Illinois presents a rental market where pricing and rental income remain closely aligned. Based on our rental yield analysis, Illinois properties average around a 7.7% rental yield, which places the state competitively among US markets where rental income plays a meaningful role in investment performance.
For many international real estate investors, Illinois offers an accessible way to enter the US rental market. The challenge often isn’t the property, but the financing. Conventional lenders typically require US income documentation, tax filings, or a domestic credit history, which can slow or block otherwise viable deals for foreign nationals.
At HomeAbroad, we address that gap by structuring DSCR loans around the property’s rental income rather than the investor’s personal financial profile. What we see often is foreign nationals moving forward more confidently when qualification is tied to the asset itself, allowing them to invest in Illinois rental properties without reshaping their finances to meet US-centric lending standards.
DSCR Loan Illinois Snapshot
No US Credit History
US Income and Credit History Not Required
Minimum Down Payment
25%
Maximum Loan Amount
$10M
Fast Track Closing
27 Days
DSCR Loan Illinois Program Terms
Feature
HomeAbroad DSCR Loan
DSCR Ratio
Best terms typically apply at DSCR ≥ 1.0. If DSCR is below 1.0, the loan may still be eligible with a higher down payment. Our No-Ratio DSCR option (DSCR 0 to 1) can support foreign national investors buying properties with clear income upside, even when the property’s rent does not fully cover the monthly payment.
US Credit Score
Not required for foreign nationals
Loan Amount
$100K – $10M
Down Payment
25%
LTV
Up to 75% (Purchase) Up to 75% (Rate and Term Refi) Up to 70% (Cash-Out Refi)
Cash Reserves
6 months
Table of Contents
How DSCR is Calculated?
DSCR underwriting starts with a simple formula:
What counts as “Gross Rental Income” for DSCR Underwriting
Market rent supported by the appraisal rent schedule (commonly used for 1 to 4-unit rentals)
Executed lease rent, when acceptable to the lender and consistent with market support
What is included in PITIA
Principal
Interest
Taxes (Illinois property taxes and applicable assessments)
Insurance (including wildfire-related costs where relevant)
Association dues (HOA), if applicable)
A Quick Example
Understand how DSCR Ratio is Calculated for a Illinois Property:
Avg. Home Price in Chicago, IL: $304,487
Avg. Rent in Chicago: $2,191
Loan Term: 30 Years
Interest Rate: 7.4%
Monthly Mortgage Payment(PITIA):$2,038
DSCR: $2,191 ÷ $1,680
DSCR = 1.3
Monthly Positive Cash Flow: $511
A DSCR of 1.3 means the property generates more income than required to cover the loan’s debt obligations, creating positive cash flow and serving as a strong indicator of financial stability for us.
However, we understand that not every property's rental income will meet this threshold, which is why we also offer our No-Ratio DSCR Program for properties with a DSCR between 0 and 1. With the No-Ratio program, you can still secure financing, although it will require a slightly larger down payment (a 5% reduction in LTV) and a higher interest rate. This option is ideal for investors with a strong long-term strategy who want to acquire properties that may not immediately generate a 1.0 cash flow ratio.
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Valid Passport
Current passport from your home country
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Proof of Funds
Bank statements showing down payment + 6 months reserves
Benefits of DSCR Loans in Illinois
DSCR loans offer several advantages for foreign nationals investing in Illinois:
Qualification Based on Rental Income, Not Personal Income Documentation
At HomeAbroad, we do not rely on US W2s, US paystubs, or US tax returns to qualify a foreign national DSCR loan. We qualify you primarily on the property’s rental income profile and the strength of your overall file.
Faster Closing Times
DSCR loans can move quickly when the property, rent support, and documentation are straightforward. Appraisal and rent schedule timing still matters, especially in competitive Illinois markets. At HomeAbroad, we can close your deal in as less as 27 days.
Scale Your Portfolio Faster
International real estate investors like DSCR lending because it creates a repeatable qualification approach across multiple properties. When you understand how rent, PITIA, and reserves will be evaluated, it becomes easier to screen deals before you write offers.
Foreign National Friendly
DSCR loan is one of the best mortgage options for foreign nationals, who often face friction with conventional underwriting. DSCR lending is commonly used to reduce that friction because the property performance drives the qualification logic.
