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.

FHA Mortgage Loan Rates

June 19, 2018
FHA Rates for June 19, 2018
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

HOMEbuyer Program

Financial Assistance for Homebuyers in Illinois

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. One of the largest obstacles in home ownership is having to make down payments, and the HOMEbuyer Program is meant to help get people out of the renters trap.

Eligibility Requirements
In order to be eligible for assistance via the HOMEbuyer Program, applicants fall within the low- or moderate-income bracket (shown below). They must also be first-time homebuyers purchasing single-family housing; either existing or newly-constructed, one to two unit family housing, and condominium units.

Income Limits
Households that qualify for HOMEbuyer Program assistance must have total household incomes that do not exceed 80% of area median income.

1 person household: $41,750
2 person household: $47,700
3 person household:  $53,650
4 person household: $59,650
5 person household: $64,400
6 person household: $69,150

Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.

Depending on the household income, Madison County’s HOMEbuyer Program offers financial assistance of up to $5,000 to fund the down payment and closing costs on applicants’ new homes. Eligible closing costs may include appraisal fees, credit report fees, and inspection fees, home buyer counseling fees, settlement and title fees, underwriting and processing fees.

HOMEbuyer Program applications must be submitted via a participating, Madison County lender.

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.

FREE CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!