HOME Homebuyer Assistance Program

HOME Homebuyer Assistance Program This Illinois down payment program offers assistance (up to $10,000 for Illinois down payment, and $2,000 in closing costs on the purchase of a first home), or combined purchase and rehabilitation assistance (a maximum of $40,000 in total costs). The acquisition assistance program offers help via a deferred, forgivable loan at 0 percent interest. The combined purchase and rehabilitation assistance program offers funding through a forgivable loan. To be eligible, home buyers must have incomes at or below 80 percent of the area’s median income, and they must occupy the home as their principal residence. Home buyers must contribute $1,000 to the purchase and must attend first time home buyer counseling.

Home Program

Home Program The @HomeIllinois mortgage program for first time home buyers. This is a 30 year, fixed rate mortgage that requires Illinois borrowers to pay 1 percent or $1,000 of the purchase price, whichever is greater. Buyers must meet income and purchase price limits, and must have a credit score of at least 640. They must live in the home as a primary residence and must complete a housing counseling program that is offered in both online and in person options. The program also offers other types of help to buyers, including: $5,000 in Illinois down payment or closing cost assistance (payment terms are 0 percent for 10 years, and Illinois borrowers who meet certain income limits do not have to pay back the loan), a federal tax credit certificate, lender paid mortgage insurance, a choice of loan type that includes FHA, VA, USDA or conventional.