Your Mortgage Credit Score Is Changing: VantageScore 4.0 & FICO 10T Explained | David Braun

2026 Mortgage Maniac Update

Your Mortgage Credit Score Is Changing

VantageScore 4.0 and FICO 10T Are Changing Mortgage Lending

The mortgage industry is beginning one of its biggest credit-scoring changes in decades. Here's what homebuyers need to know.

Mortgage News

The Mortgage Credit-Score System Is Evolving

For decades, mortgage borrowers have largely been evaluated using older versions of the FICO credit-scoring system. That is beginning to change. Fannie Mae and Freddie Mac are moving forward with newer credit-scoring options, while FHA has announced its own transition beginning in 2027.

What Is Changing?

Three credit-scoring models are now part of the conversation in mortgage lending:

1. Classic FICO

This is the traditional mortgage credit-scoring system borrowers and lenders have used for many years. It remains an approved credit-score option.

2. VantageScore 4.0

VantageScore 4.0 is a newer credit-scoring model. Fannie Mae expanded its availability to approved lenders in September 2026 for eligible loans.

3. FICO Score 10T

FICO Score 10T has also been approved as part of mortgage credit-score modernization. Its implementation is occurring separately, and availability depends on the mortgage program and lender.

Why Should Homebuyers Care?

Because your credit score can affect far more than whether you simply qualify for a mortgage.

Depending on the loan program and transaction, credit can potentially affect:

✓ Mortgage qualification

✓ Interest-rate pricing

✓ Loan-level pricing adjustments

✓ Mortgage insurance considerations

✓ Available loan programs

✓ Overall mortgage strategy

Different scoring models can analyze credit information differently. That means borrowers should not assume that a consumer credit score they see online will necessarily be identical to the score used during a mortgage transaction.

The number you see on a credit app may not be the number your mortgage lender uses.

What Is Happening With VantageScore 4.0?

In September 2026, Fannie Mae expanded VantageScore 4.0 from a limited rollout to broad availability for Fannie Mae-approved lenders.

That does not mean every mortgage lender will automatically use VantageScore 4.0 on every mortgage.

For eligible Fannie Mae loans, lenders may continue using eligible Classic FICO scores or choose VantageScore 4.0 when permitted under the applicable requirements.

What About FICO Score 10T?

FICO Score 10T is another modern credit-scoring model that has been approved as part of the industry's credit-score modernization effort.

However, borrowers should understand an important distinction:

Approved does not necessarily mean available everywhere today.

Implementation dates and lender availability can differ by mortgage program and investor.

For example, Fannie Mae currently states that FICO Score 10T is approved for future use but is not yet available for loans delivered to Fannie Mae.

And FHA Is Changing Too

This is where the story gets even more important for first-time homebuyers.

The Federal Housing Administration has announced that beginning January 1, 2027, FHA will add VantageScore 4.0 and FICO Score 10T as eligible credit-scoring models in addition to Classic FICO.

That means we are moving toward a mortgage market where lenders may have more than one approved credit-scoring model available, depending on the particular loan program and guidelines.

Important Date

January 1, 2027

FHA's announced implementation date for adding VantageScore 4.0 and FICO Score 10T as eligible scoring models.

Could This Help Borrowers?

Potentially — but this is where borrowers need to be careful about headlines promising that a new credit score will automatically qualify them for a mortgage.

A different scoring model does not guarantee a higher score, a lower mortgage rate, or an approval.

Mortgage qualification still considers the complete borrower profile, which can include:

• Credit history
• Income
• Employment
• Assets
• Debt-to-income ratio
• Down payment
• Property
• Loan program
• Automated underwriting findings

The important development is that the mortgage industry is moving toward additional credit-scoring options instead of relying exclusively on one legacy scoring framework.

What Should You Do Before Applying for a Mortgage?

Don't simply look at a credit-monitoring app and decide whether you can or cannot buy a home.

Instead, build your mortgage profile before you start making offers.

The Mortgage Maniac Game Plan

Step 1: Review your actual mortgage credit profile.

Step 2: Determine which mortgage programs may fit your situation.

Step 3: Review your income, assets and debts.

Step 4: Identify any credit issues before making an offer.

Step 5: Structure the mortgage around your overall financial situation — not simply one credit-score number.

Step 6: Get properly prepared before negotiating on a home.

One Credit Score Doesn't Tell Your Whole Mortgage Story

This is one of the biggest mistakes I see borrowers make.

