If you are looking to buy a home in Illinois, now is the perfect time to buy! The Illinois Housing Development Authority has launched a new program that will provide $7,500 to first- time buyers, veterans and others in 10 counties in Illinois.
The program is intended for those who have not owned a home in the last three years or are first time home buyers. This program is called 1stHomeIllinois and the qualifications for you to receive $7,500 towards your down payment include buying a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago county. Also, you must have a credit score of at least 640 and must contribute to one percent of the overall price of the purchase.
The United States Department of Treasury’s Hardest Hit Fund is where the down payment help is being funded. This fund is intended to help control foreclosures in Illinois. The program is offering interest rates as low as 4.125 percent and a 30-year fixed rate mortgage.