Up to $10,000 for Down Payment and Closing Costs in IHDA ILLINOIS Home Loan Programs

YOU DON’T NEED TO BE A FIRST TIME BUYER! 

There are 3 different programs from the State of Illinois home buyers.

 

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  • 4% of the purchase price up to $6,000 cash assistance for down payment & closing costs, forgiven monthly over 10 years – it’s a gift that does not have to be repaid
  • 30-year, fixed rate mortgage with an affordable interest rate
  • Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
  • Available to first-time and repeat homebuyers statewide

Eligibility:

  • Household income and purchase price limits apply
  • Minimum credit score of 640 is required
  • Both new construction and existing homes are eligible

The Access Forgivable mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Forgivable offers up to a maximum of $6,000 in cash assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Requirements:

  • First-Time and Non First-Time Homebuyers are allowed
  • All Illinois counties are eligible
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • New construction is allowed

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  • 5% of the purchase price up to $7,500 cash assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage – you don’t need to repay until you sell your house, refinance, or pay off your mortgage
  • 30-year, fixed rate mortgage with an affordable interest rate
  • Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
  • Available to first-time and repeat homebuyers statewide

Eligibility:

  • Household income and purchase price limits apply
  • Minimum credit score of 640 is required
  • Both new construction and existing homes are eligible

The Access Deferred mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Deferred offers a maximum of up to $7,500 in cash assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Offers:

  • 5% of the purchase price up to $7,500 cash assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage – you don’t need to repay until you sell your house , refinance, or pay off your mortgage
  • 30-year, fixed rate mortgage with a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred loan type

Requirements:

  • First-Time and Non First-Time Homebuyers are allowed
  • All Illinois counties are eligible
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • New construction is allowed

 

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Offers:

  • 10% of the purchase price up to $10,000 cash assistance for down payment & closing costs offered as an interest-free loan – repaid monthly over a 10 year period
  • 30-year, fixed rate mortgage with a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred loan type

Eligibility:

  • Household income and purchase price limits apply
  • Minimum credit score of 640 is required
  • Both new construction and existing homes are eligible

The Access Repayable mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Repayable offers a maximum of up to $10,000 in cash assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Requirements:

  • First-Time and Non First-Time Homebuyers are allowed
  • All Illinois counties are eligible
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • New construction is allowed

Learn more see the IHDA Video http://bit.ly/2F7CpH2

 

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For more info Call /Text Gail Manion, Managing Broker/Owner,

Real Edge Realty 630-686-2217

https://www.RealEdgeRealty.com

RealEdgeRealty@gmail.com

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