Someone sees a score of 680, 720 or 760 and assumes they know exactly what mortgage rate and loan program they should receive.

Mortgage lending doesn't work that way.

The credit model is one component of a much larger mortgage decision.

Don't build your home search around a credit score.
Build a mortgage strategy around your entire financial profile.

What This Means for Chicagoland Homebuyers

If you're considering buying a home in Chicago or the surrounding suburbs, these changes are another reason to talk with a knowledgeable mortgage professional early in the process.

The question shouldn't simply be:

“What is my credit score?”

The better questions are:

Which credit model applies to my loan?

Which mortgage program works best for my situation?

How does my complete financial profile affect qualification?

What can we improve before I make an offer?

Mortgage Maniac

Build Your Mortgage Strategy Before You Apply

Credit scoring is changing. Mortgage programs are changing. Your strategy should keep up with them.

David Braun — The Mortgage Maniac
Mortgage Loan Officer
Chicagoland Mortgage Guidance

Your Home. Your Future. My Commitment.

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Educational Disclosure: This article is provided for general educational and informational purposes only. It is not a commitment to lend, loan approval, credit decision, rate quote, or guarantee of financing. Credit-score models, underwriting requirements, pricing, program eligibility, and lender implementation may vary. Not all lenders or mortgage programs will use every credit-scoring model discussed. Borrowers should consult a licensed mortgage professional regarding their individual circumstances.

Information regarding credit-score modernization reflects published Fannie Mae and Federal Housing Administration guidance available as of September 29, 2026. Mortgage guidelines and implementation dates may change.

AI vs. Human Mortgage Experience | Why Strategy Still Matters

MORTGAGE MANIAC

AI Can Give You Mortgage Answers.
Human Experience Builds the Strategy.

Why real mortgage experience still matters in an AI-driven world.

WATCH THE MORTGAGE MANIAC

AI Has Answers. Experience Builds the Mortgage Plan.

David Braun explains why technology can educate you — but real-life mortgage strategy still requires human judgment.

DAVID BRAUN | THE MORTGAGE MANIAC

MortgageOS • Human Strategy • Technology • Experience

Artificial intelligence can explain mortgage terminology, calculate payments and answer basic financing questions.

But a mortgage is not just a collection of answers. It is a decision involving your income, savings, family, goals, timeline, risk tolerance and future plans.

That is where human mortgage experience still matters.

AI Can Give You Information.
Experience Helps You Decide What to Do With It.

Mortgage Information Is Not the Same as Mortgage Strategy

Technology is incredibly useful. It can help you research loan programs, understand interest rates, compare terminology and prepare better questions.

But the best mortgage structure for one borrower may be completely wrong for another.

Sometimes the right strategy is to preserve cash. Sometimes it is to make a larger down payment. Sometimes an FHA loan makes sense. Sometimes conventional financing may fit better. Sometimes waiting is the smarter move. Sometimes moving now may better fit the buyer’s goals.

Real Life Does Not Fit Into a Simple Algorithm

Borrowers are not spreadsheets.

People change jobs, start businesses, receive bonuses, support family members, plan for retirement, manage debt, save for emergencies and make decisions based on priorities that a calculator cannot fully understand.

The mortgage conversation should include those realities.

Where Human Experience Matters

Understanding the complete situation
A good mortgage conversation starts with more than a credit score and purchase price.

Choosing between competing priorities
The lowest payment, lowest rate, least cash required and fastest payoff are not always the same strategy.

Solving unexpected problems
Mortgage transactions can change quickly. Income documentation, appraisals, property issues and underwriting questions may require judgment and experience.

Helping buyers understand the tradeoffs
A decision is easier when you understand not only what you can do, but why one option may fit your goals better than another.

The Future Is Human Experience Plus Better Technology

I do not believe mortgage professionals should compete against technology. I believe we should use it.

AI can make mortgage education faster. Calculators can make scenarios easier to understand. Digital tools can make the process more convenient.

But those tools become more valuable when they are combined with real mortgage experience, real conversation and a strategy built around the individual borrower.

THE MORTGAGE MANIAC PHILOSOPHY

Use Technology to Get Smarter.
Use Experience to Build the Strategy.

The goal is not to choose between AI and a mortgage professional. The goal is to combine better information with human judgment.

DAVID BRAUN MORTGAGEOS

Build Your Mortgage Plan Before You Apply

Explore mortgage education, calculators, homebuyer tools, market updates and MortgageOS resources at DavidBraunMLO.com.

