Many of you see me posting frequently about the real estate down payment assistance programs (Also known as IHDA Loans) that are currently available in Illinois. Unfortunately it's hard to elaborate on those posts; So I created this blog to go into better detail explaining the program and how it works.
This link here explains everything in great detail https://www.ihdamortgage.org/
But these are main takeaways you need to know:
1. These programs are not just for first time home buyers. They are for anyone who has not owned a home in the last 3 years. These include both FHA and Conventional loans.
2. Your credit score must be 640 or above, regardless of loan type, to qualify.
3. You only need to put down 1% or $1,000, whichever is the greater amount.
4. Your income does matter. If you make more than $89,000 in McHenry, Dupage, Kane, Lake, and Will County you will not qualify for the assistance. It's $81,000 in Dekalb County.
5. There are several different types of programs ranging from $6,000 - $10,000 in assistance. You can read more about it on the website above, but your best bet is to talk to a qualified IHDA lender to see which option would be best for your situation.
Lucky for you, I know quite a few. So reach out to me and I can point you in the right direction and help you buy the home you've been waiting for.
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