How HomeAbroad Helped a Canadian Investor Get a DSCR Loan in Illinois
Henry, a Canada-based real estate investor, wanted to expand his portfolio by purchasing a rental property in Chicago. With the help of Steven Glick, our expert loan officer at HomeAbroad, he seamlessly secured a DSCR Loan that perfectly matched his investment goals.
Property Details:
Location: Chicago Property Value: $359,900 Monthly Rental Income: $3,552
Loan Details:
Loan Amount: $269,925 Down Payment: 25% ($89,975) Interest Rate: 7.2% Loan Term: 30 years Monthly Mortgage (PITIA): $2,760
Director of Mortgage Sales, HomeAbroad | NMLS# 1231769
“A DSCR of 1.28 with $792 in monthly cash flow is a healthy position for an investor. It means the property isn’t just qualifying on paper, it’s producing real income while still leaving room if expenses change after closing. That’s exactly the kind of outcome we aim for when structuring DSCR loans in Illinois.”
The transaction was completed without relying on US income or credit history, allowing Henry to add a cash-flowing Chicago rental to his portfolio with a financing structure built to support ongoing income stability.
Illinois Rental Market Overview
Illinois rental market remains one of the strongest in the nation, driven by population growth, high barriers to homeownership, and diverse economic drivers from technology to entertainment to agriculture.
As per our data, the key market statistics for 2025 are:
Median gross rent in Illinois: approximately $1,800/month
Median value of housing units: around $270,633 statewide
Median selected monthly owner costs with a mortgage: $2,117
Owner-occupied housing unit rate: 65.3% (implying a substantial renter share)
Where We Lend DSCR Loans in Illinois
HomeAbroad offers DSCR loans across Illinois, providing tailored support for global investors in top-performing cities, including Chicago, Naperville, Peoria, and more. Here are a few cities where we lend DSCR Loans in Illinois.
Chicago
Naperville
Peoria
Rockford
Champaign
Elgin
Joliet
Bloomington
Aurora
Glenview
Belleville
Berwyn
Top Places to Invest in Illinois with a DSCR Loan
Illinois offers a broad range of rental opportunities, supported by a large renter population and demand spread across urban, suburban, and regional markets. Instead of relying on a single metro, rental activity in Illinois is distributed across multiple cities, giving investors more flexibility in how they deploy capital.
From dense neighborhoods in Chicago to stable suburban and university-driven markets, Illinois supports both long-term rental strategies and income-focused acquisitions.
Below are some Illinois cities international real estate investors commonly consider when using a DSCR loan for rental property investments:
The investment properties shown below are pulled from the HomeAbroad property-search platform and can change daily. Review each listing’s rent assumptions, cash flow, and DSCR inputs before you underwrite an offer.
City
Rental Type
Rental Yield
Chicago
Short-Term
16.6%
Champaign
Short-Term
14.3%
Peoria
Long-Term
11%
Aurora
Long-Term
8.5%
Rockford
Long-Term
8.2%
Chicago: High-Yield Short-Term Market with Global Appeal
Chicago’s vibrant tourism, convention traffic, and business travel scene make it a prime spot for short-term rentals. Neighborhoods like River North and West Loop offer high occupancy and premium nightly rates.
Median Home Price: $304,487
Average Short-Term Rent: $2,911/month
What this means for investors: Chicago offers foreign investors a dependable market with solid cash flow potential, making it easier to meet DSCR loan criteria and scale across different neighborhoods.
Investment Properties Listed Today on Sale in Chicago
Champaign: Student-Driven Demand and Solid Returns
Home to the University of Illinois, Champaign has a steady stream of student renters, visiting faculty, and seasonal demand, making it ideal for short-term or mid-term stays.
Median Home Price: $224,617
Average Rent: $1,400/month
What this means for investors: The steady rental demand and predictable cash flow make Champaign a strong candidate for DSCR loan-backed investments.
Investment Properties Listed Today on Sale in Champaign
Peoria is a manufacturing and healthcare hub with a steady tenant base and low competition. It’s a cash-flow-friendly city with minimal entry barriers.
