2015 First Time Home Buyer Programs for Illinois VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. HOME Homebuyer Assistance Program HOME Homebuyer Assistance Program offers assistance (up to $10,000 for 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, homebuyers must have incomes at or below 80 percent of the area's median income, and they must occupy the home as their principal residence. Homebuyers must contribute $1,000 to the purchase and must attend first time homebuyer counseling. Qualified buyers in Illinois may apply. HomeIllinois Program The @HomeIllinois mortgage program for first time homebuyers. This is a 30 year, fixed rate mortgage that requires 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 down payment or closing cost assistance (payment terms are 0 percent for 10 years, and 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. Qualified buyers in Illinois may apply. Trust Fund Homebuyer Rehabilitation Assistance Program Trust Fund Homebuyer Rehabilitation Assistance Program is for people with low and very low incomes are eligible for financing that allows them to acquire and rehabilitate vacant properties. Qualifying households who earn at or below 50 percent of their area's median income are eligible for up to $5,000 in grant money. Households earning between 51 percent and 80 percent of the area's median income are eligible for up to $3,000 in grant money to purchase a vacant home. Grants are forgivable and come with a five year recapture period. Borrowers also may be eligible for up to $20,000 in rehabilitation assistance for repairs and improvements. To qualify, all properties must be vacant single family units. Borrowers must live in the property as their primary residence, and the homebuyer must contribute the greater of $1,000 or 1 percent of the purchase price. Qualified buyers in Illinois may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
To apply visit http://buyerprograms.net/illinois