Illinois First Time Homebuyer Mortgage And DPA Programs
This ARTICLE On Illinois First Time Homebuyer Mortgage And DPA Programs
Illinois has skyrocketing rents.
- Many and more renters are pursuing buying a home
- This holds especially true to Millennials
- There are many instances where paying a mortgage payment can be less than renting an apartment and/or home
- There are many benefits with homeownership such as being able to deduct your mortgage interest from your income taxes
- However, as a renter, you cannot deduct rent payments
- Homeowners also have the potential of their homes appreciating and building equity
- Gustan Cho Associates have many Illinois First Time Homebuyer Mortgage And DPA Programs
Illinois First Time Homebuyer FHA Loans
The most popular Illinois first time homebuyer mortgage program are FHA Loans.
- FHA Loans have lenient mortgage guidelines versus other loan programs
- Borrowers with less than perfect credit and lower credit scores can qualify for FHA Loans with only 3.5% down payment
- Borrowers with under 580 down to 500 FICO are eligible to qualify for FHA Loans with 10% down payment
Qualified Illinois First Time Homebuyer may be eligible for down payment assistance mortgage programs with FHA Loans.
VA And USDA Loans
VA and USDA Loans are government loan programs that do not require any down payment on a home purchase. Both loan programs are very popular for homebuyers. To qualify for VA Loans, the borrower needs to be a veteran of the U.S. Military with a Certificate of Eligibility (COE). USDA Loans need to be located in a designated area by the USDA. There are income restrictions on USDA Loans.
Freddie Mac’s Home Possible 3% Down Payment Conventional Loans
Freddie Mac Home Possible mortgage program is a very popular conventional loan program created and launched for the following types of home buyers:
- First-time homebuyers
- Homeowners who are selling their homes and upgrading to a larger home
- Elderly homebuyers with limited income who are retired, disabled, on fixed-income, or social security income
With Freddie Mac Home Possible Conventional Loan Program, homebuyers can purchase a single-family home with 3% down payment or a 2 to 4 unit property with 5% down payment. To qualify and be eligible for the Home Possible loan program, there is an income limit. Here is the link to the Income and Property Eligibility tool can be used to determine income eligibility.
Freddie Mac HomeOne Mortgage Guidelines
One of the most popular first-time homebuyer loan programs is Freddie Mac’s HomeOne 3% Down Payment Program.
- This conventional loan program is for first-time homebuyers
Freddie Mac HomeOne Mortgages do not have a maximum loan limit restriction.
Fannie Mae HomeReady Mortgage Guidelines
Another very popular Illinois first time homebuyer mortgage program is Fannie Mae’s HomeReady 3% Down Payment Program:
- Fannie Mae HomeReady requires 3% down payment
- This loan program does have a maximum income limit borrowers can make
- Homebuyers do not have to be first time homebuyers
- Seasoned homeowners can qualify for this loan program
Here is Fannie Mae’s Area Median Income Lookup Tool.
Down Payment Assitance And Grant Mortgage Programs
There are countless of down payment assistance and grant mortgage programs. Down Payment and Grant Programs is not a federal program. It is city, county, state-specific. Gustan Cho Associates is affiliated with countless of DPA Programs throughout the U.S. For more information about the content of this article and/or other mortgage-related topics, please contact us at Gustan Cho Associates Mortgage Group at 262-716-8151 or text us for a faster response. Or email us at [email protected]