Get Money For Your Down Payment
If you’re looking for down payment assistance in Illinois, you’re in luck. The are two options for first time property purchasers in Illinois who need help coming up with the funds for the down payment.
The first of these is down payment assistance offered by the Illinois Housing Development Authority. Their program provides a down payment grant of up to $7,500. This is money that you never have to pay back! Here is an overview from the IHDA site:
If you are interested in buying a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties, 1ST Home Illinois is the product for you. It combines a 30-year fixed rate mortgage with a $7,500 down payment assistance grant. 1ST Home Illinois is tailored for first-time homebuyers, veterans, or anyone who hasn’t owned a home in the last three years.
The second option is provided at the national level by the Department of Housing and Urban Development (HUD). HUD works with many local goverments throughout the country to provide down payment assistance through their American Dream Downpayment Initiative (ADDI) program. In Illinois the local counties taking part in this program are:
Illinois American Dream Downpayment Initiative (ADDI) Participants
These units of government are participating in this program designed to help new homebuyers overcome the downpayment hurdle.
Division of Community Development
19 Public Sq.
Belleville, IL 62220-1624
Phone: (618) 277-6790
To learn more about the DPA grant provided the Illinois Housing Development Authority, go to their web page.
More Illinois Down Payment Assistance
In addition to the down payment assistance listed above, you should also check to see if there are additional local programs offered in Illinois that provide even more help that can be applied toward your down payment.