Down Payment Assistance programs in Illinois are available between $6,000 and $10,000. Eligibility requirements include income limitations, minimum credit scores, the amount of the home your looking to purchase and some program are not available in all Illinois counties.
- All programs can be used for down payment assistance and/or closing cost assistance.
- All programs require a minimum credit score of 640
- All programs cap the maximum purchase price (based on the county your looking to purchase in).
- All programs have a maximum household income limit. This maximum limit is the combined income for everyone living in the home over the age of 18 regardless if they are on the loan or not.
- All programs require purchase to contribute $1,000 or 1% (which ever is greater) towards the purchase price.
- All programs have a maximum debt to income of 45%
- All programs require purchaser to enroll in a housing counseling program
- All programs require purchaser to live in home as their primary residence.
IDHA Access Forgivable
IDHA Access Forgivable is a 4% (of purchase price) up to a maximum of $6,000 down payment assistance loan which is forgivable over a prorated ten year period.
IDHA Access Deferred
IDHA Access Deferred is a 5% (of purchase price) up to a maximum of $7,500 down payment assistance loan which is an interest free loan which does not need to be repaid until you refinance your mortgage, sell the home or pay off the mortgage.
IDHA Access Repayable
IDHA Access Deferred is a 10% (of purchase price) up to a maximum of $10,000 down payment assistance loan which is an interest free loan which is repaid over a ten (10) year period.
1st Home Illinois
1st Home Illinois is a $7,500 down payment and/or closing cost assistance program. This program is only availble in counties of Cook, Will, Boone, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair and Winnebago. This program is only available to purchasers who have not owned a home in the past three (3) years.
Chicagosuburbs.net are experienced full-time real estate agents and can help you find the newest real estate listings in Illinois. If you are searching for a real estate agent to help you buy or sell your real estate contact Vanessa Falcon at (708) 955-1171. Vanessa is an experienced real estate agent (since 2003) full time Realtor with Real People Realty.