The Illinois Housing Development Authority (IHDA) has recently rolled out a new mortgage program for home buyers and owners called the @HomeIllinois Mortgage.
It offers $5,000 in down payment or closing cost assistance, and repeat as well as first time buyers can qualify based on their income requirements. They will need to contribute at least $1,000 or 1% of the purchase price toward the down payment.
@HomeIllinois is a 30-year fixed rate mortgage with a variety of options to choose from. In addition to new purchase loans, current homeowners can refinance into an @HomeIllinois mortgage as well!