With interest rates near historic lows, rental rates climbing 3.5 percent in the last 12 months, and the availability of down payment and closing cost assistance programs, there’s no better time to be a first-time homebuyer. Here's how the Illinois Housing Development Authority's new loan program is making homeownership even more enticing for first-timers.
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The Illinois Housing Development Authority (IHDA) has announced a new loan program making homeownership even more affordable for first-time homebuyers. The 1stHomeIllinois program is expected to help up to 4,000 first-time homebuyers, but funds are limited.
- $7,500 down payment and/or closing cost assistance (assistance is forgivable after 5 years and requires no repayment)
- 30-year fixed-rate mortgage (FHA, Conventional, USDA, & VA)
- Income limits up to $106,000 for a household of three or more
- Must be a first-time homebuyer or someone who has not owned a home in the last three years (veterans are exempt).
- IstHomeIllinois is available in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will, and Winnebago counties.
- Borrowers must be purchasing a primary residence, 1-2 unit single-family property.
- IHDA income and purchase price limits apply.
1stHomeIllinois is available through IHDA qualified lenders, like Compass Mortgage. For more information about eligibility and program benefits, contact one of our mortgage bankers. Funds are limited and mortgage interest rates are low, so now is the time to act!
Looking for more information about buying and financing your first home? Download our free Mortgage 101 Handbook, a great resource for first-time buyers.