Do you want to buy a house, but aren’t sure you can cover the down payment? Let’s talk about some down-payment assistance programs that may be able to help.
Down payment assistance can be the difference between saying “yes” or “no” to a first home. If you are interested in buying a home but don’t have cash on hand for a down payment, or if you have a son, daughter or any other friend or family member who would like to purchase a home but doesn’t have cash for a down payment in the state of Illinois, there are several government programs that can assist you in securing a down payment for your new dream home.
The First Home Illinois Program This program offers a forgivable loan of $7,500 to buyers who will live in their new home for at least 5 years. This program will discontinue in December 2018, so to take advantage of this down-payment assistance opportunity, your home loan must be originated by December 15, 2018.
Even though this program will be discontinued for much of Illinois past 2018, there are other down-payment assistance programs that will be available moving forward into 2019 and beyond:
A forgivable loan of up to $6,000, with the amount based on the total price of the home, forgivable after 5 years.
A $7,500 deferred program. This loan is repaid through a second mortgage the buyer doesn’t make payments on, but is reimbursed when you sell your home.
A $10,000 no-interest loan repaid through a monthly payment of $83 for 120 months.
If you’d like to find out more about these programs, check out this flier!
If you have anything other questions regarding down-payment assistance in the purchase of your new home, please feel free to give me a call or send me an email today. I’d love to hear from you.