There are a vast number of programs available to assist those buying homes in Illinois. Here are two of the most common ones people qualify for.
1st Home Illinois
Offers:
- $7,500 cash grant for down payment and closing costs
- 30-year, fixed rate mortgage with a competitive interest rate
- Choice of FHA, VA, USDA or Conventional loan type
Requirements:
- Purchase a one or two unit property in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
- First-time homebuyer, veteran or anyone who has not owned a home in the last three years
- Contribute $1,000 or 1 percent of the purchase price, whichever is greater
- Meet the income and purchase requirements
- Meet the credit requirements
- Live in the home as primary residence
- Complete homeownership counseling (online and in-person options available)
- Property must be an existing residential dwelling (new construction excluded)
For more information and all terms visit www.ihda.org.
At Home Illinois Mortgage
Offers:
- $5,000 down payment or closing cost assistance
- Federal tax credit certificate
- Lender paid mortgage insurance
- Choice of FHA, VA, USDA or Conventional loan type
Requirements:
- Contribute $1,000 or 1 percent of the purchase price, whichever is greater
- Meet the income and purchase limits
- Meet the credit requirements
- Live in the home as your primary residence
- Complete homeownership counseling (online and in-person options available)
For more information and all terms visit www.athomeillinois.gov.
