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Jim Anderson

Broker Associate

New First Time Home Buyer Program



 

The mortgage approval process today faces more scrutiny than in the past, with lenders often requiring higher credit scores and larger down payments. Today’s standard 20-percent down payment requirement has proven difficult for many would-be first-time buyers in Illinois and across the nation. IHDA’s Welcome Home Illinois loan can help first-time buyers in Illinois who qualify by providing the down payment assistance they need to get into their first home, while helping to ensure it’s a great fit financially as well.

  • Welcome Home Illinois includes:
    • $7,500 cash assistance to cover down payment
    • 30-year fixed-rate mortgage with a below-market interest rate
    • Variety of loan options to choose from, including FHA, Conventional, VA, and USDA
  • Eligibility:
    • Buyers must be first-time homebuyers or anyone who has not owned a home in the last three years
  • Requirements:
    • Contribute one percent or $1,000 of the purchase price, whichever is greater
    • Purchase a one- or two- unit property within Illinois
    • Live in property as primary residence

 

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