EXPLORE DAVIDBRAUNMLO.COM

David Braun

The Mortgage Maniac

Mortgage Loan Officer | Chicagoland

DavidBraunMLO.com

This content is provided for general educational and informational purposes only. Mortgage programs, rates, pricing and qualification requirements are subject to change. Individual mortgage options depend on borrower qualifications, property information and other applicable factors. This content is not a commitment to lend, loan approval, rate lock or guarantee of financing.

Mortgage Rates Above 7% Again: What Chicagoland Homebuyers Need to Know | September 2026

WEEKEND MORTGAGE MARKET UPDATE

Mortgage Rates Move Above 7%: What Chicagoland Homebuyers Need to Know

September 26, 2026 | David Braun | Mortgage Loan Officer

Mortgage rates moved sharply higher this week, pushing one major national weekly benchmark back above the 7% level and leaving daily lender-marketplace averages even higher heading into the weekend.

For Chicagoland buyers, the key message is not simply that rates increased. It is that mortgage strategy matters more when borrowing costs move quickly. Your loan program, down payment, credit profile, seller concessions and timing can all affect the final numbers.

Mortgage Rate Snapshot

Freddie Mac weekly average as of September 24, 2026: 30-year fixed: 7.03% | 15-year fixed: 6.42%. Freddie Mac reported the 30-year rate was up from 6.95% the prior week.

Daily Mortgage Rate Data Heading Into the Weekend

Daily lender-marketplace data can differ from Freddie Mac's weekly survey because the sources, borrower assumptions and reporting methods are different. NerdWallet's Zillow-based national data for Friday, September 25 showed average rates near the following levels:

Loan Type	Latest Daily Average	Market Context
30-Year Fixed	About 7.26% APR	Roughly 27 basis points higher than one week earlier
15-Year Fixed	About 6.67% APR	Remains well above year-ago levels
5-Year ARM	About 6.59% APR	Adjustable-rate options may price differently by borrower

Rate averages are market benchmarks only. Individual borrower rates can vary based on credit profile, loan amount, occupancy, property type, down payment, points, lender pricing and other factors.

Why Did Mortgage Rates Move Higher?

1. The Federal Reserve Raised Its Benchmark Rate

On September 16, the Federal Reserve increased the federal funds target range by one-quarter percentage point to 3.75%–4.00%.

The Fed does not directly set 30-year mortgage rates. However, changes in monetary policy can affect bond markets, inflation expectations and investor demand, which can ultimately influence mortgage pricing.

2. Inflation Remains an Important Risk

The Federal Reserve said inflation remains elevated. Investors pay close attention to inflation because higher inflation can reduce the real return earned on long-term bonds.

When bond investors demand higher yields, mortgage rates can move higher as well.

3. Longer-Term Treasury Yields Matter

Mortgage rates often move in the same general direction as longer-term Treasury yields, particularly the 10-year Treasury.

That does not mean the two move perfectly together, but bond-market volatility can quickly change mortgage pricing even when the Federal Reserve itself is not meeting.

What This Means for Chicago and Chicagoland Homebuyers

When rates rise, many buyers immediately focus on the headline interest rate. But the better question is:

What does today's market do to my actual monthly payment and buying power?

A buyer may have several levers available beyond simply waiting for rates to change:

• Adjust the purchase-price range.
• Compare FHA and conventional financing.
• Evaluate lender credits versus discount points.
• Use seller concessions when available.
• Compare fixed-rate and adjustable-rate structures.
• Review down-payment choices.
• Improve credit before locking a loan.
• Consider whether a temporary or permanent rate buydown makes sense.

What Does a 7% Mortgage Look Like?

Consider a hypothetical $400,000 30-year mortgage.

LOAN AMOUNT

$400,000

EXAMPLE RATE

7.03%

EST. PRINCIPAL + INTEREST

~$2,669/mo.

Example is for educational purposes only and includes principal and interest only. Property taxes, homeowners insurance, mortgage insurance, HOA dues and other costs are not included.

Buyers Are Responding to Higher Borrowing Costs

The Mortgage Bankers Association reported that total mortgage application volume fell 1.5% for the week ending September 18. Purchase applications were down 1% on a seasonally adjusted basis, while refinance applications fell 3%.

