First Time Buyer Home Loans | Illinois Housing Development Authority
Loans for first-time home buyers: mortgage down payment assistance that also covers closing costs for eligible Illinois residents looking to purchase a home. Repayment of down payment portion of this loan is deferred or forgiven after set period of years, which varies by program. Offered in conjunction with 30-year fixed rate mortgage with affordable interest rate.
Services
Date of Last Formal Update
09/03/2024
Data provided by
211 DuPage County
Physical Address
Hours
Monday to Friday, 8:30 am - 5:00 pm
Voice
Website
Application process
(1) Call or email [email protected] (2) Submit required documents (3) complete home ownership education program
Fee
None
Eligibility
Must be purchasing a primary residence; Borrower must have credit score of 640 or higher; Property must be located within the State of Illinois; Must meet income guidelines; Price of property must fall within purchase price limits; Must pay 1% of sale price or $1000; Borrower's debt to income ratio must be 50% or lower. Must complete home ownership education program.
Languages
Spanish, English
Service area
IL
Agency info
Illinois Housing Development Authority
Administrative entity managing programs for homeowners, first-time home buyers, renters, multifamily developers, and property managers. Also provides funding for the Home Repair and Accessibility Program (HRAP) administered by partner agencies.