IDHA Down Payment Assistance Mortgage For Illinois Home Buyers

This Article On IDHA Down Payment Assistance Mortgage For Illinois Home Buyers

In today’s rising economy many Americans need down payment assistance to buy their dream home.

• Many hard working Americans make good income and can easily afford a mortgage payment on an average $200,000 Illinois home purchase
• However, with today’s high cost of goods and services, it is rather difficult for any family to save enough down payment on a home purchase
• Besides the down payment, all home purchase and/or refinance transactions comes with closing costs
• On purchases, most closing costs can be covered with sellers concessions and/or lender credit
• The Illinois Housing Development Authority (IDHA) now makes the dream of home ownership a reality through the IDHA Down Payment Assistance Mortgage Program for Illinois Home Buyers

In this article, we will discuss and cover IDHA Down Payment Assistance Mortgage For Illinois Home Buyers.

Illinois Making The Dream Of Home Ownership A Reality Through IHDA DPA

The good news is the state of Illinois currently has for down payment assistance programs for purchasing a primary residence. Gustan Cho Associates Mortgage Group is based in Illinois and is very familiar with IDHA Home Loans and national down payment assistance programs:

• The team at Gustan Cho Associates are experts in IHDA programs
• That stands for Illinois Housing Development Authority

This blog will detail each program specifically.

Types Of First Time Home Buyer IDHA Assistance Mortgage Programs

The four programs that are currently available are the following:

• IHDA Access Forgivable
• IHDA Access Deferred
• IHDA Access Repayable
• 1st Home Illinois

All of these programs besides 1st Home Illinois are new in 2018. The new programs are not limited to first-time home buyers, helping thousands of Illinois residents. Now that’s going to each program in more detail.

IDHA Down Payment Assistance Mortgage IHDA Access Forgivable

IDHA Down Payment Assistance Mortgage offers the IHDA Access Forgivable Program:

• This program will give you up to $6,000 or 4% of the purchase price of the home
• This money can be used for the down payment and or closing cost
• Illinois residents love this program because it is Forgiven after 10 years
• That’s right this is a gift does not have to be repaid
• The loan is a 30-year fixed mortgage with affordable interest rates offered directly through IHDA
• Available for all mortgage programs including FHA, VA, USDA, and FNMA HFA Preferred
• Available to first-time home buyers and repeat home buyers throughout the entire state of Illinois

A few additional requirements:

• A minimum credit score of 640
• House can be existing or new construction

Illinois home buyers must contribute $1,000 or 1% of the purchase price (whichever is greater) of their own funds

• Complete ownership counseling (in-person or online)

IHDA Access Deferred

IDHA Down Payment Assistance Mortgage offers the IHDA Access Deferred Loan Program.

• Access Deferred offers 5% or the purchase price (up to $7,500) for a down payment and/or closing costs
• The funds are offered as an interest-free loan
• It is deferred for the entire 30 years of mortgage
• Homeowners do not need to repay until they either sell their home, refinance, or pay off the 30-year fixed rate mortgage
• Available for all mortgage programs including FHA, VA, USDA, and FNMA HFA Preferred
• This program is available to repeat home buyers as well as first-time home buyers
• IHDA Access Deferred is available throughout the entire state of Illinois

IHDA Access Deferred has the same requirements as IDHA Access Forgivable.

IHDA Access Deferred DPA Home Purchase Mortgage Program

Here are the requirements for IHDA Access Deferred:

• A minimum credit score of 640
• House can be existing or new construction

Home Buyers must contribute $1,000 or 1% of the purchase price (whichever is greater) of their own funds

• Complete ownership counseling (in-person or online)

IHDA Access Repayable

IDHA Down Payment Assistance Mortgage offers the IHDA Access Repayable loan program.

• This new we added down payment assistance program is the most popular
• Access Repayable will give you up to $10,000 for the down payment and closing cost
• 10% of the purchase price (capped at $10,000) is offered as an interest-free loan that is repaid monthly over a 10-year period
• Once again, this program is available for all mortgage programs including FHA, VA, USDA, and FNMA HFA Preferred

IHDA Access Repayable is available for repeat home buyers and first time home buyers.

IHDA Access Forgivable And IHDA Access Deferred Home Purchase DPA Mortgage Program

The requirements are the same as IHDA Access Forgivable and IHDA Access Deferred.

• A minimum credit score of 640
• House can be existing or new construction

Homebuyers must contribute $1,000 or 1% of the purchase price (whichever is greater) of their own funds

• Complete ownership counseling (in-person or online)

IDHA Down Payment Assistance Mortgage: 1st Home Illinois

IDHA Down Payment Assistance Mortgage offers 1st Home Illinois loan program:

• Has been around for years, and has helped thousands of Borrowers purchase their first home
• This program is only available to first-time homebuyers, which means anyone who has not owned a home within the last 3 years

This program is also available for all veterans.

IDHA Down Payment Assistance Mortgage: Where Are 1st Home Illinois DPA Mortgage Programs Available

1st Home Illinois is only available in the following counties;

• Boone
• Cook
• DeKalb
• Fulton
• Kane
• Marion
• McHenry
• St. Clair
• Will
• Winnebago

This program gives you $7,500 for down payment and closing costs and can be used with FHA, VA, USDA, or Conventional financing.

• 1st Home Illinois Is available to purchase a primary residence with one or two units
• Home Buyers cannot use this to purchase a three or four-unit property
• The property must be an existing residential dwelling, new construction is not allowed

The requirements are once again the same:

• A minimum credit score of 640
• House can be existing or new construction

Buyers must contribute $1,000 or 1% of the purchase price (whichever is greater) of your own funds

• Complete ownership counseling (in-person or online)

Qualifying For Mortgage In Illinois With Direct Lender With No Overlays

Now that you know more about the four programs IHDA has available for purchasing your new home, reach out to Gustan Cho Associates Mortgage Group. Feel free to call and/or text us for a faster response at 800-900-8569. Or email us at gcho@gustancho.com.

Below are the steps to start the process for Illinois Down Payment Assistance.

Step 1: Please send the following as soon as you can:

• Last 60 Days Bank Statements – to source down payment
• Last 30 Days Pay Stubs
• Last Two Years W2’S
• Last Two Years Tax Returns
• Driver’s License

Step 2: Please follow this link at APPLY NOW and fill out the FULL APPLICATION.

Be sure to double-check the income limits and purchase price restrictions directly from the IHDA WEBSITE as these restrictions are subject to change.