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down payment assistance,FHA loans,First-time homebuyers,HUD,loans,no down payment,USDA loans,VA loans
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April 14, 2021

Resources for First-Time Home Buyers in Illinois

The Zimmerman Group

There’s good news for first-time homebuyers in Illinois. National, state, and county-specific programs are available to help make your homeownership dreams a reality. 

 

The Zimmerman Group’s agents have compiled a list of resources for first-time homebuyers in Illinois. It’s the perfect starting point on your journey to find financing solutions that align with your personal goals. 

 

National First-Time Homeownership Options

 

Federal Housing Administration (FHA) Loans

 

FHA loans are among the most commonly used mortgages for first-time homebuyers. With less demanding qualification standards it’s not hard to see why. FHA loans typically allow lower FICO scores than conventional loans, smaller down payments, and a more lax debt-to-income ratio. 

 

✔ Low down payment

✔ Low credit score

 

VA Loans

 

VA loans are guaranteed by the U.S. Department of Veteran Affairs and are available to individuals with active military status or veteran status and their surviving spouses. VA loans don’t require a minimum down payment, a minimum credit score, or mortgage insurance which makes them an affordable option for those who qualify. 

 

✔ Military

✔ Low down payment

✔ Low credit score

 

U.S. Department of Agriculture (USDA) Loans

 

USDA loans are available to rural and some suburban homebuyers. The USDA liberally defines “rural” so that many small towns and suburban areas will qualify. These loans require zero-down payment, offer competitive rates, and lenient income requirements. 

 

✔ Rural homeowners

✔ Low down payment

 

Illinois First-Time Homeownership Programs

 

Illinois offers a variety of programs to help first-time homebuyers achieve their dreams of homeownership. 

 

IHDA Opening Doors

 

The IHDA’s Opening Doors program offers an affordable fixed-rate 30-year first mortgage. This program is available in all Illinois counties to applicants who meet the income and purchase price requirements. 

 

✔ Low down payment

✔ Low credit score

✔ Fixed-rate

 

IHDA SmartBuy

 

The IHDA’s SmartBuy program is designed to make homeownership attainable for low- to moderate-income borrowers with student loan debt. The program is available in all Illinois counties to applicants who meet income and purchase price limits. 

 

✔ Low down payment

✔ Low credit score

✔ Fixed-rate

 

IHDAccess Forgivable

 

The IHDAccess Forgivable program provides borrowers with cash assistance of 4% of the home’s purchase price (up to $6,000) to help cover the down payment or closing costs. As the name suggests, the assistance is forgivable based on monthly deductions over 10 years. 

 

✔ Down payment assistance

✔ Closing cost assistance

✔ Fixed-rate

 

IHDAccess Deferred

 

The IHDAccess Deferred program gives borrowers down payment or closing cost assistance for 5% of the purchase price (up to $7,500). The assistance does not need to be repaid until you sell, refinance, or pay off your mortgage. 

 

✔ Down payment assistance

✔ Closing cost assistance

✔ Fixed-rate

 

IHDAccess Repayable

 

The IHDAccess Repayable program will give borrowers up to 10% of the purchase price (up to $10,000) to be used toward down payment or closing costs. This assistance must be repaid over a 10 year period. 

 

✔ Down payment assistance

✔ Closing cost assistance

✔ Fixed-rate

 

County and City Specific Homeownership Programs

 

There are a variety of regionally specific first-time homeowner lending programs available in Illinois. For information about which programs are available in your area contact one of the Zimmerman Group’s experienced agents or visit the United States Department of Housing and Urban Development’s (HUD) website.

 

What’s Next?

 

With your finances secured it’s time for the fun to begin. Learn How to Pick the Perfect Location When Buying Your Home when you’re starting your home search. 

Return to First Time Homebuyers

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    • FIRST TIME HOMEBUYERS GUIDE
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