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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. northsidelegal.com › down-payment-on-a-houseHow Much is a Down Payment on a House in Illinois?

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   Nov 2, 2023 · How much you need for a down payment depends on: In Illinois, required down payments often range from 3% to 5% of the home purchase price for conventional loans. 3.5% for FHA loans. No down payment is required for VA and USDA loans. To avoid paying monthly insurance premium 20% down payment is required. Let’s see all of these and a lot more ...

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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. Videos

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     Down Payment Options When Buying a Home - Mortgage 101

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     Home Down Payments: How Much You Should Put Down

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     Mortgage Down Payments: How Much do I Really Need?

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5. www.homesteadfinancial.com › purchase › buying-aBuying a Home with Low Down Payment or 0 Down in Illinois

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   Aug 30, 2023 · JR OBRECHT – Branch Manager Glen Carbon – (314) 393-1314. Illinois has specific mortgage programs available to purchase a home with very little down payment or even zero down payment. There are federal-sponsored programs, state-sponsored programs, and country-specific programs. Additionally, the tax laws in Illinois lend themselves to ...

6. 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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7. www.nerdwallet.com › mortgage-calculator › illinoisIllinois Mortgage Calculator - NerdWallet

   www.nerdwallet.com › mortgage-calculator › illinois

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   Illinois Mortgage Calculator. Your loan estimate. Total monthly payment. $1,558.07. Total principal $240,000. Total interest payments $320,905.74. Total loan payments The total interest costs ...

8. People also ask

   Do you need a down payment to buy a house in Illinois?

   • If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the US Department of Agriculture), you may not need any down payment at all. If you’re a first-time home buyer in Illinois with a 20% down payment, you can get a conventional loan with a low interest rate.

   Illinois First-Time Home Buyer: 2024 Programs and Grants

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

   See all results for this question

   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 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

   See all results for this question

   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

   See all results for this question

   What is the minimum down payment for a home loan?

   • Conventional loans allow for down payments as low as 3-5% (though the minimum varies by lender). Government backed loans, like VA and FHA loans, allow you to contribute 0% and 3.5% of your home's purchase price respectively.

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

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

   See all results for this question

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

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   Apr 17, 2024 · How much of a down payment do I 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 ...