Special Loan Program For 1st Time Buyers In IL
If you’re looking to purchase your first residence in Illinois but find yourself at a loss as to where to turn for a mortgage loan, you need not worry. First time home buyer loans in Illinois are provided by the Illinois Housing Development Authority (IHDA). Not only do they provide below-market rates on your mortgage loan, they also provide other very lucrative programs for 1st time home buyers.
Here are some details on IHDA’s loan program:
The 1ST Home Illinois mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? 1ST Home Illinois offers a $7,500 down payment assistance grant. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.
- $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
- 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 price limits
- 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)
Reach out to a qualified IHDA participating lender to guide you through the quick and easy process. Funds are limited so act today.
For complete details on this loan, including contact information and instructions on how to apply, please visit this IHDA loan page.
More Illinois First Time Buyer Resources
In addition to the above first time homebuyer loan from IHDA, there are resources available as well. Be sure to visit Illinois down payment assistance, as well as our page that shares details about grants available in IL to purchase your first home.