That does not mean every local market behaves the same way. Housing demand, inventory and seller motivation can vary significantly across Chicago, Cook County, Will County, DuPage County and the surrounding suburbs.

The Mortgage Lock-In Effect Is Still Important

Many existing homeowners still have mortgages originated when rates were considerably lower. That can make homeowners reluctant to sell and replace an older mortgage with a new loan carrying a higher rate.

Limited resale inventory can help support home prices in some communities, even while higher mortgage rates reduce affordability.

THE MORTGAGE MANIAC APPROACH

Don't Chase the Rate. Build the Mortgage Plan.

A headline mortgage rate tells only part of the story. Your mortgage strategy should consider the purchase price, monthly payment, cash needed at closing, credit profile, loan program and your longer-term financial goals.

Build your mortgage plan before you apply.

Buying or Refinancing in Chicagoland?

Before you make a decision based on a national headline rate, look at the numbers for your actual situation.

VISIT DAVIDBRAUNMLO.COM VIEW MORTGAGE RATE CENTER

Market data sources:

Freddie Mac Primary Mortgage Market Survey, September 24, 2026; NerdWallet mortgage-rate data, sourced from Zillow and updated September 25, 2026; Federal Reserve FOMC statement, September 16, 2026; Mortgage Bankers Association Weekly Mortgage Applications Survey, September 23, 2026.

Disclaimer: This article is for general educational and informational purposes only. Mortgage rates change frequently and vary based on borrower qualifications, loan program, property, credit, loan amount and other factors. Nothing contained here constitutes a commitment to lend, loan approval, preapproval or guarantee of financing.

David Braun
Mortgage Loan Officer | Chicagoland Mortgage Education
Mortgage Maniac OS
DavidBraunMLO.com

One Mortgage Library: Three Guides for Better Homebuyer Preparation

David Braun Mortgage Education Library

One Mortgage Library. Three Ways to Become Better Prepared.

Read one guide for your immediate need or use all three as a complete mortgage education path.

Meet David Braun: Mortgage Guidance Made Clear

Watch this short introduction to the three-book mortgage education library.

Watch this video on YouTube

Choose the guide that matches your mortgage journey

Book One · Complete Foundation

The 2026–2027 Homebuyer & Mortgage Guide

Real Answers. Smart Strategies. A Brighter Tomorrow.

Understand the journey from credit and budgeting through loan options, underwriting, appraisal and closing.

Read this first if: You want a broad, organized explanation of how homebuying and mortgage financing fit together.

Must-have for self-employed borrowers

Book Two · Income Strategy

The Self-Employed Mortgage Playbook

Learn how tax returns, deductions, ownership, cash flow and documentation may affect qualifying income.

Read this first if: Any meaningful part of your income comes from self-employment, business ownership, commissions or freelance work.

Book Three · Local FHA Roadmap

Chicagoland FHA Homebuying Guide

Explore FHA financing, property approval and the closing process while keeping Chicagoland taxes, payments and housing realities in view.

Read this first if: You are considering FHA financing for a home in Chicago or the surrounding suburbs.

The complete reading path

Choose the path that matches how you earn and how you plan to buy.

1

Learn the entire road

Begin with the Homebuyer & Mortgage Guide to understand the complete process and its vocabulary.

2

Self-employed? Start here immediately

Use the Self-Employed Mortgage Playbook when tax returns, deductions, ownership percentage or business structure may affect income analysis.

3

Study the program locally

Use the Chicagoland FHA Homebuying Guide when FHA financing and local property costs are part of your plan.

Mortgage experience translated into borrower education

David Braun began in the mortgage business in 1997. His books replace confusing industry language with direct explanations, practical preparation and stronger questions.

A book can explain the process. A personalized mortgage review applies that education to your income, assets, credit, debts, property taxes, goals and timeline.

Build your mortgage plan before you apply

Connect with David Braun for personalized mortgage guidance based on your goals and financial profile.

Call 312-656-0220 Explore David Braun MortgageOS

Educational information only. This page is not a rate quote, preapproval, commitment to lend or financial advice. Mortgage rates and program availability can change without notice. Equal Housing Opportunity. David Braun · Mortgage Loan Officer · NMLS 303007.

Mortgage Comparison Sites vs. a Local Loan Officer: What Homebuyers Should Know

Chicagoland Mortgage Education

Before You Click "See My Rate"

What Happens to Your Mortgage Information Online?

