The Illinois Housing Development Authority (IHDA) offers several streamlined and affordable loan options to help potential home buyers achieve their goal of homeownership. The newest IHDA program, Welcome Home Illinois, offers $7,500 down payment assistance as well as below-market interest rates to help out first time home buyers.
The $7,500 down payment assistance is a five year 0% interest loan with no monthly payment, which is forgivable after five years. To qualify for a Welcome Home Illinois loan you must be a first time homebuyer or anyone who has not owned a home in the last three years. You will also be required to contribute one percent or $1,000 of the purchase price, whichever is greater. This program is subject to income limits; households of 1-2 people cannot exceed $90,960/yr. and households of 3 or more cannot exceed $106,120/yr.
If you feel you may qualify for a Welcome Home Illinois loan or would like to learn more, don’t hesitate to contact me.