First-Time Homebuyers in Illinois Rejoice with 1stHomeIllinois Assistance
To fulfill the dreams of aspiring homeowners, the Illinois Housing Development Authority (IHDA) has introduced the 1stHomeIllinois Program. This comprehensive program combines a 30-year fixed-rate mortgage with generous down payment assistance, making it an attractive option for individuals looking to purchase their first home.
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Available Assistance The 1stHomeIllinois Program is tailored to support first-time homebuyers and veterans in their pursuit of homeownership. Participants in this program can benefit from a 30-year fixed-rate mortgage, coupled with a substantial $7,500 down payment assistance grant. What sets this grant apart is that it’s a true gift, requiring no repayment. Borrowers are given the flexibility to choose between different loan types, including FHA, VA, USDA, or conventional options.
Eligibility Requirements To be eligible for the 1stHomeIllinois program, all prospective borrowers must meet specific criteria. This program is exclusively for first-time homebuyers, defined as individuals who have not owned a home in the past three years, and veterans. Eligibility also hinges on meeting the program’s income limits, which vary based on the county of residence. Additionally, applicants are required to contribute a minimum of $1,000 or 1 percent of the purchase price (whichever is greater) from their own cash assets. Meeting the minimum credit requirements and successfully completing a homeownership counseling course, either online or in-person, are also mandatory steps.
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Property Guidelines Under the 1stHomeIllinois program, the purchased property must serve as the borrower’s primary residence and adhere to specific maximum purchase price limits, which are county-dependent. Eligible properties include one- or two-unit existing residential dwellings, with new construction properties excluded. This opportunity is available in the following counties: Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will, and Winnebago.
The 1stHomeIllinois Program by IHDA stands as a beacon of hope for those eager to embark on their homeownership journey. By providing substantial down payment assistance and favorable mortgage terms, this program is making the dream of owning a home in Illinois a reality for many. It’s a testament to the commitment of IHDA in promoting affordable and accessible homeownership opportunities throughout the state.