Mortgage comparison websites can be useful research tools. But before entering your phone number, email address, income and financial information, understand who may receive that information and why working directly with a local mortgage expert can be different.

Searching for mortgage rates online seems simple.

You enter your home price, down payment, credit range, email address and phone number because you want the answer to one question:

"What mortgage rate can I get?"

But before you click Submit, See Rates, Get Started or Get Matched, it is important to understand what may happen next.

Not Every Mortgage Website Works the Same Way

There is a common belief that entering your information into a large mortgage website automatically means your information will immediately be sold to many different lenders.

That is not necessarily true for every website.

Large mortgage comparison platforms may operate differently depending on the service you use, the choices you make and the disclosures you agree to.

At the same time, mortgage lead-generation companies do exist. Some online services collect consumer information and connect prospective borrowers with participating mortgage lenders or financial institutions.

Before entering your information:
Read the disclosure located near the submit button and understand which companies may receive your information and how they may contact you.

Ask These Questions Before You Submit Your Information

Who operates the website?

Who receives my contact information?

Am I choosing the lender I want to contact?

Could more than one company contact me?

Is this an actual mortgage quote or simply an estimate?

A Mortgage Is More Than an Interest Rate

One of the biggest mistakes a homebuyer can make is focusing only on the advertised interest rate.

Your mortgage pricing and available loan options can depend on many different factors, including:

Credit profile

Down payment

Debt-to-income ratio

Income structure

Employment history

Property type

Occupancy

Loan amount

Available assets

Property taxes

Homeowners insurance

Closing timeline

A website can calculate numbers.
An experienced mortgage professional can help you understand what those numbers mean.

A Rate Quote Is Not a Mortgage Strategy

Consider two hypothetical mortgage options.

Option A

Lower interest rate

Higher lender fees or discount points

Option B

Slightly higher interest rate

Lower upfront costs

Which mortgage is better?

There is no universal answer. It may depend on your available cash, monthly payment goals, how long you expect to own the property and your overall financial objectives.

Why Work With a Local Mortgage Expert?

The internet is an excellent place to research mortgages.

But researching a mortgage and having someone personally guide your transaction are two very different things.

When you work directly with me, you know who you are communicating with, who is reviewing your situation and who you can call when you have a question.

One Person to Call

Instead of wondering which call center representative you will speak with next, you have a direct relationship with a mortgage professional who understands your homebuying goals.

A Mortgage Plan Built Around You

A first-time homebuyer may need a completely different mortgage strategy than a self-employed business owner, move-up buyer or borrower trying to preserve cash after closing.

Your mortgage should be evaluated around your individual financial profile.

Chicagoland Knowledge Matters

Buying a home in Chicagoland involves more than calculating principal and interest.

Property taxes, homeowners insurance, condominium assessments, local housing costs and other expenses can significantly affect your total monthly housing payment.

Understanding the entire transaction can help you make a more informed decision before you make an offer.

Technology Should Help You — Not Replace the Conversation

I believe technology should make the mortgage process easier and more transparent.

That is why I created mortgage education tools and homebuyer resources at DavidBraunMLO.com.

You can research topics including:

• Mortgage payments
• Home affordability
• FHA financing
• Self-employed mortgage preparation
• Mortgage documents
• Closing costs
• Chicagoland housing information
• Mortgage market updates
• Homebuyer readiness

Don't Just Become a Lead.

Become a Client.

A lead is information entered into a computer. A client is a real person with a budget, goals, questions and a future home.

My Approach to Your Mortgage

When I work with a homebuyer, I want to understand more than what rate appears on a screen.

Where are you financially today?

What type of home are you trying to purchase?

What monthly payment are you comfortable with?

What mortgage programs may fit your situation?

What potential problems should we identify before you make an offer?

How can we make your mortgage process as organized as possible?

Shop Smart. Ask Questions. Protect Your Information.

Consumers should compare mortgage options and ask questions.

But before submitting personal information online, take a moment to understand who you are communicating with and what happens after you press the button.

Before submitting an online mortgage form, ask:

• Who will receive my information?
• Who may contact me?
• Am I choosing a specific mortgage company?
• Is the rate shown an estimate or an actual personalized quote?
• Are fees or discount points included?
• Who will help me if something goes wrong during the mortgage process?

Chicagoland Homebuyers

Build Your Mortgage Plan Before You Apply

Start with education. Understand your numbers. Ask questions. When you're ready for personalized mortgage guidance, contact me directly.

