Buyers pay nothing on this loan as long as they live in the home. We partner with our preferred lenders and the Illinois Housing Development Authority IHDA to qualify buyers for all of their mortgage products and down payment assistance. Other down payment programs available to our clients include Federal Home Loan Bank and various employer-assisted housing programs.
Additional incentives, grants, and loans are available on their own or as additional layers of support, including from IHDA and our banking partners. The help comes in the form of a no-interest loan with no monthly payments that is forgiven after a little over five years. If the home is sold before then, the loan must be partially repaid. Funds are limited and available on a first-come, first-served basis for the purchase of a primary residence in Cook County.
First-time home buyers who apply for assistance are required to take an eight-hour home buyer education course. If the home is sold or the mortgage is refinanced within the first five years, the grant must be partially repaid. The property must be in Chicago. Buyers must live in the home for at least six years. Borrowers are subject to income limits as well as home price limits and must complete a housing counseling class.
The loans aren't limited to first-time home buyers, but income limits apply. Homes must be owner-occupied; mobile homes don't qualify. Five-year, forgivable loans for a down payment and closing costs are available on a first-time, first-served basis. The program is limited to low- to moderate-income households. If one or more of these programs look like they're right for you, contact the program administrator to get the complete story on eligibility requirements, any income and purchase price limits, and whether there are preferred lenders.
The administrator can tell you how to satisfy any home buyer education or counseling requirements. These agencies and nonprofits exist to serve you, so ask as many questions as you need to. More from NerdWallet. How much house can you afford? Compare Illinois mortgage rates. See all first-time home buyer programs by state.
What is a first-time home buyer grant? Have a low to moderate income. Buy within purchase price limits. First-time home buyer grants available across Illinois.
IHDAccess Forgivable. For all three programs, you must have a credit score of at least , and you must meet certain income and purchase price limits that differ based on your location and household size. Additionally, with this program, buyers must make the house their main residence for at least 10 years or the house must be sold to an income-qualified buyer.
The City and Neighborhood Housing Services NHS provides deferred, forgivable, first and second mortgage loans through the Neighborhood Lending Program for purchasing or purchasing and rehabbing one- to four-unit buildings. The money can cover down payment, closing cost, and affordability assistance, and even lead-based paint abatement. This program is different, with it, eligible first-time homebuyers or homebuyers in targeted areas can apply for a Mortgage Credit Certificate MCC.
The current rate of annual savings is 25 percent for a home purchase or 50 percent for home improvement or rehab loans.
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