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Apr 17, 2024 · First-time or repeat homebuyer. Minimum credit score of 640. Maximum DTI of 50%. Annual income limit: $122,280 to $136,920, based on household size and county. Purchase price limit: $581,176 to $853,024, based on county and property type. Contribution of the greater of 1% of the purchase price or $1,000. Reside in home as primary residence.
Mar 7, 2024 · Principal & Interest. $1,958. PMI (0 Months) PMI stands for Private Mortgage Insurance. It’s a monthly cost with a down payment less than 20%. The default monthly cost is calculated as 0.700% of ...
May 5, 2024 · Homebuyers must have a minimum credit score of 640; make a minimum contribution to the sale of $1,000 or 1%, whichever is greater; and have an annual income that meets the threshold set for their county, the number of people in their household, and the type of property they’re buying. Both first-time and repeat homebuyers are eligible to apply.
- Lauren Hargrave
Jun 27, 2023 · What you need to know: This program offers down payment cash assistance of 4% of the home’s purchase price, up to $6,000. The cash assistance is forgiven monthly without payment over 10 years ...
- Save for a down payment. 🔑 Key takeaway: Your down payment can be less than 20% of the purchase price — $49,562 for the typical home in Illinois — but you'll have to purchase mortgage insurance and pay more interest over the life of your loan.
- Find a great real estate agent in Illinois. 🔑 Key takeaway: Interview multiple agents to find one who knows your target neighborhoods, has experience in your price range, and communicates well.
- Get preapproved for a mortgage. 🔑 Key takeaway: Once you're preapproved for a mortgage, it's imperative that your financial situation doesn't change.
- Choose the right location. 🔑 Key takeaway: Search for neighborhoods where: Home prices are within your price range. Home values are on the rise. The local amenities support your lifestyle.
Our down payment calculator tool helps you understand what your minimum potential down payment could be in your geography based on the target home price that you choose. First we look at the loan limits for different mortgage types in your location, then we take your target home value and identify what mortgage types your home value would qualify for in your location.
People also ask
How much is a down payment in Illinois?
How do I qualify for down payment assistance in Illinois?
Does Illinois offer a Down Payment Assistance Program?
How much down payment do you need to buy a house in Illinois?
Does the Federal Home Loan Bank of Chicago offer a down payment program?
How much does it cost to buy a home in Illinois?
According to Redfin, the median sale price in Illinois hit $265,900 in January 2024 — an 11.2% increase from one year prior. But in some communities, the numbers have been much higher. In Winnetka, where home prices were up 40.2% year-over-year, the median purchase price was $1.373 million.