Median Home Price: $126,726
Average Rent: $1,168/month
What this means for investors: Consistent demand and manageable expenses position Peoria as a reliable option for buy-and-hold investors using DSCR financing.
Investment Properties Listed Today on Sale in Peoria
As Illinois’ second-largest city, Aurora benefits from proximity to Chicago, reputable schools, and ongoing infrastructure development. It draws a broad mix of tenants, from young families to commuting professionals.
Median Home Price: $306,654
Average Rent: $2,195/month
What this means for investors: Aurora offers a balanced mix of appreciation potential and stable cash flow, aligning well with DSCR loan structures for long-term success.
Investment Properties Listed Today on Sale in Aurora
Rockford’s affordability and dependable renter base make it appealing to both new and seasoned real estate investors. Its economic base supports durable demand across various rental segments.
Median Home Price: $169,916
Average Long-Term Rent: $1,165/month
What this means for investors: Rockford provides a straightforward path to meeting DSCR requirements, with consistent returns and minimal overhead.
Investment Properties Listed Today on Sale in Rockford
Illinois Specific DSCR Underwriting Factors that Investors Overlook
High Property Taxes and Regional Variations
Illinois consistently ranks among the top five states with the highest property tax rates, and these vary significantly by county. For example, Cook County (which includes Chicago) has complex assessments and triennial reassessments that can shift your costs over time. Investors must account for these fluctuations in ROI projections.
Older building stock and maintenance reality
Many Illinois rental properties are in older buildings with aging roofs, plumbing, or mechanical systems. What most guides don’t mention is that property condition affects both appraisal comfort and ongoing expense assumptions, which can influence DSCR outcomes over time.
Rental Licensing and Inspection Requirements
Some Illinois cities require landlords to obtain a rental license or pass safety inspections before leasing. Non-compliance can lead to fines or delays in leasing. Local property managers can help with these rules.
Strategic & Future Considerations for Foreign Nationals Investing in Illinois
Illinois continues to attract foreign investors with its economic diversity, global connectivity, and affordable entry points, especially compared to coastal markets. As the state undergoes economic revitalization and infrastructure improvements, new pockets of opportunity are emerging well beyond downtown Chicago.
Here are some future considerations that international real estate investors need to pay attention to:
1. Chicago’s Urban Redevelopment Projects
Major neighborhoods like the South Loop, Bronzeville, and West Loop continue to see redevelopment driven by mixed-use construction, tech growth, and public infrastructure upgrades. Investors who enter early in these zones may benefit from rising rents and long-term appreciation.
2. Expansion of Remote Work and Suburban Growth
The rise of hybrid work has pushed demand into suburbs like Naperville, Schaumburg, and Oak Park. These areas offer more space, good schools, and solid rent yields. Foreign investors can tap into this shift by targeting commuter-friendly locations with strong fundamentals.
3. International Student Housing Demand
Illinois is home to top universities like the University of Chicago, Northwestern, and UIUC. International students, visiting faculty, and research professionals fuel year-round rental demand. Purpose-built student housing or small multi-family units near campuses can provide reliable income.
Director of Mortgage Sales, HomeAbroad | NMLS# 1231769
“Properties near major universities tend to benefit from year-round demand, not just traditional school cycles. We see student and faculty housing perform best when investors focus on location and unit functionality rather than pushing rent aggressively.”
4. Opportunity Zones and Tax Incentives
Several Illinois neighborhoods qualify as federal Opportunity Zones, offering tax deferrals and potential exemptions on capital gains. Foreign investors with US tax obligations or partnerships may use these zones to reduce long-term tax liabilities
5. Rising Infrastructure Investment
Federal and state infrastructure bills are funding rail, road, and transit upgrades across Illinois. Areas along new or improved transit corridors (e.g., Metra expansions) could become future hot zones. Early investors can benefit from increased accessibility and rising home values.
DSCR Loan Illinois FAQs
Can foreign nationals apply for DSCR loans in the state of Illinois?
Yes, foreign nationals can apply for DSCR loans in Illinois through HomeAbroad, eliminating the need for a US credit score, making it a flexible financing option for global investors.
Can I use an LLC to purchase property with a DSCR loan in Illinois?
