Many people contact me in regards to down payment assistance. A great solution for first time home buyers in Chicagoland is the IDHA 1st HOME ILLINOIS Program.
The 1st Home Illinois mortgage is a 30 year fixed rate mortgage program. The interest rate for the mortgage will remain the same for the entire term of the loan. A $7,500 down payment assistance grant is available for those who qualify for the 1st HomeIllinois Program.
The borrower’s contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. As a result , for as little as $1,000 out of pocket, a qualified borrower can purchase a new home using this program.
The 1st HomeIllinois Program Offers a $7,500 cash grant for down payment and closing costs on a fixed rate 30 year mortgage. The program provides a competitive interest rate and can be used with FHA, VA, USDA or Conventional loan products.
The program has a few requirements about the property. The property type can be either a 1 or 2 unit property. The property must be located in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties. The property must be an existing residential dwelling as new construction is excluded from this program/
The buyer must either be a First-time homebuyer or someone who has not owned a home in the last three years who can contribute at least $1,000 or 1 percent of the purchase price, whichever amount is greater. To qualify for the program the borrower must meet the income, purchase price limits and credit score requirements. The 1st home Illinois program is intended for properties being purchased by buyers who plan on living in the home as their primary residence.
the borrower is also required to complete homeownership counseling either online or in-person.
The Illinois Housing Development Authority program is a great option for someone who is looking to get a $7500 grant towards down payment assistance. This grant can help a borrower with the purchase of their first home. The process requires more documentation than does a loan that is not using the IDHA funds. It is important to align with a lender who has closed loans using this product. I have closed IDHA deals and have learned alot about this resource along the way. I am happy to help you utilize this program in the purchase of your first home.
Contact Tom Mackrola @ Inlanta Mortgage for more information about the IDHA 1stHomeIllinois 7500 down payment assistance grant program @ 312-561-7484 or [email protected]