IHDA’s Welcome Home Illinois loan can help first-time buyers in Illinois who qualify by providing the down payment assistance they need to get into their first home, while helping to ensure it’s a great fit financially as well.
Welcome Home Illinois includes:
$7,500 cash assistance to cover down payment
30-year fixed-rate mortgage with a below-market interest rate (Currently 3.99%)
Variety of loan options to choose from, including FHA, Conventional, VA, and USDA
Buyers must be first-time homebuyers or anyone who has not owned a home in the last three years.
Contribute one percent or $1,000 of the purchase price, whichever is greater
Purchase a one- or two- unit property within Illinois