless you significantly increase the down payment, it is challenging to afford an average home in Glenview with just an FHA loan.

As a result, conventional loans are commonly used. The national conforming loan limit announced by FHFA in 2026 is $832,750, and since Illinois is not a high-cost area, this limit applies directly. It's interesting that the median sale price in Glenview is nearly at this limit. If you have a substantial down payment prepared, a conventional loan can be sufficient, but if the loan amount approaches or exceeds the limit while targeting high-priced properties, you may find yourself at the threshold of needing a jumbo loan. Jumbo loans typically require a credit score of over 700 and a down payment of 10 to 20 percent, so preparation is necessary in advance.

When comparing these three types of loans, the structure of insurance premiums is as important as the down payment ratio. If the down payment is less than 10 percent, FHA requires MIP to be paid throughout the loan term, while conventional loans allow for the cancellation of PMI once the home equity exceeds 20 percent. In areas like Glenview, where prices are gradually rising, this difference can significantly impact monthly payments years down the line.

One reason many Korean families are drawn to Glenview is the school district. The district consistently ranks high on platforms like Niche and GreatSchools, leading to steady inquiries from buyers looking for homes to live in. However, school district boundaries change frequently, so it's advisable to check which schools are actually assigned to a specific address before making a purchase decision.

Investors considering purchases for rental income should keep in mind that the ratio of sale prices to rental rates in this area is not low. While the pure rental yield may not be strikingly high, the long-term demand based on the school district results in a relatively low risk of vacancies. However, this is merely an observation of the market at a specific point in time and does not guarantee future price increases, so it is wise to also consider fluctuations in interest rates and property taxes.

Families moving from other states to Illinois should also factor in property tax burdens. Illinois is known for having relatively high property tax rates in the nation, so if you budget based solely on the mortgage payments from your previous residence, you may underestimate the actual monthly burden. It is safer to assess total housing costs based on property taxes and insurance premiums included.

USDA loans are essentially not applicable in this area. Glenview is a fully developed suburban area in Chicago's North Shore and does not meet the rural area criteria set by USDA. Ultimately, the loans to seriously consider in this area are FHA, conventional, and, depending on the situation, jumbo loans, with the answers varying based on individual budgets and down payment sizes. This article is not investment or legal advice, and it is recommended to consult with a loan officer and real estate expert before finalizing any contracts.