Down Payment Assistance = FREE MONEY in Illinois
Are you wanting to achieve the American dream of home ownership but do not have enough money for a down payment to qualify for a loan? If this is so, you should into the different down payment assistance programs with IHDA (Illinois Housing Development Authority). Home ownership may be closer than you think if you can afford the monthly payment for a home.
Below are some of the down payment assistance programs that IDHA offers:
Welcome Home Heroes
If you have served in the military than this is an amazing program you do not want to miss out on. You can get up to $10,000 in down payment assistance and a tax credit that reduces your tax liability by $18,000 over the life of the loan. So not only are you getting free money but you are paying less in taxes. The only stipulations are that you have served in the armed forces, the home will be your primary residence, the property has to be a single family home or a 2 unit, and that the buyer contributes 1% or $1000 of the down payment, whichever is higher.
Welcome Home Illinois
With this program the homeowner can get up to $7,500 in down payment assistance and the borrower will get a below market interest rate! The biggest stipulation on this program is that the buyer must either be a first time home buyer or the buyer must not have owned a home in the previous 3 years. Other stipulations are that the buyer must make the property their primary residence, the property has to be a single family home or a 2 unit, and the buyer must contribute 1% or $1000 of the down payment, whichever is higher.
Illinois Building Blocks
If you are looking to move into Belleville, South Holland, Berwyn, Peoria, Blue Island, Park Forest, Champaign, Maywood, Chicago Heights, Melrose Park, Cicero, Lynwood, Crest Hill, Lockport, or Joliet this program is worth looking into before you buy. You can get up to $10,000 in down payment assistance. Best of all you do not need to be a first time home buyer to qualify.
In Conclusion – Down Payment Assistance is a No Brainer!
Down payment assistance can make owning a home a reality for many people that did not think home ownership was possible. Take advantage of free money because these programs will probably not be around forever and home prices and interest rates are continuing to rise. If you want to learn more about these programs and more visit IDHA’s website.
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