1stHomeIllinois
Available Assistance
1stHomeIllinois offers first-time homebuyers and veterans an affordable option to finance their home, with a 30-year, fixed-rate mortgage with a competitive interest rate, and a $7,500 grant to help pay for the down payment and closing costs. The program gives borrowers the choice of FHA, VA, USDA, or FNMA HFA Preferred loan types.
Eligibility Requirements
To be eligible for the 1stHomeIllinois program, all applicants must be veterans or first-time homebuyers (those who have not owned a home in the last three years). They must meet the lender’s credit requirements, as well as the program’s income and purchase price limits. Applicants are required to contribute $1,000 or 1% of the purchase price, whichever is greater, and complete homeownership counseling prior to closing.
Property Guidelines
Any home purchased with funds from the 1stHomeIllinois program must serve as the borrower’s primary residence and must be an existing residential dwelling (no new construction). The borrowers must be purchasing a one or two-unit property in Cook, Marion, St. Clair, or Winnebago counties in Illinois.
Note: The information provided was accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in Illinois
Kane County First-Time Homebuyer Program
In an effort to help individuals achieve their dreams of homeownership, the Kane-Elgin HOME Consortium has funded the First-Time Homebuyer Program which comes with the Kane County Down Payment Assistance Program.
1stHomeIllinois
The Illinois Housing Development Authority's 1stHomeIllinois program combines a 30-year fixed-rate mortgage with a $7,500 down payment assistance grant.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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