Explore DavidBraunMLO.com Call or Text 312-656-0220

David Braun

Mortgage Loan Officer

Regional Mortgage Corporation

NMLS #303007

312-656-0220

DavidBraunMLO.com

Your Home. Your Future. My Commitment.

Educational information only. This content is not a commitment to lend, mortgage preapproval, loan approval, rate lock or guarantee of financing. Mortgage programs, interest rates, fees, qualification requirements and terms are subject to change and individual borrower circumstances. Consumers should review the privacy policy and disclosures of any website before submitting personal or financial information.

The 2026–2027 Homebuyer & Mortgage Guide | David Braun

New 2026–2027 Homebuyer Resource

The 2026–2027 Homebuyer & Mortgage Guide

Buying a home is one of the biggest financial decisions most people will ever make. My new guide was created to help homebuyers understand the mortgage process, compare financing options and prepare before making an offer.

View the Book on Amazon Call David: 312-656-0220

Buy • Build • Refinance • Invest • Your Future

THE
2026–2027
HOMEBUYER &
MORTGAGE GUIDE

REAL ANSWERS. SMART STRATEGIES.
A BRIGHTER TOMORROW.

DAVID BRAUN

Mortgage Loan Officer
NMLS #303007

See the 2026–2027 Homebuyer & Mortgage Guide on Amazon

Knowledge Builds Brighter Tomorrows

Buying a home can feel overwhelming because borrowers are often introduced to unfamiliar mortgage terminology at the same time they are making major financial decisions.

I wrote The 2026–2027 Homebuyer & Mortgage Guide to make the process easier to understand and to give buyers a practical resource they can return to throughout their homebuying journey.

What You'll Learn Inside the Guide

Mortgage Preapproval

Learn what mortgage lenders review during preapproval and how preparing your financial information early can help you enter the housing market more informed.

Conventional Mortgages

Understand how conventional financing works and some of the important factors borrowers should consider when comparing conventional loan options.

FHA Financing

Learn the basics of FHA financing, including down-payment considerations, mortgage insurance and why FHA may be worth exploring for certain buyers.

VA & USDA Programs

Explore the basic structure of VA and USDA financing and why eligibility and property requirements matter.

Jumbo Mortgages

Learn why higher-balance mortgages can have different qualification, reserve and underwriting considerations.

Fixed & Adjustable Rates

Understand the difference between fixed-rate and adjustable-rate mortgages and the questions buyers should ask before selecting a structure.

Renovation & Construction

Learn about mortgage options that may be relevant when purchasing, renovating or building a property.

Non-QM Mortgage Options

Explore why borrowers with nontraditional income or financial circumstances may sometimes consider mortgage programs outside traditional agency financing.

APR, Points & Closing Costs

Learn why the lowest advertised interest rate does not automatically mean the lowest overall mortgage cost.

What to Avoid Before Closing

Learn why borrowers should be cautious about opening new credit, making large purchases or changing their financial circumstances before a mortgage closes.

Why I Wrote This Book

I began working in the mortgage industry in 1997.

Throughout my career, I have seen how much easier the mortgage process can become when a buyer understands the numbers before making decisions.

The mortgage process involves more than simply finding an interest rate.

A homebuyer may need to consider the loan program, down payment, property taxes, homeowners insurance, mortgage insurance, closing costs, APR, discount points and the total monthly housing expense.

“A stronger tomorrow starts at home.” David Braun

A Mortgage Is More Than a Rate

One of the most common questions homebuyers ask is:

"What is today's mortgage rate?"

That is an important question, but it is not the only question.

Two borrowers could receive very different mortgage terms based on factors such as credit profile, loan type, down payment, property characteristics and market conditions.

Buyers should also understand APR, lender costs, discount points, mortgage insurance and their estimated cash needed at closing.

Built for Chicagoland Homebuyers

Homebuying in the Chicago area has its own considerations.

Property taxes, homeowners insurance, HOA costs and home prices can vary substantially from one suburb or county to another.

Two homes with the same purchase price may produce very different monthly housing costs.

That is why I encourage buyers to evaluate the complete payment rather than simply focusing on the listing price.

Before you make an offer, understand the numbers.

Know your estimated payment, potential loan amount, estimated cash requirements and the mortgage programs that may be available based on your circumstances.

Preparation can help you ask better questions and make a more informed homebuying decision.

Who Should Read This Guide?