Yes. DSCR loans in Illinois can be structured under an LLC, which many foreign nationals use for ownership clarity and asset structuring.
How long does it take to get a DSCR loan in Illinois?
At HomeAbroad, we streamline the application process to ensure a smooth experience from loan application to closing. We guarantee that the closing will happen within 30 days.
About the author:
Steven Glick is the Director of Mortgage Sales at HomeAbroad and has over a decade of experience in the mortgage industry. As a licensed mortgage originator (NMLS# 1231769), Steven brings deep expertise in loan processing, sales operations, and non-traditional mortgages.
* Scenario-based rate shown for illustrative purposes. Reflects current pricing available to qualified borrowers with strong credit, low loan-to-value, qualifying DSCR, and selected loan terms. Actual rates vary by borrower, property, and market conditions. Not a commitment to lend. Foreign national DSCR pricing may differ from U.S. borrower programs.
Illinois Investment Properties On Sale
Build wealth with HomeAbroad DSCR loans across Illinois’ top markets.
Our streamlined digital process gets you from application to funding faster than traditional lenders.
1
Get Pre-Qualified
Submit a quick online application. No credit pull required for initial quote.
⏱ 5 minutes
2
Submit Documents
Upload property details, lease agreements, and basic ID verification.
⏱ Same day
3
Property Appraisal
We order an appraisal and a rent schedule to confirm DSCR qualification.
⏱ 5–7 days
4
Close & Fund
Sign closing documents and receive your funds. Remote closing available.
⏱ 27 days total
Why Investors Choose HomeAbroad
DSCR Loan Experts
We focus on DSCR investor loans. Expect clear cash flow math, rent documentation, and underwriting that reflects how rental properties are evaluated.
Foreign National Mortgage Experts
No US credit? No problem. At HomeAbroad, our expert loan officers can still qualify you for a DSCR loan. We do not rely on US income or tax returns to underwrite your loan.
AI-Powered Property Search Platform
Our investment property search helps you shortlist rentals that fit DSCR qualification. Screen for rent strength, yield, and investor criteria before you write the offer.
End-to-End Support
We keep the process moving, from LLC formation to bank accounts, insurance to property management. Everything is handled by us so you can focus on growing your portfolio.
Why Choose Us
Built for Foreign Real Estate Investors
HomeAbroad is a one-stop shop for global investors, from finding properties to securing financing, setting up your LLC, opening a US bank account, and managing your portfolio.
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Foreign National Mortgage Experts
No US credit history, income, or residency required. We've helped thousands of international real estate investors finance Illinois real estate.
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AI–Powered Property Search
Our investment property search platform helps you discover high-yield rentals across Illinois using smart algorithms.
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Fast Digital Process
Close in as fast as 27 days with our streamlined application, remote notarization [remote closing], and digital document signing.
🤝
500+ Expert Agents
Work with our network of experienced real estate agents who specialize in investment properties across Illinois.
Ready to Get Started?
Get your personalized rate quote in minutes. No credit pull, no obligation.
48
States We Lend In
27 Days
Average Close Time
500+
Partner Real Estate Agents
4.9 Star
Customer Rating
What Foreign Investors Say About Us
Real reviews from international investors who closed with HomeAbroad
★★★★★
“Quick response, reliable & trustworthy. HomeAbroad helped me find the perfect agent & purchase my investment property in Katy, TX. Would definitely recommend!”
RM
Rashmi Mayekar
Non-US Resident Investor • Property
★★★★★
“HomeAbroad was a game-changer! They helped me get mortgage financing and find an agent who understood my needs. I couldn’t be happier with their assistance.”
SP
Steve Papadakis
Newcomer on H1-B Visa
★★★★★
“Awesome experience in working with them. Very patient in understanding my needs as an investor and helped me with the correct loan product for me. I will recommend them and use them again.”
JB
John Bolla
Investor from New York, NY
★★★★★
“Jonet from HomeAbroad answered all my questions regarding specifics for work visa holders to purchase our first investment property in Tampa. Was patient and kind and also connect me with a real estate agent.”
Ok
Okissa
Purchased Investment Property in Tampa.
Pre-qualify for a DSCR Loan as an international investor
No U.S. credit history. No personal income verification. Qualify based on property’s rental income.
