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  Requested IHDA Down Payment Assistance Information

1STHomeIllinois Offers: $7,500

  • $7,500 cash assistance for down payment and closing costs
  • 30-year, fixed-rate mortgage with a competitive interest rate
  • Choice of FHA, VA, USDA or Conventional loan type

Requirements:

  • Must be purchasing a one or two unit property in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
  • First-time homebuyer or anyone who has not owned a home in the last three years (Veterans are exempt) in one of the above 10 counties
  • 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 (online and in-person options available)
  • Property must be an existing residential dwelling (new construction excluded)

  @HomeIllinois First Time Buyer: $5,000

Congratulations on the decision to buy your first home.  With interest rates at historical lows and rents at an all-time high, there’s no better time to buy a home than now. 

The @HomeIllinois 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?  With @HomeIllinois, the buyer contribution is $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 first home. 

@HomeIllinois is a 30-year fixed rate mortgage with a variety of options to choose from.  The options you choose will determine the interest rate for your loan. 

Options include:

  • $5,000 down payment or closing cost assistance
  • Federal tax credit certificate
  • Lender paid mortgage insurance
  • Choice of FHA, VA, USDA or Conventional loan type

Requirements:

  • 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 your primary residence
  • Complete homeownership counseling (online and in-person options available)

 

 Which Home Loan Is Best For You.pdf

 IHDA First Home Illinois Program!.pdf

 Renovation Loan Guide.pdf

 

 Down Payment Assistance programs are great for first time home buyers. Sometimes those that previously owned a home may qualify. The programs and requirements do vary.