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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.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...

3. listwithclever.com › real-estate-blog › 8-steps-to8 Steps to Buying a House in Illinois (2024 Update)

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   • 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.

4. federalcos.com › blog › first-time-homebuyerIllinois First Time Homebuyer Programs GUIDE [2024] | How to ...

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   Oct 10, 2021 · Your credit score can be as low as 500, but you will need at least a 10% down payment. As your credit score goes up, your down payment can go as low as 3.5%. Mortgage insurance is required for the entire duration of the loan. VA Loans This program is available to all active military members, veterans, and military spouses.

5. themortgagereports.com › 33553Down Payment Assistance Programs & Grants by State 2024

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   Mar 7, 2024 · Louisiana’s Resilience Soft Second Loan is among the most generous down payment assistance programs in the U.S. Eligible Louisiana residents may qualify for: A “soft loan” of 20% of the home ...

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6. 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 ...

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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   How much is a down payment in Illinois?

   • In Illinois, mortgage lenders typically want you to contribute 20% of the purchase price as a down payment. That would be $49,590 for a $247,948 home — the typical home value in Illinois.

   8 Steps to Buying a House in Illinois - Clever Real Estate

   listwithclever.com/real-estate-blog/8-steps-to-buying-a-house-in-illinois/

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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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   How much down payment do you need to buy a house in Illinois?

   • In Illinois, the down payment required for a house varies, though LendingTree’s latest first-time homebuyer study found the average down payment is $32,645. But while aiming for a 20% down payment will remove the need for private mortgage insurance, some programs may only require 3%.

   Illinois First-Time Home Buyer Programs in 2024 - LendingTree

   www.lendingtree.com/home/mortgage/illinois-first-time-homebuyer-programs/

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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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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 ...