'1st Home Illinois' Home Buyer Program Now Available

Chicago, IL, August 7, 2015 (Newswire.com) - The Illinois Housing Development Authority has announced a new home buyer program, 1st HomeIllinois, which offers $7,500 in down payment and closing cost assistance. The 1st HomeIllinois mortgage program is designed for first-time home buyers, Veterans, and anyone who has not owned a home during the past three years. It is available in ten Illinois counties: Cook, Boone, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago.

The 1stHomeIllinois program requires home buyers to meet credit criteria and complete home buying counseling. Homes must be owner-occupied. Buyers must contribute $1,000, or 1% of the home purchase price, whichever is greater. There are also income limits and home price limits, which vary by household size and county.

"Great down payment assistance programs like this one takes awhile to reach first time home buyers. Celebrity homes for sale seems to be newsworthy while first time buyers get the back seat. We hope the word gets out faster than it has in the past."

Ryan Gable, President / Owner

Participants in the 1st HomeIllinois program may choose from FHA, VA, USDA or Conventional mortgages. Each loan offers a 30-year term with a fixed rate of interest, based on competitive market rates.
Ryan Gable, broker-owner of StartingPoint Realty, is promoting the 1stHomeIllinois program to his clients. “People tend to assume that this program is for low-income borrowers, or very low-priced homes. That’s not the case. The income and home price limits are designed to meet the needs of working families, and the qualifying guidelines are fairly generous.”

Gable says that time is of the essence for those financing their home purchase through 1stHomeIllinois. “The Illinois Housing Development Authority earmarks a certain amount of money for buyer assistance programs. Funds are issued to qualifying buyers on a first-come, first-served basis. The good news is, 1stHomeIllinois has enough funding to help a few thousand people become homeowners. We’re excited about it, and we’re spreading the news!”

To apply for the 1stHomeIllinois mortgage program, home buyers must use a participating mortgage lender. For program details and a list of participating lenders, please visit
www.ihda.org/homeowner/gettingLoan.htm.