• First-time homebuyers
• Repeat homebuyers
• Buyers returning to the housing market
• Self-employed borrowers
• Buyers comparing FHA and conventional loans
• Veterans exploring VA financing
• Buyers considering renovation or construction
• Anyone who wants to understand mortgages before applying

Education Before Application

My philosophy is straightforward:

Understand the mortgage before signing the mortgage.

Homebuyers should be able to ask questions, understand their financing options and know what to expect before they are under pressure to close a transaction.

That is why I created both this guide and the educational resources available at DavidBraunMLO.com.

Get The 2026–2027 Homebuyer & Mortgage Guide

The guide is available now on Amazon.

View the Book on Amazon

Planning to Buy a Home?

Let's Review Your Mortgage Strategy Before You Make the Offer.

If you are purchasing a home in Chicago or the surrounding suburbs, I can help you review your estimated payment, cash requirements and available mortgage options.

Call 312-656-0220 Text David Explore DavidBraunMLO.com

Educational Disclosure: This article and book are provided for general educational purposes and are not a Loan Estimate, commitment to lend, mortgage approval, interest-rate quote or guarantee of financing.

Mortgage rates, APRs, closing costs, loan programs, seller-contribution limits, down-payment requirements and underwriting requirements may vary based on borrower qualifications, property characteristics, loan type and market conditions.

David Braun | Mortgage Loan Officer | NMLS #303007
Regional Mortgage Corporation
Chicagoland, Illinois
Call or Text: 312-656-0220
DavidBraunMLO.com

Equal Housing Opportunity.

Cook County and Chicagoland Housing Market Update: Fall 2026 to Spring 2027

Cook County and Surrounding Counties

Chicagoland Housing Market Update: Fall 2026 to Spring 2027

Prices are still rising, available homes remain limited and mortgage rates continue to shape what buyers can afford. Here is what Cook, DuPage, Will, Kane, Lake, McHenry and Kendall County buyers should know before making a move.

Market update prepared September 13, 2026

Start a Secure Application Call David: 312-656-0220

The market in one sentence

Chicagoland is still a competitive, low-inventory market, but buyers may find better negotiating opportunities during the slower fall and winter months than they will when spring demand returns.

This is not one uniform market. A well-priced home in a popular school district may receive several offers quickly, while a home with condition issues, high taxes or an ambitious asking price may sit longer and give the buyer room to negotiate.

$401,000Chicago Metro median price, July 2026

+6.8%Metro median price change from July 2025

−11.9%Metro homes for sale versus July 2025

6.76%Freddie Mac 30-year average, Sept. 10, 2026

What these numbers mean for buyers: waiting for prices to fall sharply is not a complete strategy. A better plan is to know your comfortable total payment, prepare financing early and compare each property’s price, taxes, insurance, association fees and expected maintenance.

Cook County and surrounding-county snapshot

The table below compares all home types using Redfin’s rolling three-month median through August 2026. August sales and median days on market are included to show current activity. Countywide figures are useful for direction, but they do not replace a neighborhood-level comparable-market analysis.

County	Median sale price	Year-over-year	August homes sold	Median days on market
Cook	$383,716	+5.1%	4,735	51
DuPage	$448,499	+4.8%	1,009	51
Will	$383,716	+5.7%	834	53
Kane	$407,564	+5.9%	624	50
Lake	$428,566	+4.4%	869	50
McHenry	$373,749	+2.7%	421	54
Kendall	$396,922	+2.0%	207	59

Source: Redfin calculations of MLS and public-record data. The median price is the midpoint of sales and is not the price of a “typical” house in every community.

What buyers should know by county

Cook County: Cook is the largest and most varied market in the region. Chicago condominiums, city single-family homes and suburban properties can behave very differently. Taxes, homeowner exemptions, association finances and special assessments can materially change the monthly-payment picture.

DuPage County: DuPage had the highest countywide median in this comparison. Buyers should be ready for strong competition on updated homes near transportation, established downtowns and sought-after school districts. Condominiums and townhomes may offer a lower purchase price, but association fees and reserve funding deserve careful review.

Will County: Will can offer more space and newer construction in many communities. Compare builder incentives with resale-home pricing carefully, and remember that taxes, homeowner-association costs and commute expenses can change the true affordability calculation.

Kane County: Kane showed one of the stronger year-over-year price gains in this comparison. Conditions can differ between the Fox Valley corridor, mature neighborhoods and newer developments, so buyers should study recent comparable sales instead of relying only on county averages.

