1.     1st HomeIllinois Program is a 30 year fixed-rate first-time homebuyer mortgage loan offered only to the residents of some Illinois counties:  Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago. The program is also available to veterans and anyone who hasn’t owned a home in the last three years. If you qualify, you will get $7,500 in down-payment assistance and you can purchase a 1 or 2-unit property.

1st HomeIllinois Program requires you to contribute at least $1,000 or 1% of the purchase price of the home (whichever is greater) to the transaction and offers you very competitive interest rates to make your monthly payments more affordable.

1st HomeIllinois Program can be used on conventional, FHA, USDA, and VA loans. There are income and purchase price limits that you are required to meet. You have to use your purchased home as your primary residence.

1st HomeIllinois Program requires you to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. The course is available both for in-person and online classes. You are also advised to contact a specialized lender who will guide you through the application and buying process.

 

2.     @HomeIllinois Program is a 30-year, fixed-rate mortgage program for first-time homebuyers who are Illinois residents. To become an eligible borrower you have to pay 1 % or $1,000 of the purchase price (whichever is greater).

@HomeIllinois Program requires you to meet income and purchase price limits and you have to reach a minimum credit score of 640. The purchased home has to be your primary residence.

@HomeIllinois Program offers you $5,000 in down payment or closing cost assistance with 0 % interest for 10 years and if you meet certain income limits you don’t have to pay back the loan.  Thus, you are not forced to pay that money back if you sell the home after 10 years, but you have to repay them if you sell within the 10-year period.

@HomeIllinois Program can be used on conventional, FHA, USDA, and VA loans. You are also entitled to get a federal tax credit certificate and a lender - paid mortgage insurance.

@HomeIllinois Program requires you to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. The course is available both for in-person and online classes. You are also advised to contact a specialized lender who will guide you through the application and buying process.  


ADDITIONAL RESOURCE PROGRAMS

 


IN-DEPTH ADDITIONAL DOWNPAYMENT DETAILS