Combing through Illinois first time home buyer grants to purchase a home? Find the best grants, programs for home buying in Illinois and other assistance below.Before you obtain a grant and apply for a mortgage, you really need to understand how your credit profile looks.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a minimum credit score of 640, you'll not qualify for these low down payment programs. The FHA 203b loan works well with the various grant options. The higher your credit score is the lower your interest rate.
Deciding to purchase a house is a thrilling adventure, but it can be scary too.
Sometimes it can feel a little bit intimidating when you realize the commitment. Don't let that scare you off!
Purchasing a home is a worthwhile endeavor. So I plan to encourage you by giving some useful information about first time home buyer grants which will hopefully assist you in this endeavor.
It would be awesome to receive one of these home mortgage grants. Anyone would appreciate such a gift wrapped home purchase!
To begin with, the State of Illinois does offer an Illinois first time home buyer grant program for its residents. This is good news because not all states are able to offer assistance to first time home buyers.
The state agency which maintains Illinois' first time home buyer grant program is the Illinois Housing Development Authority.
The "IHDAccess Forgivable Program" allows for a percentage of the purchase price up to $6,000 to be applied to the down payment and closing costs. You must stay in the home 10 years for it to become forgivable. That's how it becomes a grant.
Another assistance program they have is the "IHDAccess Deferred Program." A percentage of the purchase becomes a deferred loan. That means it doesn't have to be repaid until you sell the home. That percentage can be used for the down payment or closing costs as well. You can have up to $7,500 used this way. This is not a grant, but can be very helpful for those who qualify.
Additionally, they have a program called "IHDAccess Repayable Program." This program allows you to use $10,000 toward your down payment and closing costs. The $10,000 is an interest free loan that is repayable monthly for 10 years.
Some counties have another awesome program called "1st Home Illinois." This program has a grant of $7,500 associated with it. But you will have to investigate to see if it is offered in your county.
Illinois offers several programs. Whether you qualify or not will depend on your income. Plus they each have limitations and restrictions so you will have to do your homework to figure out what will work best for you. Illinois offers a lot for their residents!
You should visit the Illinois Housing Development Authority to determine your eligibility.
In addition, the federal government offers grant assistance for first time home buyers in Illinois. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
As you can see there are several options for you. Each of these options require time from the application to the approval and then more time to get the funds. So allow yourself plenty of time if you want to use any form of assistance.
I encourage people to start a savings plan while you are going through the process. Sometimes, once the process is finished, you may be surprised how much you saved. Then if you don't get the funds, you may have enough money for your own down payment.
Otherwise, you have money to purchase those awesome items you want for your new home!
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Are you ready to find out if you're eligible for a home loan? Our Best FHA Home Loans page explains the FHA loan programs that are suited for first time home buyers.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
Go to House Buyer Solutions Home Page.
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