First Time Home Buyer
Programs in Illinois
Complete First Time Home Buyer Programs Available in
Illinois.
The state agency created by the legislature in Illinois to offer
first time home buyer programs is the Illinois Housing Development Authority.
Here is a summary of the current first time home buyer programs that are
offered:
DOWN PAYMENT/CLOSING COST ASSISTANCE
Saving for a down payment can be a difficult task for many low-income residents
of Illinois. To help turn renters into buyers, the Illinois Housing Development
Authority’s Affordable Housing Trust Fund Program offers low- and very
low-income individuals help via down payment and closing cost assistance.
PARTICIPATING SPONSORS
While individual citizens are not directly eligible for Trust Fund financing,
organizations interested in expanding affordable housing throughout the state
can compete for funding made available, in turn, to qualifying individuals.
Eligible applicants may include groups such as governmental units, for-profit
corporations or not-for-profit corporations. In addition, sponsors must show an
administrative capacity to manage a home buying process, the capacity to
administer a homebuyer counseling program and the ability to manage the
rehabilitation process.
HELP FOR HOMEBUYERS
Through the program, qualified sponsors can provide loans or grants up to
$3,000 for low-income families and $5,000 for very low-income families to be
used toward a down payment and closing costs. All homeowners are required to
provide an equity contribution based on how much they can afford, with a
minimum personal contribution of $500. Buyers also must meet certain purchase
price and income limits set forth by the federal government and are required to
attend an approved homebuyer counseling program.
GETTING STARTED
Applications for Trust Funds are accepted three times each year and must meet
certain criteria for eligibility.
For more information about eligibility, please call (312) 836-5244.
For complete details on these first time home buyer programs
available to Illinois residents, visit the
Illinois Housing
Development Authority website.
Se also the First Time Home Buyer
Grants page.Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
Other First Time Home Buyer Programs & Resources
