1stHomeIllinois is designed to help first-time homebuyers and veterans purchase. In addition to a 30-year fixed rate mortgage, applicants can receive a $7,500 down payment assistance grant. 

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December 15, 2018
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1stHomeIllinois

Financial Assistance for Homebuyers in Illinois

In an effort to help individuals achieve their dreams of homeownership, the Illinois Housing Development Authority introduced the 1stHomeIllinois Program. This program combines a 30-year fixed rate mortgage with down payment assistance, making it affordable for individuals to purchase their first home.

Available Assistance
1stHomeIllinois is designed to help first-time homebuyers and veterans purchase. In addition to a 30-year fixed rate mortgage, applicants can receive a $7,500 down payment assistance grant. This is a true gift; the amount does not need to be repaid. Borrowers have the choice of FHA, VA, USDA or conventional loan types.

Eligibility Requirements
In order to be considered eligible for the 1stHomeIllinois program, all borrowers must meet certain requirements. Only first-time homebuyers (those who have not owned a home in the last three years) and veterans can qualify, and they must meet the program’s income limits, which vary by county. All applicants are required to contribute at least $1,000 or 1 percent of the purchase price (whichever is greater) from their own cash assets. They must also meet minimum credit requirements, and complete a homeownership counseling course, online or in-person.

Property Guidelines
Any property purchased under the 1stHomeIllinois program must serve as the borrower’s primary residence and meet the program’s maximum purchase price limits, which vary by county. Eligible properties include one or two unit, existing residential dwellings (new construction excluded) in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties.
 
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in Illinois

1stHomeIllinois is designed to help first-time homebuyers and veterans purchase. In addition to a 30-year fixed rate mortgage, applicants can receive a $7,500 down payment assistance grant. 

The Illinois Housing Development Authority introduced the @HomeIllinois program to offer individuals a variety of customizable options to combine a 30-year fixed rate mortgage with down payment assistance, making it affordable to purchase a home.

Chicago's City Council established the Chicago Home Buyer Assistance Program, which is designed to help its residents purchase their home by providing financial assistance for down payment and closing costs.

Alton’s Homeownership Program was established to boost homeownership in the city by offering down payment and closing cost assistance to income-eligible homebuyers.

With their Downpayment Plus Programsthe Federal Home Loan Bank of Chicago offers its members easy-to-access down payment and closing cost assistance programs for low- and moderate-income homebuyers.

Madison County in Illinois aims to increase home ownership in the area with the HOMEbuyer Program. This provides funds for down payment and closing costs to eligible individuals who can afford monthly mortgage payments, but not the hefty, upfront costs.

The City of Joliet, Illinois established the Joliet Down Payment Assistance Program, which is designed to help low-income applicants with down payment assistance to purchase their home.

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.

The Town of Normal, Illinois offers the Homebuyer’s Down Payment Assistance Program, which is funded by the Community Development Block Grant program and covers a portion of the down payment for eligible applicants.

The Village of Romeoville offers residents the Homebuyer Assistance Program, also known as the Assist Program. It provides potential homebuyers with the Mortgage Credit Certificate (MCC) program, as well as funds to pay all or most of their closing costs and the down payment.

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