If you live in Illinois and you are considering purchasing your first home, you just might qualify for one of the first time home buyer programs I have listed below.

Let me start off by explaining that a first time home buyer is classified as a buyer that has not owned a property in over three years.  So, if you owned a property four years ago but have not owned one since...you are considered a first time home buyer.

Here are a couple of the programs that might be available to you.

ILLINOIS HOUSING DEVELOPMENT AUTHORITY-

The Illinois Housing Development Authority's Affordable Housing Trust Fund Program offers low and very low income individuals help with down payment and closing costs.  Through the program, qualified sponsors can provide loans or grants up to $3000 for low income families and $5000 for very low income families to be used toward a down payment of closing costs.  A minimunm personal contribution of $500 is required to qualify.

USDA ILLINOIS GUARANTEED RURAL HOUSING LOANS-

This program is not only for first time home buyers in Illinois but for move up homebuyers as well.  You do not have to be a first time home buyer to use this program, but you certainly can be.  Section 502 loans are primarily used to help low income individuals or households purchase homes in rural areas.  Funds can be use to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.  Some of the highlights of the program are 30 year fixed rate mortgages, no down payment, no mortgage insurance required.  The program does have income and property eligibility requirements to qualify.  Please email me and I will assist you.

CENTRAL ILLINOIS COALITION FOR AFFORDABLE HOUSING-

Offers down payment grants financed through the Illinois Housing Development Authority Trust Fund.  The assistance is in the form of a five year forgivable loan.  Applicants must meet income and eligibility requirements.  Who is eligible?  Any individual who is qualified based on general program quidelines and is a fist time home buyer within McLean Illinois, Livingston Illinois, DeWitt Illinois or Woodford Counties.  You must contribute at least $1000.00 of your own money to the purchase of the home. 

THE TOWN OF NORMAL ILLINOIS OFFERS DOWNPAYMENT & CLOSING COST ASSISTANCE-

This program is not restricted to first time home buyers in order to qualify.  Highligts of the program are that you must be purchasing a home in Normal, Illinois.  Mobile homes are not eligible and contract for deeds can not be done.  This program does have income requirements.  The town will provide a dollar for dollar match of your funds to assist in the down payment and closing costs.  The maximum the Town will provide is $3000.00.  The Town will put a second mortgage on your home in the amount of the grant, after 10 years (if you live in the house for 10 years), the loan will be forgiven.  Nice, you will not have to pay it back if you stay.

COOK COUNTY DOWN PAYMENT ASSISTANCE PROGRAM-

Qualified buyers receive cash form a five year forgivable second mortgage loan to help with down payment and closing costs.  The loan amount may not exceed $10,000 or 6% of the purchase price, which ever is greater.  The home buyers must attend Cook County approved housing counseling. 

The program is available in these communities and unincorporated areas as well. 

Glenco, Glenview, Golf, Kenilworth, Lincolnwood, Morton Grove, Niles, Northbrook, Northfield, Park Ridge, Rosemont, Wilmette, Winnetka, Barrington, Barrington Hills, Bartlett, Buffalo Grove, Elk Grove Village, Hanover Park, Hoffman Estates, Inverness, Prospect Heights, Rolling Meadows, South Barrington, Streamwood, Wheeling, Bedford Park, Bellwood, Berkeley, Berwyn, Bridgeview, Broadview, Brookfield, Burbank, Burr Ridge, Cicero, Elmwood Park, Harwood Heights, Hillside, Hindsdale, Hodgkins, Indian Head Park, Justice, La Grange, La Grange Park, Lyons, Maywood, McCook, Melrose Park, Norridge, North Riverside, Northlake, River Grove, Riverside, River Forest, Schiller Park, Stickney, Stone Park, Summit, Westchester, Western Springs, Willow Springs, Alsip, Chicago Ridge, Countryside, Evergreen Park, Hickory Hills, Hometown, Lemont, Merrionette Park, Orland Hills, Palos Heights, Palos Hills, Palos Park, Tinley Park, Worth, Blue Island, Burnham, Calumet City, Calumet Park, Chicago Heights, Country Club Hills, Crestwood, Dixmoor, Dolton, East Hazel Crest, Flossmoor, Ford Heights, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Lynwood, Markham, Matteson, Midlothian, Oak Forest, Olympia Fields, Park Forest, Phoenix, Posen, Richton Park, Riverdale, Robbins, Sauk Village, South Chicago Heights, South Holland, Steger and Thornton, Illinois.

Please email me at tino.muratore@gmail.com if you have any questions regarding Illinois Down Payment Assistance Programs.  There are a lot more programs out there....but I didn't want this post to read like a novel:)

Thank you,

Tino Muratore