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1. themortgagereports.com › 85803 › illinois-first-timeIllinois First-Time Home Buyer: 2024 Programs & Grants

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   Oct 21, 2024 · The median list price in Chicago was $368,000 in September 2024. That rose 2.4% year-over-year, according to Realtor.com. At that median price, your down payment options might fall between ...

2. www.nerdwallet.com › article › mortgages15 Illinois First-Time Home Buyer Grants - NerdWallet

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   • 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.

3. www.lendingtree.com › home › mortgageIllinois First-Time Home Buyer Programs in 2024 - LendingTree

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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.

   • You’ll need to put down at least 3% of the purchase price. You may be able to obtain a grant or use a first-time homebuyer assistance program to he...
   • To qualify for down payment assistance in Illinois, you’ll likely need a credit score of 640 or higher. You’ll then need to complete a homebuyer ed...
   • You can apply by visiting the IHDA website and connecting with an approved lender who can help guide you through the process. Once you’ve settled o...
   • There is no one-size-fits-all home loan. The best one will depend on your financial situation and other circumstances. A certified HUD housing coun...
   • Yes. First-time buyers in Illinois may qualify for a mortgage credit certificate (MCC), which allows them to claim 10% to 50% of the mortgage inter...

4. www.nerdwallet.com › article › mortgagesIllinois First-Time Home Buyer Programs of 2023 - NerdWallet

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   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 ...

5. www.bankrate.com › mortgages › illinois-first-timeIllinois First-Time Homebuyer Assistance Programs - Bankrate

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   Jan 17, 2024 · You can get an FHA loan with 3.5 percent down and a credit score as low as 580. VA loans: For active-duty military, veterans and surviving spouses, a loan guaranteed by the U.S. Department of ...

6. homeandmoney.com › blog › illinois-first-time-homeIllinois First-Time Home Buyer Programs and Grants of 2022

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   Nov 18, 2020 · 1stHome Illinois. The 1stHome Illinois program is geared toward first-time home buyers and is a helpful option for buyers looking for homes specifically in Cook, Marion, Winnebago and St. Clair counties. This loan program offers a grant of $7,500 to put toward down payment or closing costs. The up-side of this program is that if you live in the ...

7. People also ask

   Do you need a down payment to get a mortgage in Illinois?

   • Through its Access Mortgage program, the Illinois Housing Development Authority (IHDA) provides fixed-rate loans offered through a network of partner mortgage lenders. IHDA mortgages don’t require a down payment, but you do need to contribute $1,000, or 1 percent of the purchase price, whichever is greater.

   Illinois First-Time Homebuyer Assistance Programs | Bankrate

   www.bankrate.com/mortgages/illinois-first-time-homebuyer-assistance-programs/

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   Can first-time home buyers save enough for a down payment in Illinois?

   • Nonetheless, people looking to make their first home purchase may find saving enough for a down payment challenging. Thankfully, plenty of home buyer assistance and other incentives are available to first-time home buyers in Illinois. Verify your home buying eligibility in Illinois. Start here

   Illinois First-Time Home Buyer: 2024 Programs and Grants

   themortgagereports.com/85803/illinois-first-time-home-buyer-programs-and-grants

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   Can first-time home buyers get a loan in Illinois?

   • First-time home buyers in the state of Illinois are fortunate in many respects. They can access special mortgage programs, educational courses, and counselors to guide them through the process. Best of all, some buyers may be in line for a cash grant or an interest-free loan from one of the many down payment assistance programs in Illinois.

   Illinois First-Time Home Buyer: 2024 Programs and Grants

   themortgagereports.com/85803/illinois-first-time-home-buyer-programs-and-grants

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   Can I get a loan if I'm buying a house in Illinois?

   • Best of all, some buyers may be in line for a cash grant or an interest-free loan from one of the many down payment assistance programs in Illinois. This could help cover your down payment and closing costs and put you in a home much sooner than you thought possible. Here’s what you can expect. Verify your home buying eligibility in Illinois.

   Illinois First-Time Home Buyer: 2024 Programs and Grants

   themortgagereports.com/85803/illinois-first-time-home-buyer-programs-and-grants

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   Do you need a first-time home buyer grant in Illinois?

   • Here is a list of our partners. If you want to buy a home in Illinois but need financial help to cover the down payment and closing costs, a first-time home buyer grant might provide the boost you need. Agencies and local governments scattered across Illinois offer financial assistance for home buyers.

   15 Illinois First-Time Home Buyer Grants - NerdWallet

   www.nerdwallet.com/article/mortgages/illinois-first-time-home-buyer-grants

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   What is the 1stHome Illinois loan program?

   • The 1stHome Illinois program is a loan program designed for first-time home buyers in Cook, Marion, Winnebago, and St. Clair counties. It offers a grant of $7,500 to help with down payment or closing costs.

   Illinois First-Time Home Buyer Programs and Grants of 2022

   homeandmoney.com/blog/illinois-first-time-home-buyer-programs/

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8. www2.illinois.gov › IISNews › 26566-Governor_PritzkerGovernor Pritzker Announces $15 Million In New, Competitive ...

   www2.illinois.gov › IISNews › 26566-Governor_Pritzker

   Under Illinois HFA1, IHDA will provide a 30-year 1st mortgage with a fixed interest rate and $10,000 in down payment and/or closing cost assistance. The down payment assistance is provided as an interest-free 2nd mortgage with payments deferred for 30-years, meaning funds do not need to be repaid until the borrower sells the home, refinances ...