Search results
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.
- 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.
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.
- Yes! Good information is key to a successful home-buying experience for anyone, but especially for newcomers, who can easily be overwhelmed by the...
- Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And interest rates and o...
- Not right now. State and local agencies administer mortgage credit certificate programs that allow borrowers to claim a portion of their annual mor...
- The state housing authority includes VA loans in its assistance programs. VA-backed home loans are available nationwide to eligible service members...
- The Illinois Housing Development Authority’s homebuyer programs require a minimum credit score of 640.
- The typical first-time buyer is 33, NAR found.
- IHDAccess Forgivable. This program gives 4% of the home’s purchase price, capped at $6,000, for down payment and closing costs. The assistance isn't repaid if you keep the loan for at least 10 years.
- IHDAccess Deferred. Home buyers take out an interest-free loan of 5% of the purchase price, up to $7,500, to help with a down payment and closing costs.
- 1stHomeIllinois. This state program offers a $7,500 grant toward a down payment and closing costs on a property in Cook, Marion, St. Clair and Winnebago counties.
- Downpayment Plus and Downpayment Plus Advantage. These programs, administered by the Federal Home Loan Bank of Chicago, offer up to $6,000 in down payment and closing-cost assistance.
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 ...
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.
People also ask
How much is a down payment in Illinois?
What is down payment and closing cost assistance in Illinois?
How do I qualify for down payment assistance in Illinois?
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 a home cost in Illinois?
Apr 25, 2024 · Illinois Housing Development Authority Access Forgivable. This program offers 4% of a home purchase price, up to $6,000, toward a down payment and closing costs. The sum is a loan that does not ...
