Illinois first time home buyer grants and loan programs - The Illinois Finance Authority (IFA) offers programs for first time home buyers.
IFA offers 30 year fixed rate FHA home loans/mortgages as well as downpayment assistance. The downpayment assistance offered includes a program for single family home buyers which is a 3% grant, forgivable over the course of 10 years. The grant can be used to cover closing costs, downpayment and other fees.
Check out the IFA website at to see if you qualify for these programs.
In addition, the Illinois Housing Development Agency (IHDA) offers programs for first time home buyers.
The IHDA helps low and moderate income families become first time by financing home loans/mortgages (through partner banks) that are below the market rate. The IHDA finances home loans/mortgages to households that may have difficultly qualifying for other conventional mortgage products. Also, the IHDA provides cash grants to help with downpayments and closing costs.
To see if you qualify for any of the IHDA programs, check out their website to learn more.
There are also home ownership workshops and programs available to residents of DuPage County, Illinois. This includes cities and towns such as Chicago, Naperville and Darien. Go to the DuPage Homeownership Center website to learn more.