Illinois Logo

Back

First Time Home Buyer Programs in Illinois

By Malcolm Rivers

First time home buyers can be eligible receive opportunities to use special credits or promotions in their efforts to purchase a home. Depending on the area or state, they can receive extra financing, beneficial interest rates on mortgages and other incentives. These incentives can help with closing costs, down payments and other costs. Keep in mind that there are certain parameters and requirements to receive these benefits so pay attention what kinds of benefits you may be eligible to receive in Illinois.

Welcome Home Illinois

Welcome Home Illinois is a program which allows qualified first time home buyers to get financing for their first time home purchases. These qualified potential buyers can get $7,500 for down payment or closing costs. First time home buyers can enjoy favorable interest rates, at 3.99% on secure 30 year mortgages. To qualify buyers can't have owned a home in 3 years and have a minimum credit score 640.

SmartMove

SmartMove is a financing option that provides mortgage programs to first time Illinois home buyers. The Illinois Housing Development Authority has been expanded and offers a 30 year first mortgage with solid interest rates. Home buyers can obtain second mortgages of up to $6,000 to assist with down payments and closing costs. Only first time homebuyers, buyers who haven't owned primary residences in Illinois in the last 3 years, are eligible though military veterans are also eligible, even if they're not first time home buyers and keep in mind that there are requirements in terms of income and purchase pricing.

American Dream

The goal of the American Dream initiative is to increase home ownership among minority groups in order to contribute to the revitalization and stabilization of minority communities through increased home ownership. To qualify, buyers must be less affluent first time home buyers whose incomes to not exceed 80% of the median income in a particular area. This assistance is provided to home buyers through the federal government's Department of Housing and Urban Development and can be used to assist with down payments, closing costs and interest reduction.

These programs provide options for homeowners who are in need of financing in Illinois. As always, do your research when you're considering which types of financing to employ when trying you hand at buying your first home. Best of luck!

Share this:

Comments

Leave a comment:

* Login in order to leave a comment. Don't have an account? Join for Free



About The Author

Become an Expert Contributor

Have some knowledge to share, and want easy and effective exposure to our audience? Get your articles or guides featured on Illinois Homes today! Learn more about being an expert contributor.

Learn More