Lake County: Lake’s wide range of communities and price points makes local research essential. Property taxes, proximity to commuter rail and lake-related location factors can all influence value and monthly cost.

McHenry County: McHenry had the lowest median price in this seven-county group and a more moderate year-over-year increase. Some buyers may find more house for the price, but should budget for commuting, utilities, wells, septic systems or acreage when those features apply.

Kendall County: Kendall had the longest median market time in this comparison. That can create negotiating openings on certain homes, although desirable newer properties may still move quickly. Review new-construction timelines, taxes and any special-service-area charges before committing.

Season-by-season buyer outlook

Fall 2026

Less seasonal activity, but inventory remains tight.

The Institute for Housing Studies projects Chicago Metro single-family sales to fall about 17% from July to October, following the normal seasonal pattern. It also projects October prices to remain almost 6% above October 2025.

• Watch listings that have missed the first wave of buyers.
• Ask about seller credits when the property and contract support them.
• Keep your preapproval current because good homes can still sell fast.

Winter 2026–2027

Potentially better leverage, with fewer choices.

This is an informed seasonal outlook, not a formal county forecast. Holiday schedules and winter weather usually reduce both listings and buyer traffic. Motivated sellers may be more willing to discuss repairs, timing or closing-cost assistance.

• Inspect roofs, drainage and mechanical systems carefully.
• Price insurance and taxes before finalizing the offer.
• Do not assume every winter seller is distressed or flexible.

Spring 2027

More listings may be matched by more competition.

Fannie Mae’s August 2026 national forecast calls for total home sales to rise 4.3% in 2027, with national home-price growth slowing to about 1.0%. It forecasts the 30-year mortgage rate averaging 6.8% in the first half of 2027. Chicagoland could perform differently.

• Finish income and asset documentation before touring seriously.
• Set a maximum payment before a multiple-offer situation.
• Use inspection, appraisal and financing terms thoughtfully.

Important: No forecast can predict a specific neighborhood, property or interest rate. The spring market will depend heavily on mortgage rates, new listings, employment conditions and buyer demand at that time.

Mortgage rates and the payment reality

Freddie Mac reported a national average 30-year fixed mortgage rate of 6.76% for the week ending September 10, 2026. That survey average is a market benchmark, not a rate quote. An individual rate can vary based on credit, loan type, down payment, occupancy, property type, points and other factors.

Illustrative principal-and-interest payment

$400,000 purchase price • 10% down • $360,000 loan • 30 years • 6.76%

Approximately $2,337 per month

Principal and interest only. This example excludes property taxes, homeowners insurance, mortgage insurance, association fees and closing costs. It is not an offer to lend and does not show APR.

In Chicagoland, property taxes can create a large difference between two similarly priced homes. Ask for the current tax bill, verify whether exemptions are in place and consider whether the assessment or exemptions may change after the purchase. Your approval should be based on the complete projected payment, not the principal-and-interest figure alone.

A practical buying plan for the next two seasons

1. Choose a comfortable payment range. Start with the monthly amount you can maintain, then work backward to a price range.
2. Prepare income, asset and credit documentation. Self-employed buyers should allow extra time for business and tax-return review.
3. Compare cash-to-close scenarios. Separate down payment, closing costs, reserves, repairs and moving expenses.
4. Review taxes property by property. Do not rely on a county average or an online estimate for the final payment.
5. Coordinate financing before writing an offer. A clear preapproval and responsive lender can matter when a seller is comparing contracts.
6. Recheck the numbers before signing. The right home should also fit the long-term budget.

Planning a Cook County or Chicagoland home purchase?

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Data sources and methodology

• Illinois REALTORS: July 2026 market report
• Institute for Housing Studies at DePaul University: August 2026 Illinois housing forecast
• Freddie Mac Primary Mortgage Market Survey archive
• Fannie Mae Housing Forecast: August 2026
• County data: Cook, DuPage, Will, Kane, Lake, McHenry and Kendall.

Market data changes as new transactions are reported and may differ by source, property type and reporting period. Forecast statements are estimates, not guarantees.

David Braun, Mortgage Loan Officer • NMLS #303007 • 312-656-0220
Regional Mortgage Corporation • NMLS #112327
This material is for general educational purposes only and is not a commitment to lend. Loan programs, guidelines, rates and terms are subject to change and borrower qualification. Equal Housing Opportunity.

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