What is the @HomeIllinois Mortgage?

Posted by Laine Smith on 4/3/15 8:00 AM

Topics: Home Buying Economy

The Illinois Housing Development Authority new mortgage program @HomeIllinois strives to make homeownership affordable and obtainable for both first-time and repeat homebuyers by providing a la carte benefits, including down payment assistance and lender paid mortgage insurance.

HomeIllinois_Mortgage

Program Benefits

@HomeIllinois is a 30-year fixed rate mortgage that allows first-time and repeat homebuyers to purchase a home with as little as $1,000 out of pocket. @HomeIllinois also allows homebuyers to choose loan options personalized to their individual financing needs. Interest rates are determined based on the options chosen by borrower, which include:

  • $5,000 down payment or closing cost assistance
  • Lender paid mortgage insurance
  • Choice of FHA, VA, USDA or conventional loan type
  • Federal tax credit certificate (first-time homebuyers only)

Program Eligibility

To be eligible for the @HomeIllinois program, both first-time and repeat homebuyers must meet the following criteria:

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the credit requirements
  • Live in the home as a primary residence
  • Meet income and purchase price limits
  • Complete homeownership counseling

The @HomeIllinois program is available statewide. If you have any questions about program options or eligibility, contact one of our mortgage bankers. For more information regarding home financing and buying, download our free Mortgage 101 Handbook, a great resource for first-time and repeat homebuyers.

 

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