Illinois financing / loan approval deadline
When the buyer must have loan approval or give notice to keep the financing contingency. Pushing back closing usually does not push back this date.
Multi-Board Residential Real Estate Contract 7.0
Version 7.0. A Multi-Board 8.0 was published in 2025, so check which version you signed.
Loan Contingency Date
By default it is 45 calendar days after the Effective Date (¶5(a)).
Per a broker explanation of 7.0: 45 days after acceptance or 5 Business Days before Closing, whichever is earlier, if left as default. ClosingCal shows the 45-day date, so compare it with Closing minus 5 Business Days.
Source: www.borlanorth.com · checked 2026-10-16
If it falls on a weekend or holiday
- Loan Contingency Date: It does not move for weekends or holidays.
Most Multi-Board deadlines run in Business Days (Monday through Friday, excluding federal holidays), counted from the Date of Acceptance. Because weekends and holidays are skipped while counting, a business-day deadline never lands on one.
Worked example: Multi-Board Residential Real Estate Contract 7.0
Multi-Board Residential Real Estate Contract 7.0. Effective Date Friday, October 16, 2026. Calculated with the same rules as the calculator.
| Deadline | Date |
|---|---|
| Loan Contingency Date | Monday, November 30, 2026 |
Negotiated a different number?
Change it in the calculator and every date that depends on it recalculates.
Open the Illinois calculatorFrequently asked questions
How is the "Loan Contingency Date" calculated on the Multi-Board Residential Real Estate Contract 7.0?
By default it is 45 calendar days after the Effective Date (¶5(a)). It does not move for weekends or holidays.
Do weekends count for this deadline in Illinois?
Most Multi-Board deadlines run in Business Days (Monday through Friday, excluding federal holidays), counted from the Date of Acceptance. Because weekends and holidays are skipped while counting, a business-day deadline never lands on one.
Something missing or incorrect?