Welcome Home Illinois Loan Program for First-Time Homebuyers

The mortgage approval process continues to face more scrutiny than in the past, with lenders often requiring higher credit scores and larger down payments. The 20-percent down payment required by many lenders is difficult for many would-be first-time buyers Chicago, Illinois and across the nation. Illinois Housing Development Authority’s Welcome Home Illinois Loan can help qualified Chicago first-time buyers by providing the down payment assistance they need to get into their first home, while helping to ensure it’s a great fit financially as well.

  • Welcome Home Illinois includes:
    • $7,500 cash assistance to cover down payment
    • 30-year fixed-rate mortgage with a below-market interest rate
    • Variety of loan options to choose from, including FHA, Conventional, VA, and USDA
  • Eligibility:
    • Buyers must be first-time homebuyers or anyone who has not owned a home in the last three years
  • Requirements:
    • Contribute one percent or $1,000 of the purchase price, whichever is greater
    • Purchase a one- or two- unit property within Illinois
    • Live in property as primary residence

welcome home illinois

Ready to get started? Contact me for a list of lenders offering the Welcome Home loan.

Information courtesy of Karen Breen Elia, ChicagoCityHomes.com.

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