The @HomeIllinois mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? With @HomeIllinois, the buyer contribution is $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your first home.
How's it work?
@HomeIllinois is a 30-year fixed rate mortgage with a variety of options to choose from. The options you choose will determine the interest rate for your loan. Options include:
$5,000 down payment or closing cost assistance
Federal tax credit certificate
Lender paid mortgage insurance
Choice of FHA, VA, USDA or Conventional loan type
Contribute $1,000 or 1 percent of the purchase price, whichever is greater
Meet the income and purchase price limits (see chart below)
Meet the credit requirements
Live in the home as your primary residence
Complete homeownership counseling (online and in-person options available)
If you qualify with the above criteria, I can put you in touch with a loan officer that works the Schaumburg IL Area.