Are you a first time homebuyer in Illinois? If you want to purchase a home in Illinois and have little money to put down, or you do not make much money you may be able to purchase a home using a program from the Illinois Housing Development Authority (IHDA). The IHDA has a variety of mortgage loan and down payment assistance programs intended to make home ownership an affordable and viable option for low to moderate income homebuyers in Illinois.
How Do I Get Started With A First Time Home Buyer Program In Illinois?
If you are a low to moderate income individual or family and you want to become a homeowner you have quite a few resources to look at in Illinois. The Illinois Housing Development Authority works through local banks and mortgage companies as well as locally based nonprofit home counseling agencies to provide affordable mortgage loan programs with low interest rates and down payment programs for those home buyers who want to purchase their first home.
IHDA calls their homeownership program the I-Loan Mortgage Program. Make sure that when you apply for a mortgage with a bank or mortgage company that you ask about the IHDA’s I-Loan Mortgage Program.
What Is The Illinois I-Loan Mortgage Program?
The Illinois I-Loan Mortgage Program is offered through local banks, Mortgage Lenders, and non-profit Community Housing Development Organizations by the Illinois Housing Development Authority to qualified first time home buyers in any part of Illinois or to qualified home buyers purchasing a home in an economic or community development targeted area. The mortgage program provides below market interest rates, reduces fees, and easier to qualify, fixed long term mortgages.
Additionally, for home buyers who qualify for the Illinois I-Loan program there is an opportunity to also qualify for a down payment cash grant of up to $5,000. To get these funds you will have to work through a Non-Profit Community Housing Development Organization (ChoDos).
Who Offers First Time Home Buyer and Down Payment Assistance In Illinois?
There are many different places to get First Time Home Buyer programs in Illinois. One of the common places to get started with a first time home buyer program and to get down payment assistance is with your local bank or Mortgage Company. You will need to make sure that they are approved to offer the mortgage loan and down payment assistance programs from the Illinois Housing Development Authority. Make sure that you ask your loan officer when you get pre approved.
Another common place to start your home buying process is with a local Community Housing Development Organization (ChoDo) who are authorized to offer the IHDA’s down payment assistance grants and mortgage loan programs. There are literally hundreds of these smaller agencies spread throughout Illinois to help you with buying your first home.
What Are The Qualifications For Down Payment Assistance Grants In Illinois?
To take advantage of the down payment assistance grants and even the first time home buyer mortgage programs in Illinois you must be able to qualify for a FHA, VA, Fannie Mae, or a USDA Rural Housing Development mortgage. You will also have to meet income limits as well as the home you want to purchase must meet certain price limits. Income and price limits are based on household size and the home’s location.
To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below:
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